The Bangladesh Oil, Gas and Mineral Corporation shall be established and it may also be called PETROBANGLA (sect. 3). Section 9 defines the functions of the Corporation which shall include: the undertaking of research in the field of oil, gas and minerals, and of research for alternative use of natural gas; preparation of programmes for the exploration and development of oil, gas and minerals; production and sale of oil, gas and minerals, etc. The Corporation may sponsor the formation of subsidiary companies for exploration and exploitation of oil, gas and minerals as provided for in section 10. Section 20 gives the authorization to survey any land which may be necessary in order to carry out the provisions of this Ordinance provided that compensation shall be paid to the owner for any damage caused.
Repeals the Bangladesh Mineral Exploration and Development Corporation Order, 1972.