The South Asian nation is scrambling to ease a fuel crunch as the Middle East war chokes vast quantities of global supply.
DHAKA: Bangladesh invited bids from international companies to explore oil and gas reserves on Sunday, scrambling to ease a fuel crunch as the Middle East war chokes vast quantities of global supply .
The South Asian nation imports 95% of its oil and gas, much of it from the Middle East, where shipments through the crucial Strait of Hormuz have virtually ground to a halt since the war began in late February. The fuel crunch has prompted long queues at petrol stations and power cuts, with electricity demand outstripping limited generation capacity.
“Fuel is the main driver for development,” energy minister Iqbal Hasan Mahmud told a news conference in Dhaka, adding that contracts would be awarded “in the best interest of the country”. Bangladesh set out its maritime boundaries years ago but still lags behind neighbouring countries in offshore exploration. An earlier tender launched in 2024 drew limited interest, prompting the government to revise conditions this time to make them more attractive to international investors.
Hasan Mahmudul Islam, spokesman for state-owned Petrobangla, said the new terms were shaped after consultations with global oil companies, who insisted on revising gas pricing among other issues.
“These issues have now been addressed,” he said. The government has also pledged investment protection and introduced gas pricing linked to Brent crude benchmarks.
Energy Security Fuel Crisis Gas Reserves Global Supply Middle East Offshore Drilling Oil Exploration Petrobangla Strait Hormuz
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bangladesh’s rare ‘Donald Trump’ buffalo becomes Eid sensationMay 22 (Reuters) - Following are reactions to Manchester City manager Pep Guardiola announcing on Friday he will leave the club at the end of the season after a decade in charge:
Read more »
Crowds Flock To Witness Blonde-Haired ‘Donald Trump’ Buffalo In Bangladesh Before Aidiladha SacrificeThe bovine&8217;s blonde locks earned the adoration of fans online.
Read more »
Soccer-North Korea's Naegohyang beat Tokyo Verdy to win Asian women's titleBANGKOK: In a historic ceremony reflecting centuries of diplomatic affinity, Thailand's Princess Sirivannavari Nariratana Rajakanya has been formally invested with the prestigious rank of Grand Officier of the National Order of the Legion of Honour (Legion d'honneur) at the French Ministry of Culture.
Read more »
Bangladesh Asks WHO to Inquire into Worsening Measles Situation Killing 500 ChildrenBangladesh prime minister's special adviser informs that the country's worsening measles situation has led to the deaths of over 500 children and many more infections, and has asked the World Health Organisation to conduct a preliminary inquiry to determine the reason for this deterioration.
Read more »