Dhaka, May 7 -- The Cabinet Committee on Economic Affairs on Thursday approved the draft of 'Bangladesh Offshore Model Production Sharing Contract (PSC) 2026' aimed at accelerating offshore oil and gas exploration in the country.

The approval came at a meeting of the committee held at the Secretariat with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.

The proposal was placed by the Energy and Mineral Resources Division, said officials.

The draft PSC 2026 is expected to serve as the updated framework for engaging international oil and gas companies in offshore exploration activities in Bangladesh's maritime areas in the Bay of Bengal.

Officials said the revised model contract is intended to make the country's offshore ener...