TGS, a global provider of energy data and intelligence, has announced the recent approval by the Bangladesh Government of the new Offshore Model Production Sharing Contract 2023 (PSC).
TGS, in partnership with SLB and Petrobangla, completed the first phase of a 2D seismic acquisition program in April 2023. Phase 1 comprises 12,636 kms, and the fast-track processed products are now available to the industry.
Will Ashby, EVP of Eastern Hemisphere at TGS, commented: 'The approval of the new contract marks a significant milestone event that will help drive exploration offshore Bangladesh. With limited data available in the region, the new seismic data in combination with the Production Sharing Contract are key components that will enable companies to evaluate open acreage and support the launch of a new offshore License Round for the country.'
The Bengal Fan is one of the world’s largest deep-water fans with good evidence of working petroleum systems. It is widely considered one of the most extensive unexplored frontier areas. The improved PSC aims to generate further interest and, fundamentally, attract more international oil and gas companies to explore offshore Bangladesh.
Source: TGS
