Petrobangla has rejected the agreement on the ODI of the offshore PSC (production and distribution agreement). Multinational companies, Chevron Sunamganj, Sherpur and Mymensingh area, proposed the agreement in the light of Block-11 in Block-12 in Habiganj, in the light of PSC.

The issue came out in December 2021 in the area of ​​Block-1, Block-1 and Block-12 (Rashidpur) in the area (Rashidpur). A formal proposal was made on behalf of Chevron. At that time, the Awami League government gave the issue of Block-1 and 3 under the Special Provision Act. They were then asked to offer details.

Recently, Chevron Bangladesh proposed a new proposal. The proposal proposed the agreement in light of PSC 2021 in the proposal. The proposal has been rejected by Petrobangla. It states that oil and gas search and lifting in the deep sea are very expensive and risk, so the gas prices are high there. The agreement cannot be signed according to that price on the ground.

Model PSC-20 was amended with many discounts, including increasing the price of gas, and the model PSC-2021 was made. Although gas prices were fixed in the previous PSCs, the gas price was not fixed this time. Gas prices will fluctuate with Brent Crude's international market rate. The price per thousand cubic feet of gas is estimated to be equal to 5 percent of Brent Crude. That is, if Brent Crude costs 5 dollars , the price of gas will be 5 dollars. The existing PSC had a fixed price of 1.5 dollars in the shallow and deep sea respectively. On the other hand, the lease of the block-12 area of ​​Chevron Bangladesh was given at 2.5 dollars .

In addition to the price, the proportion of the government's share has also been reduced to PSC-2021. In the deep sea, 5 to 5 percent of the sea and Bangladesh will fluctuate up to 5 to 5 percent in the shallow sea. If the contractor does not get gas by digging the well or is not commercially lifted within the stipulated time, then the opportunity to increase the calculation of 1 and 2 percent respectively.

BAPEX has conducted a three -dimensional survey in a part of the BAPEX Block BAPEX. It is estimated that 2 trillion cubic feet of gas is estimated to be in the block number 1. Chevron Bangladesh is expected to conduct two -dimensional and three -dimensional surveys in these blocks. If the survey results are positive, the company wants to go to the next step.

Multinational company Chevron Bangladesh is lifting gas from a total of 5 blocks. They have a Bibiana gas field at Block-12, Jalalabad gas field at Block-1 and Moulvibazar gas field at Block-1. Daily 120 million cubic feet of gas has been withdrawn daily (January 26) from six gas fields owned by Chevron Bangladesh. Which is much higher than half of Bangladesh's total gases. The total production of domestic gasfields on January 26 was 5 million cubic feet.

According to the law, if the agreement does not work for 5 years after the agreement, he will automatically move under Petrobangla in the area. Chevron Bangladesh Block-12 later left some area. The Department of Energy and Mineral Resources, Petrobangla and Chevron Bangladesh have signed a tripartite supplemental agreement to dig well in some areas leaving the Bangiya Field in October 2022. The company is trying to get some new areas of Rashidpur.

Although several officials of Petrobangla confirmed the matter on condition of anonymity, none of them agreed to anonym. On the other hand, when contacted at the Dhaka office of Chevron Bangladesh, Sheikh Zahidur Rahman . He told Barta 24.Com, that Chevron Bangladesh does not want to publish its future plans at the moment.

He also said that Chevron has been working with Bangladesh, government and Petrobangla for 5 years. Bangladesh is providing affordable, safe and reliable fuel to Bangladesh. Wants to continue exploring the potential of the fuel sector.

Chevron is asked what they think after rejecting the proposal. Responding to this question, Shevron Bangladesh does not want to publish their future plans.

Petrobangla chairman Rezanur Rahman called multiple times but he did not receive it. Even the SMS did not respond.

On the other hand, the Block-12 Agreement is expiring in 20 years. Shevron Bangladesh proposed to extend the contract to 20 years to 20 years. The proposal to extend the time has also been rejected. Petrobangla feels that there is a lot of time in 20 years, it is not time for the decision to decide.

The company recently urged the payment of arrears to pay. Development activities are being disrupted due to gas bills, giving letters to pay at least 1 million dollars in the shortest period. The company's Managing Director and President Eric M. Walker gave a letter on January 5. Until January 25, the company's gas bills amount to 1 million dollars.

The Center for Policy Dialogue-CPD has said that economic reform is not possible without increasing revenue, preventing tax evasion and political reform.

This was announced at a press conference titled 'Bangladesh Economy 2024-25: First Interim Review' organized at the CPD office in Dhanmondi on Wednesday (January 29) morning.

CPD Executive Director Dr. Fahmida Khatun said that after the student movement in July-August, the interim government has taken several economic steps, including reform programs based on several sectors. However, no significant changes have been seen to bring relief to the lives of the people and business and commerce. The interim government has failed to reduce the prices of daily necessities due to its inability to stop extortion.

However, noting that there has been a positive change in import-export to earn foreign exchange, she said that there has also been a significant change in the pace of remittances. However, there is concern about how long this positive trend will continue.

She said, overall, the tax revenue collection target has not been met. 45.1 percent revenue collection will have to be achieved during the remaining period of the interim government, which is not possible to implement. Besides, there is no sign of improvement in the macroeconomic trend in the 2024-25 fiscal year.

The price of gold has been increased once again in the country's market. This time, the Bangladesh Jewelers Association (BAJUS) has increased the price of a 22-carat bhori by Tk. 1,983 per bhori and set the price of a 22-carat bhori at Tk. 1,41,426.

BAJUS gave this information in a notification on Wednesday (January 22) evening. The new price will be effective from tomorrow, Thursday (January 23).

The notification said that the price of acidic gold (pure gold) has increased in the local market. As a result, the new price of gold has been set considering the overall situation.

According to the new price, the price of 22-carat gold per bhori (11.664 grams) will be Tk. 1,41,426. In addition, the price of 21-carat bhori has been set at Tk. 1,34,999, 18-carat bhori at Tk. 1,15,719 and the price of traditional gold per bhori has been set at Tk. 95,062.

In the notification, Bajus also said that the government-determined 5 percent VAT and Bajus-determined minimum wage of 6 percent must be added to the selling price of gold. However, the wage may vary depending on the design and quality of the jewelry.

Earlier, Bajus last adjusted the price of gold in the domestic market on January 15. At that time, the organization had increased the price of a 22-carat gold per bhori by Tk. 1,155 and set the price of a 22-carat bori at Tk. 1,39,443.

The World Bank expects GDP growth to fall to 4.1 percent in the current fiscal year 2024-25. Earlier in June, the organization had said that growth could be 5.7 percent this fiscal year.

The World Bank's 'Global Economic Prospects' report, released on Friday, has given a new forecast for GDP growth. It said that since the middle of last year, economic activity in Bangladesh has been affected due to political unrest. Investor confidence has declined. Due to such a situation and policy uncertainty, the economic growth forecast has been reduced.

The World Bank cited other problems as the reason for the weakening of the economy. The organization said that supply-related constraints and restrictions on imports, including energy shortages in the country, have weakened industrial activity. Pressure has increased on inflation. High inflation has reduced the purchasing power of people, resulting in a slowdown in the growth of the services sector. Although inflation has declined in most South Asian countries, it remains high in Bangladesh. Monetary policy has been made more contractionary to reduce inflation. However, inflation in Bangladesh may be higher than the target this year as well.

The World Bank report said that if the economic growth and domestic demand of Bangladesh's major trading partners, including the United States and European countries, declines, it will affect exports. As a single country, Bangladesh exports the most to the United States. And almost half of the country's total exports of goods go to Europe.

Last month, the IMF lowered Bangladesh's GDP growth forecast. The organization said that GDP growth may fall to 3.8 percent in the current fiscal year. Earlier, the organization projected a growth of 4.5 percent in October. Meanwhile, considering the overall situation, the interim government has also decided to reduce the GDP growth target. The GDP growth target for the current 2024-25 fiscal year has been reduced to 5.25 percent. The target in the current fiscal year's budget was 6.8 percent. Finance Minister Abul Hasan Mahmud Ali of the Awami League government announced this target in his first budget speech.

According to a World Bank report released yesterday, the GDP growth forecast for the entire South Asian region this year had to be lowered slightly due to Bangladesh. Because while the growth forecast for other countries was increased, it was reduced only for Bangladesh. Bangladesh's policy uncertainty is a major reason for this.

The World Bank said that due to increasing political uncertainty, investment and industrial activities in Bangladesh are likely to remain sluggish in the near future. However, GDP growth may increase again to 5.4 percent in the 2025-26 fiscal year. This will be possible only if political stability returns, financial sector reforms are successful, the business environment improves, and trade increases. If inflation decreases, it will also help increase private consumption spending.

However, the World Bank believes that per capita income growth in some South Asian countries, including Bangladesh, will remain weak in the next fiscal year. The organization's report also said that unemployment remains high in the South Asian region. It has increased in many countries, including Bangladesh, Bhutan, Pakistan, and Sri Lanka.