A joint investigation by the Russian energy giant Gazprom and the Bangladesh Petroleum Exploration and Production Company Limited (Bapex) has discovered a potential gas reserve of up to 5.109 trillion cubic feet (tcf) in the district of Bhola in southern Bangladesh.
A 600 square kilometre 3D seismic survey carried out as part of the investigation from Elisha to Shahbazpur showed 2.423 trillion cubic feet of recoverable reserve. According to Bapex, an extra 2.686tcf was found during a second, 152.6-line-km 2D seismic survey carried out in Char Fasson. The joint research project began in June 2020 and ended in June 2024. The results have been shared with Bapex, the Ministry of Power, Energy, and Mineral Resources, and the Bangladesh Oil, Gas, and Mineral Corporation (Petrobangla).
According to the study report, there is a 10 per cent chance that 5.109tcf of gas, or 2.423tcf, could be found in Shahbazpur, Elisha, and Char Fasson. The resource’s estimated value is Tk6.5 lakh crore, based on the current spot price of US $ 10.46 for every million British thermal units (MMBtu) on the LNG market. The report also includes a 90 per cent chance of finding at least 1.809tcf of gas and a 50 per cent chance of finding 3.391tcf of gas at these sites.
Alamgir Hossain, former general manager of Bapex’s Geological Department, told the local media, “There is a possibility of finding more than 5tcf of gas. Studies in the past have estimated 2 tcf, but actual extraction has reached 3 or 4 tcf. This discovery is significant, being the largest since the Bibiyana gas field was found in 1998. Although the Shahbazpur field was identified in the mid-1990s, it was considered small until this recent study.”
Financial concerns delayed pipeline construction even though Bhola’s gas prospects were identified thirty years ago, according to Petrobangla executives. Plans are moving forward with pipeline development now that reserves have increased. Small companies and neighbouring power plants currently only get a portion of Bhola’s gas supply. Since the country consumes almost 4,000 mmcfd of petrol per day and only provides 2,633 mmcfd, there is a 1,367 mmcfd shortfall.
To offset this deficit, Bangladesh is heavily dependent on LNG imports. However, the gas shortfall for power plants and industry has gotten worse due to the 500mmcfd drop in LNG supply brought about by the closure of one of Summit’s floating LNG terminals for more than three months.
Meanwhile, production in gas-dependent industries such as cement, dyeing, printing, spinning, ceramics, iron and steel, has fallen below thirty percent due to a shortage of gas. There have been a lot of disruptions according to the Bangladesh Textile Mills Association, which represents around 700 textile businesses. Owners of factories claim that their boilers need 15 PSI (pounds per square inch) of pressure in order to work; nonetheless, many are only getting 1.5 to 3 PSI, and some aren’t getting any gas at all. Producing goods has become extremely problematic as a result.
