Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood on Sunday said the government would ensure that national interests remain protected in all agreements signed under the Offshore Bidding Round 2026 process.
“The BNP has always upheld nationalism as its core principle and we are proceeding with this bidding round keeping that spirit in mind so that Bangladesh does not suffer any loss or compromise its interests,” he said.
The Minister made remarks while addressing a press briefing at his Ministry on the occasion of the launching of its long-awaited Offshore Bidding Round 2026, aiming to attract international oil companies (IOCs) to explore untapped oil and gas reserves in the Bay of Bengal as the country seeks to strengthen energy security and reduce dependence on imported fuel.
He said the government would carefully analyse international production-sharing contracts before finalising any deals with foreign companies.
Describing the launch as the beginning of “a new chapter”, he said Bangladesh had for years relied heavily on imported energy while leaving its own resources unexplored beneath the seabed.
“As a result, the country suffered significantly and our foreign currency reserves came under immense pressure,” he said.
Referring to the last offshore bidding round held in 1993 during the government of former Prime Minister Khaleda Zia, he said gas currently supplied from some offshore fields originated from contracts awarded during that period particularly involving US energy giant Chevron.
“After that, no meaningful offshore bidding round involving foreign companies was held,” he said.
The Minister said that although Bangladesh celebrated its maritime boundary victories in the Bay of Bengal over the past decade, sufficident attention was not given to actual exploration and extraction activities.
“Many spoke about the victory at sea but perhaps forgot that resources also need to be extracted,” he said.
He claimed neighbouring countries that had disputed maritime areas with Bangladesh are already extracting gas from their offshore blocks and exporting energy, while Bangladesh still lacks adequate knowledge about resources beneath its own seabed.
The government, he said, pledged to strengthen state-owned exploration company BAPEX, but acknowledged that the company currently lacks the expertise and equipment required for deep-sea exploration.
“We have encouraged BAPEX to participate in the bidding process through joint ventures with foreign companies, and we have kept BAPEX involved in the process,” he said.
The minister noted that the government moved ahead with the bidding round within 180 days of assuming office, fulfilling one of its election commitments.
“If gas or oil can be extracted from our offshore areas in future, it will become a major driver of the country’s development,” he said.
Highlighting the importance of energy security, he said no country could sustain economic development without ensuring adequate energy supplies.
“When we assumed office, we found the energy sector in a very poor state. Since then, we have been trying to establish long-term energy security, and the situation is now much better than before,” he said.
On possible reserve overlaps or disputes in offshore areas, he said such issues would be resolved through bilateral negotiations if necessary.
The minister said several major international companies have already expressed interest in participating in the bidding round, including firms from the United States and China.
“Many companies have spoken to me directly and expressed their interest. I hope this time the mistakes of the past will not be repeated and investors will participate actively in the bidding,” Iqbal Hassan said.
Responding to a question on labour-related provisions in the bidding framework, particularly the issue of strike clauses and compliance standards, he said Bangladesh has signed around 70 international labour protocols and is therefore obliged to comply with them.
“Bangladesh has signed one of the highest numbers of international labour protocols in the world, so we must follow those commitments,” he said.
Speaking at the event, State Minister for Power, Energy and Mineral Resources Aninda Islam Amit said the move was in line with the ruling BNP-led government’s election manifesto, which pledged to achieve greater self-sufficiency in the energy sector through exploration of offshore and onshore resources.
He said the government had revised several provisions in the tender documents to address past limitations and make the bidding process more attractive to international companies while safeguarding Bangladesh’s national interests.
“We will do everything while protecting Bangladesh’s interests,” he said, seeking cooperation from the media in promoting the initiative internationally.
Power and Energy Secretary Mohammad Saiful Islam said the government had undertaken extensive consultations with international oil companies after the previous offshore bidding round failed to attract any bids despite participation from seven firms in discussions.
He said a review committee was formed to identify the reasons behind the lack of participation.
The secretary said the government spent more than a year consulting international experts, major global energy firms including ExxonMobil, and local petroleum specialists to revise the production sharing contract (PSC) framework.