BAPEX to step up hunt for new gas reserve
Wednesday, 13 February 2008
FE Report
State-owned exploration company BAPEX will start seismic surveys in five major gas-fields by October this year to step up the hunt for new reserve in the wake of a looming energy crisis in the country, officials said Tuesday.
The 3D seismic survey is part of a state-driven plan to revive the BAPEX as a worthy challenger to the foreign companies hunting oil and gas in Bangladesh.
"We have already purchased a number of equipment for BAPEX to help it conduct the surveys," special assistant to the chief adviser M Tamim told FE.
"Our aim is to revive BAPEX. We want to see it playing an important role in new gas exploration," he said.
The company, which in the 1960s played the key role in discovering gas reserve in the country, will conduct the 3D surveys in the resource-rich Titas, Bakhrabad, Sylhet, Kailastila and Rashidpur gas-fields.
Three-Dimensional (3D) seismic survey is a powerful tool to pinpoint a gas-field. It substantially reduces the risk of drilling dry holes and helps to choose the best drilling location for optimum production.
"We will be able to start the survey by October 2008, and already procured required machinery for this purpose," said BAPEX chairman Imam Uddin.
"Winter is the best time to conduct such survey. We are hopeful we can to explore gas in the next winter," he said.
Officials said the survey would be financed by the Asian Development Bank (ADB), which has agreed, in principle, to provide 23.10 million dollars as part of its Bangladesh gas sector development project.
The decision to conduct the survey came amid a looming crisis of gas across the country, with the industry-rich Chittagong bearing the main brunt.
Currently, the country's existing gas-fields produce 1700 million cubic feet (mmcf) gas a day, against a demand for over 1800 mmcf.
The government last week approved the offshore bidding for hunt for oil and gas, amid a projection that the country's existing gas reserve would dry up by 2015.
The BAPEX also adopted a seven-year 'action plan' worth Tk22 billion (320 million dollars) to equip the company with necessary tools and manpower to explore and develop gas-fields in the country.
The plan is now awaiting approval of the chief adviser, Imam Uddin said, adding the ADB would do the bulk of the financing.
BAPEX is one of the most successful gas exploration companies in the world. It has a record of discovering a gas-field in every three well drills, against a global standard of one discovery in five drills.
State-owned exploration company BAPEX will start seismic surveys in five major gas-fields by October this year to step up the hunt for new reserve in the wake of a looming energy crisis in the country, officials said Tuesday.
The 3D seismic survey is part of a state-driven plan to revive the BAPEX as a worthy challenger to the foreign companies hunting oil and gas in Bangladesh.
"We have already purchased a number of equipment for BAPEX to help it conduct the surveys," special assistant to the chief adviser M Tamim told FE.
"Our aim is to revive BAPEX. We want to see it playing an important role in new gas exploration," he said.
The company, which in the 1960s played the key role in discovering gas reserve in the country, will conduct the 3D surveys in the resource-rich Titas, Bakhrabad, Sylhet, Kailastila and Rashidpur gas-fields.
Three-Dimensional (3D) seismic survey is a powerful tool to pinpoint a gas-field. It substantially reduces the risk of drilling dry holes and helps to choose the best drilling location for optimum production.
"We will be able to start the survey by October 2008, and already procured required machinery for this purpose," said BAPEX chairman Imam Uddin.
"Winter is the best time to conduct such survey. We are hopeful we can to explore gas in the next winter," he said.
Officials said the survey would be financed by the Asian Development Bank (ADB), which has agreed, in principle, to provide 23.10 million dollars as part of its Bangladesh gas sector development project.
The decision to conduct the survey came amid a looming crisis of gas across the country, with the industry-rich Chittagong bearing the main brunt.
Currently, the country's existing gas-fields produce 1700 million cubic feet (mmcf) gas a day, against a demand for over 1800 mmcf.
The government last week approved the offshore bidding for hunt for oil and gas, amid a projection that the country's existing gas reserve would dry up by 2015.
The BAPEX also adopted a seven-year 'action plan' worth Tk22 billion (320 million dollars) to equip the company with necessary tools and manpower to explore and develop gas-fields in the country.
The plan is now awaiting approval of the chief adviser, Imam Uddin said, adding the ADB would do the bulk of the financing.
BAPEX is one of the most successful gas exploration companies in the world. It has a record of discovering a gas-field in every three well drills, against a global standard of one discovery in five drills.