Parliament re-enacted the law named Bangladesh Oil, Gas and Mineral Corporation Ordinance, 1985 to Bangladesh Oil, Gas and Mineral Corporation Act 2022, dated 20 November 2022.

Aiming to update the old ordinance government has re-enacted an ordinance named Bangladesh Oil, Gas and Mineral Corporation Act 2022. According to the new law, a corporation will be established titled the Bangladesh Oil, Gas, and Mineral Corporation for carrying out the purposes of this bill. The corporation may also be called Petrobangla.

This will be a corporate body, having perpetual succession, can acquire, hold and dispose of movable and immovable property, and can sue and be sued. The authorized capital of the corporation shall be US$ 980,461.40 which was US$ 19,609,228.00, while the paid-up capital will be US$ 19,609,228.00.