After 3560 line km survey in block number 12, there are indications of huge reserves of oil and gas. Of the five leads or prospects, three have potential, says the energy division.
On March 14, 2017, a South Korean company, Posco Daewoo, signed a Production Sharing Contract, PSC, with Petrobangla to explore oil-gas in block 12, which is 180 km from the coast.
The average water depth over the block is 1700 metres. Energy ministry sources say that another three dimensional earthquake survey will be done in November.
A Petrobangla senior official told Bangla Tribune: “several areas have shown exploration possibilities, once the three dimensional survey is done, we will get a clear idea about the oil-gas reserve.”
In the past, Sangu was the lone oil sea based field from which gas was extracted. British oil-gas company, Cairn Energy, discovered it in 1996 and started to produce gas in 1998. In 2013, the reserve here was exhausted and then abandoned.
In March 2012, and July 2014, Bangladesh got 11,631 square km and 19,467 square km from Myanmar and India. With readjustment, the entire sea territory has been divided into 26 blocks. Work has begun in only three blocks while the other 23 are idle.
Energy specialist, Shamsul Alam, said: “of the 26 blocks, work is underway in only three; if the government takes initiative, then more underwater gas fields can be discovered.”
Instead of importing gas at a higher price, the government should concentrate more on gas exploration within the country, he added.
In addition to the Korean company, India owned Oil and Natural Gas Corporation, ONGC, is also exploring gas in blocks 4 and 9 in shallow waters.