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Some IOCs seek more time for offshore bidding

First round of talks on deal terms ends

Star Business Report
Some international oil companies (IOCs) demanded of the Petrobangla to extend time for participating in the offshore bidding in Dhaka on a plea that similar biddings are progressing in India, Australia and Indonesia simultaneously.
They placed the demand to the state-owned oil, gas and mineral exploration corporation yesterday during separate parleys with the high- ups of the regulatory agency on terms and conditions for taking part in the bidding.
"But, 1 hope the final agreement could be signed before the onset of the next winter season, most probably in the first week of October. The prospective bidders could conduct the seismic survey in the Bay of Bengal during the next winter season," said Petrobangla Chairman Jalal Ahmed at a
press conference after the first day's discussion with the bidders.
He, however, said time extension might not be considered in the bidding process.
Petrobangla completed its first round of parleys with 12 international prospective bidders to offer 28 blocks for offshore exploration rights, Major Md. Muqtadir Ali, director. Production Sharing Contract, Petrobangla, told the press briefing at his office.
Further talks with other bidders will continue until the final deal is reached, he said, adding that May 7 is the last date for participating in the bidding.
Muqtadir said the issues like minimum 55 percent profit sharing, bank guarantee, price discount, cost recovery, 10 percent carried over cost in the shallow sea, measurement of
gas, seismic survey in the deep water, 40 percent corporate tax, listing in the stock markets and environment came up for discussion yesterday.
Replying to a query, he said the tax issue would be settled as per government rules.
On the border issue with Myanmar. Muqtadir said. "An inter-governmental meeting is progressing in Dhaka between Bangladesh and Myanmar governments to resolve the issue of border demarcation," he said.
But, it would not be a problem as many companies have already agreed to explore gas and oil despite such a border dispute, he hoped.
On the issue of listing of the prospective bidders with the bourses, he said it is possible if the companies follow the government rules in this connection.
The IOCs with whom
Petrobangla completed dialogue include BP Exploration (Alpha) Ltd, UK, Chevron Bangladesh, Conoco Phillips, USA, CNOOC International Ltd, China, ONGC Videsh Ltd, India, Pearl Energy Ltd, Singapore and Nippon Oil Exploration, Japan, Santos Limited, Australia, Tullow Bangladesh Ltd, Ireland, Total of France and STAT OIL HYDRO of Norway.
Muqtadir said a total of 28 IOCs and 29 local oil companies took part in the Sunday's road show held at the city's Pan PacificSonargaon I Intel
He said some 76 international and local companies completed online registration to participate in the road show.
He said so far Petrobangla sold 19 promotional and 32 information packages to the bidders at a cost of US$7500 and $ 100 respectively.