The Bhola gas field, previously reported to hold a 5 trillion cubic feet (TCF) gas reserve, has been confirmed to contain 2 TCF.
Energy Adviser to the interim government, Muhammad Fouzul Kabir Khan, announced the findings following a review meeting on the Bhola gas field’s reserve. The earlier report of a 5 TCF reserve is incorrect. Based on accurate assessments, Bhola’s proven gas reserve stands at 2 TCF, the adviser clarified during a press conference at the Ministry on Thursday.
This announcement comes after several media outlets, citing a joint report by the Bangladesh Petroleum Exploration and Production Company Limited (Bapex) and Russian energy giant Gazprom, claimed Bhola had a recoverable gas reserve of over 5 TCF. Petrobangla, the state-owned oil and gas corporation, had also supported this report.
However, dismissing these claims, the energy adviser argued that if Bhola had such a vast reserve, the country would not be importing large quantities of gas. He emphasized that further exploration is necessary. “We will conduct seismic surveys and drilling at various locations in Bhola to determine the actual reserve. A proposal will be submitted to the Executive Committee of the National Economic Council (ECNEC) for government approval,” he said.
At the press briefing, energy experts, including Dr. M Tamim, Dr. Badrul Imam, and Petrobangla Chairman Zanendra Nath Sarker, expressed skepticism regarding the earlier reserve estimates. Bapex Managing Director Mohammad Soeb highlighted that while Bhola's Shahbazpur, Bhola, and Elisha gas fields have proven reserves of 2.047 TCF, of which 1.432 TCF is recoverable, no seismic data exists for the Char Fashion area of Bhola.
Citing Bapex and Gazprom’s seismic survey data, Soeb noted that the Char Fashion area has a 10% probability of holding 2.686 TCF of gas, while the Shahbazpur, Bhola, and Elisha fields have a similar probability of 2.423 TCF in unproven reserves. However, he underscored the importance of drilling to confirm these figures. The claim of 5.109 TCF is not valid until proven by drilling, Soeb asserted, adding that Bapex plans to propose a three-dimensional seismic survey to refine the reserve estimate.
Energy expert Dr. M Tamim explained that seismic surveys are conducted first to gauge potential reserves, but actual drilling is needed to declare proven reserves. Companies look at the seismic data to decide where gas is most likely to be found. Once drilling confirms gas, it is declared as a proven reserve, Tamim elaborated.
Dr. Badrul Imam echoed these concerns, dismissing the earlier claims. “The report suggesting 5 TCF is entirely inaccurate. It may be considered a resource, but not a proven reserve,” Imam said.
In response to questions about the energy crisis, Adviser Khan expressed optimism about improving electricity supplies, assuring that there will be no significant shortages of gas or electricity in the upcoming winter. He also pointed out that efforts are underway to secure $1 billion from the World Bank and $1 billion from the Asian Development Bank (ADB) to address the ongoing dollar crisis, which has affected gas and electricity imports.
The government is working with donor agencies to settle unpaid bills owed to private power and gas suppliers, he added, noting that this financial aid will help mitigate future energy shortages.