Signing of exploration deal with Posco Daewoo March 14

Petrobangla Chairman Abul Mansur Md Faizullah informed this to the Dhaka Tribune on Sunday. On February 8, the Cabinet Committee on Economic Affairs approved a proposal allowing the Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) to ink the deal under the Speedy Supply of Power and Energy (special provision) Act-2010. The deal is the first of its kind in the country as Posco Daewoo has directly been selected in line with the act, instead of through the conventional tender procedure. The South Korean company will sell 1,000 cubic feet of gas at $6.5 per unit if gas is found in the block, according to the deal. The company submitted an expression of interest (EoI) to Petrobangla under the act to explore the block with the provision of gas export – something that has been revived despite being scrapped in 2012. Currently, three foreign companies – Chevron, Santos and Kris Energy – are working at onshore and shallow sea blocks in the country following international biddings in 1993 and 1997.