Bangladesh Oil, Gas and Mineral Corporation Bill placed in parliament

The Bangladesh Oil, Gas and Mineral Corporation Bill, 2022 was placed in the parliament today (June 5, 2022) to expedite the exploration of oil, gas, and mineral resources in the country.

The new law will replace the Bangladesh Oil, Gas and Mineral Corporation Ordinance, 1985 which has been declared void by the court as it was promulgated during the regime of the military dictator.

State Minister for Power Nasrul Hamid placed the bill which was sent to the respective parliamentary standing committee for scrutiny. The committee was asked to submit its report before the House within 15 days.

As per the bill, a corporation will be established titled the Bangladesh Oil, Gas and Mineral Corporation for carrying out the purposes of this Bill. The corporation may also be called Petrobangla.

This will be a body having perpetual succession and a common seal with power to acquire, hold and dispose of property, both movable and immovable, and shall by the said name sue and be sued.

The main office of the corporation will be established in Dhaka, whereas, if necessary, its offices can be set up in any place in and outside the country taking prior permission from the government.

The authorised capital of the corporation shall be Tk 5,000 crore, which was Tk 200 crore, while the paid up capital will be Tk 200 crore.