Bangladesh Oil, Gas and Mineral Corporation Ordinance 1985 (Draft)June 22, 2022
Bangladesh National Parliamentary Amendment Bill No 11/2022, on “Bangladesh Oil, Gas and Mineral Corporation Ordinance 1985 (Draft)” dated 5 June 2022
Aimed at promoting favorable exploration of oil, gas, and mineral resources in Bangladesh, the Bangladesh Oil, Gas and Mineral Corporation Bill 2022 was presented in parliament. This new bill will replace the Bangladesh Oil, Gas and Mineral Corporation Ordinance 1985, which has been declared void by the court due to being promulgated during the regime of a former military dictator.
According to the new bill, a corporation named “The Bangladesh Oil, Gas, and Mineral Corporation,” also referred to as Petro Bangla, will be responsible for carrying out the actions related to this bill. Petro Bangla will have 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 be able to sue and be sued.
The authorized capital of the corporation shall be US$58.98 million according to the new bill, which was US$2.36 million, while the paid-up capital will be US$ 2.36 million.