Bangladesh Oil, Gas, Mineral Corporation Bill, 2022 passed in JS

The Bangladesh Oil, Gas and Mineral Corporation Bill, 2022 was passed in Parliament today (November 2, 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 is declared void by the court as it was promulgated during the regime of a military dictator.

State Minister for Power Nasrul Hamid placed the bill which was passed by voice vote.

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 corporate 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 10,000 crore, which was Tk 200 crore, while the paid-up capital will be Tk 200 crore.