Central & SE Asia / Australasia

Bangladesh flag
Summary | Profile

Country profile: Bangladesh

Location: Southern Asia, bordering the Bay of Bengal, between Burma and India
Climate: tropical; mild winter (October to March); hot, humid summer (March to June); humid, warm rainy monsoon (June to October)
Terrain: mostly flat alluvial plain; hilly in southeast
Size: 144000 sq. km total (Land area: 133910 sq. km  Water area: 10090 sq.km)
Population: 153,546,901 (July 2008 est.)
Languages: Bangla (official, also known as Bengali), English
Government: parliamentary democracy
Capital city: Dhaka
Legal system: based on English common law; has not accepted compulsory ICJ jurisdiction
Currency: taka (BDT)
Licensing:

Country profile

In 2005, Bangladesh’s real gross domestic product (GDP) grew at 5.4 percent, down somewhat from the 2004 growth rate of 6.3 percent. Economic forecasts are at 5.8 percent for 2006. Economic performance has been steady since 1990, with annual GDP growth averaging 5 percent. However, Bangladesh remains one of the world’s poorest and most densely populated countries, and faces a number of obstacles to further growth and development.

Despite recent growth, Bangladesh faces numerous challenges. According to the International Monetary Fund (IMF), the country is hampered by weak institutions and inadequate infrastructure. Bangladesh remains dependent on foreign aid and worker remittances for a large percent of its economic activity. In 2004, the government of Bangladesh estimated that remittances from expatriates totaled $3.3 billion, or 6 percent of nominal GDP. The country also remains vulnerable to natural disasters such as cyclones, floods, and droughts. This is especially true in the agriculture sector, which employs about two-thirds of the labor force and accounts for 22 percent of GDP.

Bangladesh is a member of the South Asian Association for Regional Cooperation (SAARC), along with Bhutan, India , Maldives, Nepal, Pakistan and Sri Lanka. SAARC aims to promote regional economic cooperation as well as economic and social development in South Asia. In 2004, the seven SAARC members agreed to create a South Asian Free Trade Area (SAFTA), which came into force on 1 January 2006. SAFTA aims to reduce tariffs and other trade barriers between the seven member countries.

Energy production and consumption


Oil Gas
Production: 6,746 bbl/day (2005) 13 billion cu m (2005 est.)
Consumption: 86,000 bbl/day (2005 est.) 13 billion cu m (2005 est.)
Exports: 1,100 bbl/day (2004)  
Imports: 81,010 bbl/day (2004)  
Reserves: 28 million bbl (1 January 2006 est.) 135 billion cu m (1 January 2006 est.)
Major fields:



Bangladesh - recent news

11 Mar 24
Bangladesh: Petrobangla announces the Bangladesh 2024 Offshore Bid Round
The Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) has announced the 2024 Bangladesh Offshore Bid Round. It is the first bid round since 2012 to offer offshore acreage, comprising fifteen deep water and nine shallow water blocks.
08 Nov 23
Bangladesh: Excelerate Energy and Petrobangla sign long-term LNG sale and purchase agreement
Excelerate Energy has signed a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla). Under the SPA, Petrobangla has agreed to purchase 0.85 to 1.0 million tonnes per annum (MTPA) of LNG from Excelerate for a term of 15 years beginning January 2026.
30 Oct 23
Bangladesh: Government approves new Offshore Model Production Sharing Contract in Bangladesh
TGS has announced the recent approval by the Bangladesh Government of the new Offshore Model Production Sharing Contract 2023. TGS, in partnership with SLB and Petrobangla, completed the first phase of a 2D seismic acquisition program in April 2023 and the fast-track processed products are now available to the industry.
04 Jun 23
Bangladesh: QatarEnergy signs a 15-year LNG supply agreement with Bangladesh
QatarEnergy’s LNG trading arm, QatarEnergy Trading, has entered into a long-term LNG Sale and Purchase Agreement (SPA) with Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) to supply about 1.8 million tons per annum (MTPA) of LNG to Bangladesh for 15 years, starting in 2026.
03 Jan 23
Bangladesh: TGS announces new 2D seismic survey offshore Bangladesh
TGS, a global provider of energy data and intelligence, has announced a new regional multi-client 2D seismic program offshore Bangladesh in partnership with SLB and Petrobangla. The new data will be an essential tool for acreage evaluation, supporting future license rounds under the soon-to-be-revised fiscal terms widely anticipated by industry.

Bangladesh - more news

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