Bangladesh’s Minister of Power, Energy and Mineral Resources Iqbal Hasan Mahmud announced that new oil and gas fields could be discovered in the country’s maritime areas through ongoing exploration efforts. He made the statement at a press conference organized by the ministry on the occasion of launching the Bangladesh Offshore Bidding Round 2026. The minister said the government would sign agreements that protect national interests while encouraging foreign investment.

He recalled that the first successful bidding round was held in 1993 under Prime Minister Begum Khaleda Zia, leading to major discoveries such as the Bibiyana and Sangu gas fields. The current government aims to build on that legacy by strengthening the capacity of state-owned Bapex and inviting foreign companies to explore offshore resources. The new Offshore Model PSC 2026 includes international-standard, investor-friendly provisions such as third-party gas sales, export options, and tariff arrangements for pipeline investments.

Under the 2026 bidding round, 26 offshore blocks—11 shallow sea and 15 deep sea—are open for bids. Officials expressed hope that the new incentives will attract strong international participation and enhance Bangladesh’s energy security.