Bangladesh PM Approves Deep-Sea Oil Exploration Policy
Monday, November 21, 2005
The Prime Minister of Bangladesh approved the policy on the third round bidding for deep-sea hydrocarbon exploration in the country's exclusive economic zone in the Bay of Bengal, according to a Financial Express report. The policy will now be placed before the cabinet for its approval.
The seismic surveys in deep sea up to 200 nautical miles into the Bay of Bengal will help locate hydrocarbon reserves, if there are any. After getting a reliable picture of energy potentials in the deep sea, the government would go for the third round bidding, according to the report.
The Energy and Mineral Resources Division earlier prepared a draft policy outlining various strategies for the proposed third round bidding. After taking into consideration the pros and cons of the draft, a final policy was placed before the PMO for approval last week.
Source: Financial Express