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Oil, Gas Exploration

Evaluation of bids under 3rd round by June 15

UNB, Dhaka
Petrobangla is likely to complete evaluation of the bids received under the 3rd-round international bidding for much-awaited exploration of oil and gas by June 15, official sources said.
Under the latest tendering process - undertaken at a time when the country is passing through severe energy shortages-- Petrobangla received 22 bids for 15 offshore and deep-sea blocks from 7 international oil companies (IOCs) on May 7.
Earlier on February 15, the state-owned energy' and mineral corporation had floated international tender to lease out country's gas blocks in the offshore areas, divided into 28 blocks in two categories. Of them, eight are shallow blocks and the rest 20 deepwater blocks.
Shortly after receiving the bids, the Petrobangla officials had said that they could complete the evaluation of the bids within three weeks. But they failed.
About the delay, a top official said the delay was because of change of some members of the committee on
request from different ministries whose representatives are on the panel.
Now, he said, the evaluation is being carried out targeting June 15 as the deadline.
The 7 IOCs who participated in the bidding are US-based ConocoPhillips, Australia-based Santos International, Longwood Resources, Korea National Oil Corporation, Contrack Service Ltd. Tullow Bangladesh and CNOOC of China.
Of the bidders, ConocoPhillips has submitted the highest four bids for eight blocks, followed by Santos with three bids submitted for 6 blocks.
Longwood offered two bids for three blocks while Korea National Oil. Contrack. Tullow and CNOOC have given tender for one block each.
Bangladesh invited tender for the first round gas block bidding in 1993 while the second round in 1997.
The country is experiencing a shortage of about 100 million cubic feet (mmcf) of gas per day against its demand for 1900mmcf.
Apart from the official record, there is huge hidden demand for gas from the industries.
Experts believe the shortage will be widening in the days ahead as there is no certain possible way to increase the production volume amid a growing demand.
Industry, power and fertiliser sectors are suffering a lot for the gas shortages. And they believe the country will experience severe energycrisis after 2012.
The existing gas resene is estimated around 8.0 trillion cubic feet (tcf), which would hardly meet the energy demand up to 2015.
It has been estimated that to meet the energy demand up to 2025 around 24 tcf gas would be required.
Against this backdrop, the 3rd round bidding was invited, but* Petrobangla officials said it would take at least 8 years to get gas from new discoveries under this international block bidding.
According to energy ministry, the country’ will be required to invest at least USS 8 billion for development of the hydrocarbon sector to meet the futuredemand.