State-run Petrobangla has prioritized launching an onshore bidding round ahead of an offshore one to ramp up the country’s overall natural gas output from local fields. ‘We are now concentrating on inviting an international tender to carry out oil and gas exploration in onshore gas blocks, especially in hilly areas,’ a senior Petrobangla official said. Raising gas production from domestic fields has become essential amid dwindling output and rising demand across industries, power plants and other major consumers, he said. ‘We are keen to float the tender soon for the onshore gas blocks,’ he added. ‘The bid round for offshore gas blocks will come later.’ Lower investment requirements and shorter exploration periods in onshore blocks have prompted Petrobangla to priorities the onshore round first, according to market insiders.
offshore exploration requires significantly higher investment and longer lead times, they added.