Bangladesh Launches Largest Offshore Exploration Drive in a Decade

This month, the Bangladesh government invited international bids for oil and gas exploration in 24 blocks in the Bay of Bengal. This is aimed at increasing the country’s oil output. For several years, Bangladesh has been plagued with energy shortages, as its gas reserves have been depleting. Further, the rise in energy prices following the Russian invasion of Ukraine and subsequent sanctions on Russian energy have hit the low-income country hard.  It is the first round of bidding since 2012 to offer offshore acreage, with 15 deep-water…