"Bangladesh Minerals Exploration and Development Corporation" (BMEDC) was formed by Presidential Order No. 120 of September 27, 1972, for the purpose of conducting the country's mineral exploration and development activities, which was later restructured as Bangladesh Minerals, Oil and Gas Corporation (BMOGC) and shortened to 'Petrobangla' by Presidential Order No. 15 of August 22, 1974.

Ordinance No. 88 issued on 13 November 1976 gave the newly formed Bangladesh Petroleum Corporation the responsibility of importing, refining and marketing crude oil and petroleum products. The Bangladesh Oil, Gas and Mineral Corporation Ordinance, 1985 (Ordinance No. 21 issued on 11 April 1985) merged BOGC and BMEDC to form Bangladesh Oil, Gas and Mineral Resources Corporation (BOGMC).

Bangladesh Oil, Gas & Mineral Corporation is a government-owned oil, gas and mineral exploration and distribution corporation of Bangladesh. It has the mandate to explore, produce, transport, manage and sell oil, gas and other mineral resources. It also concludes production-sharing agreements with international oil companies for the exploration and development of oil, gas and mineral resources in Bangladesh.