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Bidding for gas, oil blocks

Little progress in first round of negotiations

Star Report
The negotiation committee on the second round block bidding for oil and gas exploration yesterday concluded its first round of discussions with different foreign companies, making little progress, sources said.
It will now place a report to the high-powered investment committee of the government comprising four secretaries. The investment committee would give the next directives to begin the second round of negotiations.
The present pace of negotiations would not allow the government to complete the bidding process within the pre-set deadline of December 15. negotiation experts said.
"There is no chance of signing of a single production sharing contract (PSC) with any foreign oil and gas company within December 15." said a government expert. The negotiation committee has hardly made any progress in the negotiations yet."
The second round block bidding for exploration in 12 blocks of the country started in June 15 amid much enthusiasm. But it has slowed down due to lack of transparency in the negotiation process. Twenty foreign companies and BAPEX — the exploration unit of the Petrobangla — are participating in the bidding.
Now the enthusiasm has almost died down as the big companies like Mobil. Chevron. Texaco and Petronas have been totally left out of the negotia tion process. Even BAPEX was not called at the negotiations.
Oil giant Shell and its partner Cairn were called three times for negotiations but the talks ended without any outcome. Shell-Cairn Joint venture was offered blocks 5 and 10 as against their proposal for six blocks. Shell has not so far accepted the offer saying that it did not come to Bangladesh to negotiate blocks but proposals
The negotiation committee has so far offered Block-9 to an Irish company. Tullow. on the
first day of negotiations. It was later offered Block-11. At the same time, the government took an initiative to find a bigger oil company as Tullows partner in those two blocks.
The committee has also offered a small company, South Asia (US), blocks 3 and 4. But South Asia apparently withdrew from the bidding process
US company Enron was offered blocks 6 and 3. The sources said that negotiations with Enron were progressing positively.
Similarly negotiations with the Triton-Unocal Joint venture were also progressing positively They were offered block
US company Hondo, which did not even file the bld documents properly, was offered block-21 and was asked to submit their accounts report. After filing the report, the negotiation committee found that it had negative growth for the last three years.
Another small company. Pangaea, was offered block-8 and was asked to find a big partner and bank guarantee to back-up its proposal
Dutch company Maerks was offered block-19 against its two proposals for blocks 19 and 20. Maerks said it would not accept one block and negotiation with it is still pending.
"So far. the negotiation committee has discussed the bid proposals, but nothing has been discussed over production shar Ing or other aspects of the PSCs. Experience shows that a negotiation over a PSC. actually takes at least five to six months. Therefore, it's impossible for anyone to comply with the December 15 deadline." said an expert.