Draft deal gets go-ahead for oil, gas exploration

The cabinet has approved the draft agreement for deep and shallow sea oil and gas exploration to meet the country's growing energy needs.

The approval was given at a meeting of the Cabinet Committee on Economic Affairs today.

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Cabinet Division Additional Secretary Sayeed Mahbub Khan briefed reporters after the meeting.

The Department of Energy and Mineral Resources has prepared the draft of "Bangladesh Offshore Model Production Sharing Contract (PSC)" for deep and shallow sea oil and gas exploration to meet the growing energy demand for the country's continued economic growth, he said.