Effects of petroleum legislation on hydrocarbon exploration and development in Bangladesh

Abstract

Exploration, dc~elopment and production of natural gas in Bangladesh arc of great impNtance and plays vital role In our ewnomy. In Bangladesh exploration activities commenced fT{)m the beginning of the ninteenth century. After several phases of exploration work by government organizations and international oil CODlpllJlies (lOCs) an overall good success ralio in drilling has been achieved. Despite our £Colo£lcalll. prospective areas OUfexploration and development of reserves is limited becauSe of our technical and finanCial limitations After independence. Bangladesh has made several policy ehanges including legislative and contractual framel-'.rJrks and competitive incentives alTered in favour 01 foreign participation. The international o.cenario in oil and gas sector is changing and in this regard Bangladesh is getting positive responses from a number of IOCs 10 develop this seclor This report reviews Bangladesh's explorntion history and reveals gas development strategies. It also diseusses the current situatIOn and forwards kev suggeslions In our present policy and contractual framework.