The Bangladesh government has taken major steps to begin oil, gas, and mineral exploration in the deep waters of the Bay of Bengal. Officials from the Ministry of Power, Energy and Mineral Resources confirmed that international tenders will be invited within days, following approval of the 'Bangladesh Offshore Model Production Sharing Contract (PSC) 2026' by the Cabinet Committee on Economic Affairs on May 7. Energy Minister Iqbal Hasan Mahmud Tuku said the initiative aims to reduce dependence on imported fuel and increase domestic production.

Officials noted that despite resolving maritime boundary disputes with India and Myanmar years ago, Bangladesh has failed to capitalize on its marine resources due to weak policies and technical limitations. Previous exploration efforts by international companies such as ConocoPhillips, ONGC, Santos, and POSCO Daewoo were discontinued for various reasons. Experts said the country’s gas reserves could be exhausted within 12 years if no new fields are discovered.

Petrobangla and government policymakers expressed optimism that the new exploration drive will end two decades of stagnation in offshore energy development and help Bangladesh achieve energy self-sufficiency.