The Bangladesh Oil, Gas, and Mineral Corporation Bill 2022 was passed in Parliament to expedite the exploration of the country’s oil, gas, and mineral resources.
The new law will replace the Bangladesh Oil, Gas, and Mineral Corporation Ordinance, 1985, which was declared void by the court because it was enacted during a military dictator’s regime.
The Bill establishes the Bangladesh Oil, Gas, and Mineral Corporation to carry out the purposes of the Bill. The Corporation is also known as PETROBANGLA.
This will be a body corporate with perpetual succession and a common seal, with the power to acquire, hold, and dispose of both movable and immovable property, and will sue and be sued under the said name.
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.
The Board shall consist of a Chairman to be appointed by the government, an officer not below the rank of a Joint Secretary of the Ministry or Division dealing with energy and mineral resources to be nominated by that Ministry or Division, an officer not below the rank of a Joint Secretary of the Ministry or Division dealing with finance to be nominated by that Ministry or Division, an officer not below the rank of a Joint Secretary of the Ministry or Division dealing with planning to be nominated by that Ministry or Division and five directors to be appointed by the government.
Chairman of the Corporation shall be appointed from the additional secretaries of the government.
As per the Bill, it can deposit its fund in any scheduled bank as term deposit or invest in any government approved securities.
