Oil and gas reserves found in Sylhet Gas Field’s no-10 gas well. It is assumed that around 500 to 600 barrels of oil can be produced per day. Nasrul Hamid, State Minister for Power, Energy and Mineral Resources confirmed the matter today.
As per the report, a total of four layers of reserve oil and gas have been discovered. The state minister said this during a press conference held on Sunday (December 10, 2023) afternoon at this ministry.
“We discovered the first layer at 1,400 meters depth where oil was found. It is assumed that we can produce around 500-600 barrels of oil per day. Although there is no gas was found in the first layer. We will do more tests, and after that, we will get a detailed idea,” he added.
Meanwhile, Bangladesh Oil, Gas, and Mineral Corporation’s chairman Zanendra Nath Sarker said that Oil was discovered in another layer which is 397-1,445 meters deep. The Oil reserves were tested on Friday (December 8, 2023) using an initial API gravity of 29.7 degrees. About 35 barrels (5564.56 liters) of oil are available per hour at self-pressure. We will get detailed information about the oil reserves after the test.
After conducting further evaluations, there may be between 200-300 billion cubic feet of natural gas present as well. At today’s prices, that quantity of gas would be worth approximately Tk 17,000 crore if fully extracted.
Bangladesh’s state-owned oil company Petrobangla estimates that the oil recently discovered at depths of 2,540 and 2,460 meters could sustain production for 8-10 years. The total value of this oil reserve is estimated at Tk 8,500 crore, according to the current market prices, said Petrobangla Chairman.
Initially, we predicted the oil reserves to be around 8-10 million barrels, with a total value of Tk 7,000 crore. But as we continue to analyze the reserve, it appears to be larger than our early estimates suggested, he added.