DHAKA: Bangladesh has invited international companies to submit bids for exploring new oil and gas reserves. The move comes as the country faces a growing fuel shortage.
Officials said the decision aims to reduce pressure on energy imports. Bangladesh currently depends heavily on foreign sources for oil and gas supply.
Authorities confirmed that nearly 95 percent of the country’s oil and gas is imported. A large portion comes from the Middle East region.
However, ongoing conflict in the Middle East has disrupted global energy routes. This has also affected shipments through key maritime channels.
As a result, fuel supplies have tightened across Bangladesh. Long queues have been reported at petrol stations in several cities.
The shortage has also impacted electricity generation. Power demand has increased, but supply remains limited.
Energy Minister Iqbal Hasan Mahmud said fuel remains essential for national development. He said the government will award contracts in the best interest of the country.
Officials explained that Bangladesh has already defined its maritime boundaries. However, offshore exploration of oil and gas remains underdeveloped compared to neighboring countries.
A previous tender launched in 2024 attracted limited interest from investors. This led authorities to revise terms to make the sector more attractive.
State energy company spokesman Petrobangla said new conditions were introduced after consultations with global energy firms. These discussions focused on pricing and investment security.
He added that concerns raised by international companies have now been addressed. The revised framework includes improved gas pricing models linked to global crude benchmarks.
The government has also promised stronger investment protection. Officials believe this will help attract more foreign participation in oil and gas exploration.
Experts say Bangladesh is under pressure to diversify its energy sources. Expanding domestic oil and gas production is seen as a long-term solution.
The bidding process is expected to open new opportunities for global energy companies. Authorities hope this will ease the ongoing fuel crisis.
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The government believes increased investment in oil and gas exploration will strengthen energy security. It may also help reduce reliance on expensive imports in the future.
