The Asian Development Bank promised Tk 8.10 billion for drilling four wells and installing two processing plants at Titas Gas Field, said a senior official of Petrobangla.

He said as the drilling of four wells- 23, 24, 25 and 26 and installation of two processing plants will require Tk 10 billion, the government will bear the remaining Tk 1.90 billion.

Petrobangla has reserved all the onshore blocks for state-owned companies. But due to pressure from International oil companies, PetroBangla now invites them to drill wells in onshore blocks under contractual basis instead of awarding the work under model production sharing contract. ADB also tagged a bar to drill ADB-funded project by state-owned Bapex.

Petrobangla chairman Prof Hossain Mansur Monday said tender will be called soon for drilling the wells. “We will float tender soon to invite foreign companies for drilling the wells,” he said.

As per Petrobangla roadmap, Bangladesh Gas Field Company Limited (BGFCL) aims to drill Titas wells 23 and 24 between January and December next year to produce 60 million cubic feet per day (mmcfd) gas. BGFCL also plans to drill two more wells 25 and 26 by foreign companies between January and December 2015 to extract another 60 mmcfd gas.

Installation of two gas processing plants having production capacity 75 mmcfd each will cost Tk 1.5 billion.

Petrobangla Monday declared that it will invite bid immediately to explore gas after getting positive reserve estimation at the country’s potential gas field.

BAPEX in its latest findings estimated that Titas Gas field has more gas reserve than anticipated as the total recoverable gas at the field now stands at 5635 billion cubic feet (bcf), rising by 573.4bcf.

The field now has a reserve of 2195 bcf of recoverable gas (proven and probable or P2) after lifting 3440 bcf gas till August this year, Petrobangla chairman said.

“Titas field is one of the largest gas reserves in the subcontinent,” he claimed.

Prof Mansur said Petrobangla has initiated to dig 11 fresh wells to explore oil and gas in the potential gas field.

News: The Daily Sun/Bangladesh/17th-Oct-12