A fresh reserve of 5.1 trillion cubic feet (tcf) of recoverable gas has been identified in Bhola, a southern island district, which could meet Bangladesh’s local demand for the next five years, according to a study.

Russian state-owned company Gazprom, in collaboration with Bangladesh’s Petrobangla and BAPEX, discovered this extractable reserve of natural gas after four years of exploration.

The findings of the study, initiated in 2020 and completed in June 2023, have now been submitted to the Energy and Mineral Resources Division, Petrobangla, and BAPEX.

The study reveals two major extractable gas reserves— 2.423 tcf in the district’s Shahbazpur and Ilisha, and 2.686 tcf in Char Fashion.

In total, these reserves represent 5.109 tcf of recoverable gas, valued at approximately Tk6.5 trillion based on the current spot market price of LNG ($10.46 per mmbtu).

To explore new gas reserves, a 3D seismic survey was conducted over 600 square kilometres from Shahbazpur to Ilisha, whereas a 152.6 line km 2D seismic survey was carried out in Char Fashion.

Gazprom International’s Alexey Belebezyev said the research was conducted according to international standards using advanced technologies and reliable data.

The project, if developed, could significantly contribute to Bangladesh’s energy needs, Belebezyev told the Daily Sun.

Regarding the study, Petrobangla Chairman Janendra Nath Sarkar said Bhola gas fields show new possibilities based on the research reports.

“We have plans to supply Bhola’s gas fields to the national grid via pipelines from Bhola to Barisal, and from Barisal to Khulna,” he added.

He also mentioned that LNG and CNG would soon be transported to Dhaka, with an open tender for the project set to be floated soon.

Sarkar expressed optimism that this discovery could help reduce Bangladesh’s reliance on energy imports.

Currently, 80 million cubic feet of gas is being extracted daily from five wells in Bhola. With four more wells drilled, another 80 million cubic feet of gas per day can be extracted from these sources.

Additionally, five more wells are planned, which could supply 100 million cubic feet per day in the next two years.

Moreover, 14 additional well sites have been identified, with the potential to produce 210 million cubic feet of gas per day.

In Char Fashion, six geological formations have been identified, with the potential to drill 30 wells and extract 450 million cubic feet of gas per day.

If all the proposed wells are implemented in a timely manner, Bhola’s gas fields could produce up to 920 million cubic feet   of gas per day.  This could significantly reduce the country’s gas crisis and lower dependence on expensive LNG imports.

The gas from these wells could generate up to 6,000 MW of electricity, further boosting Bangladesh’s energy security.

Professor Badrul Imam of Dhaka University said the Bhola and Sylhet gas fields show great potential, as both areas are recognised as proven gas zones.

He also argued that gas exploration should not be limited to BAPEX (Bangladesh Petroleum Exploration and Production Company), but should involve foreign companies to maximise resource extraction.

Gazprom International, a foreign company, has been drilling gas wells in Bangladesh for over a decade and has successfully drilled 20 wells, discovering gas in each one.

These wells contribute approximately 4.5 tcf to Bangladesh’s gas reserves and produce around 300 million cubic feet of gas daily.

Gazprom’s success is attributed to its use of advanced labs, software, and skilled engineers, which lead to higher production efficiency. By contrast, gas fields can face risks when wells are drilled by inexperienced companies.

Currently, Bangladesh’s daily gas demand stands at 4,000 million cubic feet, while 2,633 million cubic feet are being supplied, creating a deficit of 1,367 million cubic feet.

Over 1,050 million cubic feet of gas is supplied to the national grid through LNG conversion from two terminals during normal operations.