Petrobangla will sign deal with two international oil companies (IOCs) next month to explore three shallow sea blocks in the Bay of Bengal.
Of the companies, US-based ConocoPhillips had already got two blocks in 2011 while India`s state-owned ONGC Videsh Ltd is going to operate in Bangladesh for the first time.
Petrobangla Chairman Hossain Monsur told, We have completed all preparations to sign deal with ConocoPhillips and ONGC for this purpose.
Sources at Petrobangla say, both companies participated in the bidding process for exploration of nine blocks but the international oil companies showed interest in only three. Earlier, the cabinet committee on economic affairs allowed Petrobangla to sign the initial for blocks 4, 7 and 9.
ConocoPhillips submitted tender for block 7 and the ONGC for blocks 4 and 9.
ConocoPhilips offered to invest $23.5m to conduct 2D-seismic survey of 2347 line-km, 3D-seismic survey of a 500sq-km area and drill one exploration well in block 7.
The profit-sharing ratio for the government would be 55%-80% for gas and the same for oil.
Meanwhile, India`s ONGC reportedly offered to invest $38.4m to conduct 2D-seismic survey of 2700 line-km, 3D-seismic survey of a 200sq-km area and drill two wells in block.The government`s profit-sharing ratio will be 60%-85% for gas and 70%-90% for oil They also offered to invest $64.8m to conduct 2D survey of 2850 line-km, 3D survey of a 300sq-km area in block 9 and drill three wells.. 4.
Four foreign organisations – Chevron, Santos, ConocoPhillips and Tallow – are working in Bangladesh now.
On December 17, 2012, Petrobangla invited international tenders for exploring oil and gas prospects in 12 blocks under Offshore Bidding Round 2012.