The New Nation - Internet Edition

BUSINESS REPORT

The Energy Ministry plans to sign contracts with the newly selected bidders in the 3rd round international bidding for hydrocarbon exploration in the country's offshore territory.

Energy Secretary Mohammad Mohsin on Wednesday said they are going ahead with the plan to complete the contract signing process by October with a view to take advantage of the ensuing winter season for starting the exploration work.

"We're hopeful of completing the process by early October subject to approval by the Advisers Committee on Public Purchase," he said.

Two international oil companies (IOCs) - Conoco Philip and Tullow - were selected as responsive bidders for the country's nine offshore blocks in the Bay of Bengal under the latest bidding round that took place in May this year.

A total of 15 bids were received from seven IOCs for the 15 blocks, out of 28 that were put on place for the international tender. Of these, Conoco was selected for eight blocks, while Tullow was chosen for only one block.