User:Skylay987/Petrobangla

Petrobangla

	Description Petrobangla is a listed company, established at the end of the 20th century, and then undergoing reorganization and acquisition to establish the current company. The company is a national oil company owned by the government. Petrobangla is mainly responsible for the development, production, transportation and sales of oil and natural gas and other mineral resources. Petrobangla head office is located in Kawran Bazar, Dhaka, Bangladesh. The company's main service area is in Banglades Titles of Sections: 	Background Petrobangla's predecessor company Bangladesh Mineral Oil and Gas Corporation was established in 1972, and then underwent reorganization and merger in 1985 and was formed by the merger of two government organizations Bangladesh Oil & Gas Corporation (BOGC) and Bangladesh Mineral Development Corporation (BMEDC). After the reorganization, the Bangladesh Mineral Oil and Gas Company (Petrobangla) continued its exploration work, and the Bangladesh Petroleum Act was promulgated in 1974 to promote international participation under the PSC. This stage of PSC was abandoned in 1978. Since 1972, the operations of Petrobangla have undergone several modifications. In 1974, Bangladesh Petroleum Corporation (Bangladesh Petroleum Corporation) clearly separated the import and export, production and sales of petroleum. However, the independent mineral business and oil and gas business were merged in 1985 since 1972.

	The logo of Petrobangla

The logo of Petrobangla means the company's business activities related to oil and gas. The entire circle means the integration of the two businesses. Its blue and red respectively mean the energy emissions of natural gas and oil and the letters "p" and "b" "It's all derived from the company's name Petrobangla.

	Products a)	Gas

Petrobangla not only develops international business and signs a contract with Russian companies to mine gas, but also provides domestic development to individual household users and chemical factories in the country. Currently, the state-owned company Petrobangla supplies approximately 1.51 billion cubic feet of natural gas per day, while the daily demand is 1.61 billion cubic feet （Bangladesh government opts to introduce gas rationing，2015） Mainly distributed in power plants accounted for about 46%, and chemical fertilizer plants accounted for about 19%. In the total supply, the power sector consumes about three times the gas consumption of chemical fertilizer plants, which consumes about 670 million cubic feet, chemical fertilizer plants consume 264 million cubic feet, and private industry and household users consume 581 million cubic feet of natural gas （Gas transmission opened up，2003）.

b)	Oil The company has gradually developed and rapidly developed its business through the development of subsidiaries, three of which are used for oil and gas exploration and production （CONOCOPHILLIPS SIGNS DEAL WITH PETROBANGLA FOR OIL BLOCK ，2011）.

	Dispute In September 2010, Petrobangla chairman Prof Hossain Mansur was in trouble and was accused of interfering in the decision of its subsidiary’s board of directors. Because its subsidiary has an independent board of directors that can make its own rulings, the management still has the right to mobilize its own internal affairs. Affected by senior officials, the company decided to reduce the name and transfer rights of the chairman of Petrobangla due to the accusation （Petrobangla chairman accused of foiling RPGCL board meeting，2010）.

	Global cooperation As the company's subsidiary BAPEx's later technology and operating methods were not ideal, the company tried to cooperate with Russian companies to provide technical and economic support. During the same period, Petrobangla became interested in Gazprom's expansion of natural gas development plans and signed a five-year strategic cooperation with the Russian company (Gazprom)（Petrobangla waits for Gazprom’s offer for drilling, compressors supply，2011). After the visitting, the Gazprom delegation decided to provide petrobangla with mechanical assistance such as the supply of natural gas drilling rigs and compressors. Moreover the cooperation is agreement between the two parties to build capacity and help Petrobangla to train talents to achieve the goal of doubling each other’s output. Thanks to the technical support of the Russian energy industry's meritorious machinery and technical personnel, the production capacity has increased. The production of Petrobangla's fossil resources has increased sharply and the supply has exceeded the demand. This is why Petrobangla has accelerated its import and export business and further expanded its international business. .

	COVID-19 Due to the outbreak of the virus covid-19 in 2019, the global economy has shrunk, and various companies have experienced negative growth. This includes some businesses of Petrobangle, but Petrobangle's LNG imports and exports are still rising. However, due to the sluggish global economy caused by covid-19, which reduced the total demand, Petrobangle had to postpone the two LNG cargoes originally planned to be exported and resell them domestically in order to reduce losses. The global gas market has been hit hard by the new crown pneumonia, so various gas companies have decided to redeploy their strategies. Petrobangla’s subsidiaries decided to reselect suppliers through competitive tendering in the second half of 2020. The suppliers purchased the country from Petrobangla’s companies. 25% of the energy required.

Reference list

Bangladesh government opts to introduce gas rationing. (2005). International Gas Report, 534, 15. http://search.proquest.com/docview/230360886/

Gas transmission opened up. (2003). International Gas Report, 480, 18. http://search.proquest.com/docview/230351109/

CONOCOPHILLIPS SIGNS DEAL WITH PETROBANGLA FOR OIL BLOCK. (2011, June 17). AsiaPulse News.

https://sydney.primo.exlibrisgroup.com/permalink/61USYD_INST/2rsddf/gale_ofg259061538

Petrobangla chairman accused of foiling RPGCL board meeting. (2010, September 7). UNB - United News of Bangladesh. https://sydney.primo.exlibrisgroup.com/permalink/61USYD_INST/2rsddf/gale_ofg236585169

Petrobangla waits for Gazprom's offer for drilling, compressors supply. (2011, June 25). UNB - United News of Bangladesh. https://link.gale.com/apps/doc/A259811821/STND?u=usyd&sid=STND&xid=49afd44b

Petrobangla waits for Gazprom’s offer for drilling, compressors supply. (2011, June 25). UNB - United News of Bangladesh. https://sydney.primo.exlibrisgroup.com/permalink/61USYD_INST/2rsddf/bcrc259811821