The government has approved the draft of the “Bangladesh Offshore Model Production Sharing Contract (PSC) 2026” to speed up offshore oil and gas exploration.
The approval came at a meeting of the Cabinet Committee on Economic Affairs chaired by Finance Minister Amir Khosru Mahmud Chowdhury at the Secretariat.
Officials said the new draft will serve as an updated framework for foreign companies interested in exploring oil and gas in Bangladesh’s offshore areas in the Bay of Bengal.
The revised contract is aimed at attracting more international investment in the energy sector as the country looks to strengthen energy security and increase local resource exploration.
At the same meeting, the committee also approved part of a proposal related to maintaining uninterrupted electricity supply across the country.
The proposal included government power plants, joint venture projects and imported electricity from India and Nepal under a subsidy support system.
Officials said the move is intended to help manage rising power generation and import costs while ensuring stable electricity supply.
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