BGFCL posts Tk 1.74b pre-tax profit

FE Desk
Bangladesh Gas Fields Company Limited (BGFCL) made a pre-tax net profit of Tk. 1.74 billion (174.02 crore) in the fiscal year 2020-2021, the company has said in a statement.
The company held its 66th Annual General Meeting recently at its head office at Birashar, Brahmanbaria.
Md. Anisur Rahman, Chairman of BGFCL Board and Senior Secretary at the Energy & Mineral Resources Division, presided over the meeting. A B M Abdul Fattah, Chairman of Petrobangla and other Directors of Petrobangla and BGFCL also attended the meeting.
BGFCL is state-owned and it is the largest natural gas producing company of Petrobangla. BGFCL produces natural gas and supplies to the country's national grid.
BGFCL's emergence has memorable association with a firm determination of Bangabandhu to build Sonar Bangla. On 9th August 1975 Bangabandhu purchased five gas fields-Titas, Habiganj, Bakhrabad, Rashidpur and Kailastila from the then British company Shell and brought those fields under state ownership. Soon after that, the Shell Oil Company was renamed as 'Bangladesh Gas Fields Company Limited' (BGFCL) on 12th September 1975. Out of Bangbandhu's purchased gas fields, Titas, Habiganj and Bakhrabad gas fields are under BGFCL.
Out of six gas fields of BGFCL, currently five fields except Kamta are in production. During the financial year 2020-2021, a total of 236,523 million cubic feet of gas were supplied from 42 producing wells of BGFCL at an average production of 648 million cubic feet per day.
During the fiscal year 2020-2021, the company earned a gross revenue income of Tk 11.25 billion (1,125.60 crore). After deduction of total expenditure of Tk. 9.51 billion (951.58 crore) including Supplementary Duty & VAT, the company made a pre-tax net profit of Tk. 1.74 billion (174.02 crore). The company has contributed Tk. 55.87 billion to the public exchequer in the form of SD & VAT, Dividend and Income Tax in the said fiscal year.
Presently, BGFCL is implementing four development projects regarding workover of wells and installation of compressors financed by GOB, GDF, ADB, AIIB, JICA & Company's own fund. Under a project relating to compressor installation, six wellhead compressors were installed and daily approximately 150 mmscfd gas is being supplied to the national grid. Besides, under a project for workover of 7 wells, after successful completion of workover of 6 wells, about 100 mmscfd gas was added to the national grid.