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A government decision to review the policy on inviting international tender has put a damper on the third round bidding for hydrocarbon exploration in deep sea.
The cabinet decision to form a sub-committee to scrutinise the energy ministry policy on carrying out seismic survey for the exploration of oil and gas in the Bay of Bengal is likely to delay the process by yet another year.
The Energy Ministry was to invite open tender by mid-December and conduct the non-speculative seismic survey for the purpose in March next year.
The decision seems to have frustrated the Energy Division and the Adviser to the Energy and Mineral Resources Division Mahmudur Rahman could not hide his displeasure over the issue.
"Even, the sub-committee is yet to be formed. Now, the Energy Ministry has no choice but to wait for the decision of the cabinet committee," Rahman told the FE in a downbeat tone.
"The seismic survey must be conducted during dry season. If the cabinet had approved the policy, we could begin the survey in the stipulated time," he added.
The energy division chief said the government has another option -- the seismic survey. It can be conducted in blocks.
But Rahman said the procedure for making the blocks was not "technically feasible".
"It's not technically feasible … without international tender, your bargaining position will be weakened. Even, it will be difficult to entice reputed international oil companies to participate in the tender," Rahman feared.
"I still believe the proper way is to conduct non-speculative seismic survey as the country has little data on deep sea. Besides, the BAPEX has limited expertise on carrying out seismic survey in deep sea. It can do on-shore seismic survey," Rahman, also a chemical engineer by profession, maintained.
"There is a huge potential of hydrocarbon in the country's deep sea. The delay means nothing but to lose out," he regretted.
"But I'm happy that the Energy Division has undertaken the initiative (for the third round bidding)," Rahman pointed out.
Officials of Petrobangla also acknowledged that the state-run agency has data on deep sea that date back to 1974 and those covered limited area.
Energy Division officials also voiced their concern over the cabinet decision.
"It's a wrong move. No step has been taken for the offshore bidding in the last 34 years," an Energy Division official said, referring to the cabinet decision.
Echoing the views of officials, energy analysts say the neighbouring India and Myanmar would cash in on the delay on the part of Bangladesh.
Earlier, Prime Minister Begum Khaleda Zia, who is also at the helm of the energy ministry, gave her stamp of approval for the policy on oil and gas exploration in the country's exclusive zone in the Bay November 19 and it was forwarded to the cabinet for the endorsement.
Conducting of the seismic operation requires the bidding and Petrobangla had a plan to float the tender for the survey by mid-December.
The draft policy, prepared by the Petrobangla, suggests that an international company having a good track record be appointed for carrying out the seismic survey.
"Now, it is almost certain that we cannot go for the bidding in March as the tender for non-speculative survey could not be floated by the end of this month," said the Energy Division official.
On completion of the seismic operation, officials said the government has a plan to create 20 new blocks within 200 nautical miles in the Bay.
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