Govt approves major energy exploration projects to boost domestic reserves

The Cabinet Committee on Government Purchase (CCGP) on Thursday approved several key energy exploration projects aimed at strengthening the country’s domestic gas and oil reserves.

The approvals came at the committee’s 19th meeting of the year with Finance Minister Amir Khasru Mahmud Chowdhury in the chair.

Under a project implemented by the Bangladesh Petroleum Exploration and Production Company Limited (BAPEX), the committee approved the drilling of two exploration wells—Srikail Deep-1 and Mobarakpur Deep-1—out of a three-well programme that also includes Fenchuganj South-1.

The turnkey contract for drilling the two wells has been awarded to CNPC Chuanqing Drilling Engineering Company Ltd. of China at a cost of Tk713.64 crore.

In another significant decision, the committee approved the drilling of the Sylhet-12 oil well under a separate turnkey project. The contract has been awarded to Sinopec International Petroleum Service Corporation at a total cost of Tk232.07 crore, covering drilling and all associated auxiliary works.

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Officials said the initiatives are expected to play a crucial role in boosting domestic energy production and reducing reliance on imported fuel by accelerating exploration in untapped deeper zones.

The approvals underscore the government’s continued emphasis on expanding the country’s energy base through advanced exploration activities.