State-owned Bangladesh Petroleum Exploration and Production Company (BAPEX) said it intends to partner with a reputed international oil company to participate in Bangladesh’s offshore bidding round.
The Bangladeshi government will commence a new bidding round in the coming months, in which it will offer eight shallow-water oil and gas blocks in the Bay of Bengal.
BAPEX managing director Mortuza Ahmad Faruque told the Financial Express: "We have a plan to get involved in offshore oil and gas exploration activity and any partnership with a reputed IOC will be welcome."
Faruque added: "We are interested in joint venture with a foreign company not only to augment gas output but also to improve our expertise."
BAPEX currently undertakes gas exploration activity only in onshore gas fields in the country.
Its onshore exploration production is around 79 million cubic feet per day (mmcfd), accounting for around 3.85% of the country’s overall gas output of 2,060 8 mmcfd.