The government is stepping up efforts to achieve greater self-reliance in the energy sector as Bangladesh’s natural gas demand is projected to reach around 4,500 million cubic feet per day (mmcfd) within the next five years.
State Minister for Power, Energy and Mineral Resources Anindya Islam Amit said the government plans to meet a large portion of the growing demand through increased domestic gas production, while gradually adding new supply to the national grid.
He made the remarks on Saturday while inaugurating the supply of gas discovered from the Srikail-5 appraisal and development well to the national grid in Muradnagar upazila of Cumilla.
According to the minister, the well developed by Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) will be able to supply an average of about 8 million cubic feet of gas per day to the national grid.
Amit said the gas field is expected to produce a significant volume of gas over the next 10 years, with an estimated current market value of around Tk 6,832 crore.
“If this amount of gas had to be imported, it would have created additional pressure on the country’s foreign currency reserves,” he said.
The minister added that the government is currently working with a target of adding 82 mmcfd of gas to the national grid in the near future as part of a realistic action programme to strengthen domestic energy supply.
He also pointed to instability in the global energy market, particularly due to the ongoing crisis in the Middle East, saying many countries are facing supply challenges.
“In such a situation, the addition of gas from a domestic field to the national grid is very encouraging news for Bangladesh,” he said.
Amit credited the successful extraction to the efforts of engineers and officials of Bangladesh Petroleum Exploration and Production Company Limited and expressed hope that their expertise would help increase gas supply further in the coming years.
He said coordinated efforts by Petrobangla, BAPEX and the Energy and Mineral Resources Division would help Bangladesh achieve significant self-reliance in the energy sector within the next five years.
Energy and Mineral Resources Division Secretary Mohammad Saiful Islam attended the programme as special guest, while Md. Arfanul Hoque, chairman of Petrobangla, presided over the ceremony. Senior officials of BAPEX and Petrobangla, local dignitaries and media representatives were also present.