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Despite its strategic location along the Bay of Bengal and abundant marine resources, Bangladesh has made limited progress in commercial deep-sea fishing and offshore oil and gas exploration compared with regional neighbours India and Myanmar.
The government is now stepping up efforts to unlock the potential of the country’s blue economy through policy initiatives focusing on sustainable marine fishing, mericulture, crab farming, deep-sea fishing and marine research.
Offshore energy exploration remains a major untapped opportunity, requiring greater investment, advanced technology and technical expertise.
The government has prepared several draft guidelines and policy initiatives to improve marine resource management, boost fisheries production and attract investment in maritime industries. The initiatives seek to balance commercial exploitation with marine biodiversity conservation and the long-term sustainability of ocean resources.
Petrobangla has already invited bids for all 26 offshore blocks under a substantially relaxed framework. The Bangladesh Offshore Bidding Round 2026, which will replace the Model Production Sharing Contract (PSC) 2024, introduces significant changes to the country’s offshore exploration regime.
The revised framework includes changes to gas pricing mechanisms, support for pipeline investment and additional financial incentives for unsuccessful exploration wells.
Officials said gas discoveries in coastal areas, including Bhola and Feni, had strengthened the government’s optimism about finding reserves offshore.
The Ministry of Power, Energy and Mineral Resources has been working on several fronts to harness the country’s blue economy potential, including expanding offshore energy exploration and increasing domestic gas production through planned drilling activities.
Marine aquaculture is another priority. The draft National Mericulture Policy identifies marine farming as a potential source of food security, export earnings and employment. It proposes a dedicated framework to expand production, encourage investment and develop appropriate technologies while protecting marine ecosystems.
The policy could help diversify fisheries production beyond conventional coastal fishing by creating opportunities for seaweed cultivation, marine aquaculture and other marine-based industries.
Bangladesh has already made notable progress in fisheries production. According to a June 2026 report by the Food and Agriculture Organization (FAO), the country ranks second globally in fish caught from rivers, lakes and wetlands and fifth in farmed fish production.
The Bangladesh Economic Survey 2025 reported that total fish production reached 5.255 million tonnes in fiscal year 2024-25, exceeding the country’s annual demand of around five million tonnes.
The government is also strengthening marine conservation. Two new marine protected areas at Kuakata and Salimpur were declared through gazette notifications, taking the number of nationally declared marine protected or marine reserve areas to seven.
The designations are intended to protect marine habitats, preserve biodiversity and support the recovery of fish stocks.
These efforts are linked to the government’s ambition to increase fisheries exports to $1 billion by 2030, from around $450 million in FY2024-25.
However, the effectiveness of marine protected areas will depend on enforcement, scientific monitoring, sustainable financing and the active participation of coastal fishing communities.
To support research and development, the government has allocated Tk 200 crore for blue economy initiatives in the current fiscal year’s budget, including Tk 100 crore for a dedicated Blue Economy Research Fund.
The government is also seeking to attract investment in offshore energy exploration through revised contractual terms and incentives designed to encourage companies to undertake riskier exploration activities.
Shipping, Railways and Road Transport and Bridges Minister Shaikh Rabiul Alam recently highlighted the potential of these sectors at an event, underscoring the importance of developing Bangladesh’s maritime resources and related industries.
The success of the blue economy strategy will ultimately depend on translating policy initiatives into commercially viable projects while ensuring that marine resources are managed sustainably.
