Energy Bangla

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Dhaka Friday,  Mar 29, 2024

Contract signing with Conoco looks uncertain

The signing of contracts with US-based ConocoPhillips and India’s ONGC Videsh Ltd for awarding three shallow water gas blocks looks uncertain due to the country’s ongoing political standoff.
ConocoPhillips obtained the block SS-7 while ONGC got the blocks SS-4 and SS-9 through participating in the international bidding invited early this year by state-owned corporation Petrobangla.
Petrobangla Chairman Dr. Hussain Monsur said. `We’re ready to sign the final contracts with the two winning bidders. But the country’s gloomy political situation is not appropriate for the signing. So we waiting for the right time.
Official sources, however, said all the procedures and due diligence were completed more than a month back and Petrobangla has been waiting since then to sign the final contracts with the two IOCs.

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