State-owned Petrobangla on Saturday launched the Offshore Bidding Round-2026, inviting international oil companies (IOCs) to explore hydrocarbons across 26 offshore blocks in Bangladesh's maritime territory.

Of the 26 blocks on offer, 11 are shallow-sea and 15 are deep-sea blocks. Successful bidders will sign agreements under the Bangladesh Offshore Model Production Sharing Contract (MPSC) 2026. Companies may submit bids individually or in joint ventures for one or more blocks, Petrobangla informed in a press note.

To attract investment, the bidding framework offers a range of incentives, including full repatriation of profits, no signature bonus or royalty obligations, gas pricing linked to international Brent crude, duty exemption on equipment imports, and tax liability of contractors to be borne by Petrobangla.

The contract also provides 100 percent cost recovery, subject to an annual cap of 75 percent. The mandatory minimum work obligation is limited to a 2D seismic survey, though bidders must also submit additional work programmes.

For shallow-sea blocks, eligible bidders must have experience producing at least 5,000 barrels of oil per day or 75 MMscfd of gas from at least one offshore field. For deep-sea blocks, the threshold is 10,000 barrels per day or 100 MMscfd. All bidders must also have upstream experience in at least one country outside their home jurisdiction.

Sale of information packages begins June 1, priced at USD 100. A promotional package including bidding documents, mandatory for participation, is priced at USD 7,000.

The deadline for bid submission is November 30 at 1:00pm, with bid opening scheduled the same day at 2:00pm at Petrobangla's headquarters in Dhaka.

Under the framework, state-owned BAPEX will hold a 10 percent carried interest in shallow-sea blocks. Contractors will also have the option to sell gas to third parties domestically or export it, subject to Petrobangla's preferential purchase rights.