Around 1.0 trillion cubic feet (Tcf) of natural gas reserves could be found in newly drilled wells at the country's largest Bibiyana gas field, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said Thursday.
The potential discovery comes shortly after US-based oil and gas exploration company Chevron Bangladesh completed drilling its 27th well at the field.
Mr Hamid made the announcement to journalists at his office in the secretariat on the last working day before the country's 12th general election on January 7.
According to Petrobangla data as of January 4, 2024, Chevron currently produces around 1,232 million cubic feet per day (mmcfd) of gas from Bibiyana, representing around 60 per cent of the total output from local gas fields.
The US hydrocarbon explorer operates three onshore fields in the country: Bibiyana, Jalalabad and Moulvibazar, located in blocks 12, 13 and 14 respectively.
"The country will not face any problem regarding power and energy supplies in 2024, given the current situation," Mr Hamid expressed confidence. "We are also ready to face challenges even if the energy supply situation becomes tight," he added.
The state minister, however, expressed concern that the global energy crisis might deepen if the crisis in the Middle East escalates, which in turn could be more challenging for Bangladesh to overcome. He said pricing in the power and energy sector is one of several issues on which the government is now working.
"Our target is to bring the power and energy sector out of subsidies within the next several years," he said.
To make the fuel prices at par with the international market, the state minister said Bangladesh has planned to implement an automated dynamic fuel-pricing mechanism within the next couple of months.
Under this plan, refined petroleum product prices will be adjusted once monthly, he said. Currently, the government sets fuel prices through executive orders as needed, with the last adjustment on August 30, 2022.
Asked about the ministry's performance, Mr Hamid said the ministry of power should be given its due credit for the overall economic development of the country.
"This ministry has been a driving force behind the country's economic growth," he added.
azizjst@yahoo.com