The government will be carrying out multi-client surveys along will calling tenders to mine mineral resources in the ocean.
The Energy and Mineral Resources Division decided on the move after neighbouring Myanmar and India were successful in their region.
The announcement was made during a media briefing on the occasion of National Energy Safety day on Thursday (Aug 8).
The issues of searches for gas reserves, coal mining, importing liquefied natural gas from India, the discovery of valuable minerals in the sands of River Jamuna were addressed during the media call amongst other things.
It was revealed that the Cabinet has cleared the Product Sharing Contracts (PSC) meaning that underwater gas prices have been raised to $7.25 from $6 per cubic metre.
State-owned oil company Petrobangla (Bangladesh Oil, Gas and Mineral Corporation) will be calling for new tenders while a search for oil and gas reserves will be carried out by oilfield services company Schlumberger.
According to specialists, the biggest problem is that Bangladesh has no clue about its marine resources in the Bay of Bengal and despite many nudges, the government left the multi-client survey hanging for the last three years.
Moreover, Petrobangla and Indian oil company Oil India also signed an agreement during the prime minister’s visit to the neighbouring country in a bid to import LNG from there.
Under the agreement gas pipeline will enter Bangladesh through the Satkhir border through which it will be supplied directly to the Sundarban Gas Distribution Company grid. This is expected to ensure the security of energy in the southwestern region’s power plant.
The government, however, is still unsure of whether the minerals found in the sands of Jamuna have economic value. Any further decision on coal mining will be taken after taking the environmental effects into consideration.