Dhaka: The government is preparing to start a Tk 729.22 crore project to drill one appraisal-cum-development well and two exploratory wells. This initiative aims to enhance domestic natural gas production, reduce reliance on imported fuel, and strengthen the nation's energy security.
According to Bangladesh Sangbad Sangstha, the project, titled "Drilling of One Appraisal-cum-Development Well (Begumganj-5) and Two Exploratory Wells (Begumganj-6 and Sunetra-2)", will be executed by Bangladesh Petroleum Exploration and Production Company Limited (BAPEX), a Petrobangla subsidiary. The Energy and Mineral Resources Division will oversee the project. It is expected to be reviewed in the upcoming Executive Committee of the National Economic Council (ECNEC) meeting, chaired by Prime Minister Tarique Rahman.
Petrobangla Chairman Md Abdul Mannan stated, "We have taken a decision to drill a total of 150 wells to increase gas supply from domestic sources." He highlighted the preliminary work, including 2D and 3D analyses, necessary before commencing drilling operations. The energy division has forwarded the draft project proposal to the ECNEC for consideration.
Planning Commission officials outlined that the project is scheduled to conclude by June 2028, with an estimated budget of Tk 729.22 crore, comprising Tk 583.37 crore from government funds and Tk 145.85 crore from BAPEX's resources. Successful drilling could potentially contribute 35 million standard cubic feet (MMSCF) of natural gas per day to the national grid. Technical assessments suggest the wells may collectively yield approximately 711 billion cubic feet (BCF) of recoverable gas reserves.
The equivalent market value of this recoverable reserve is around Tk 120,851 crore, offering significant foreign exchange savings and optimal use of domestic energy resources. The drilling operations involve the Begumganj-5 appraisal-cum-development well to a depth of about 3,550 meters, Begumganj-6 exploratory well to around 3,400 meters, and the Sunetra-2 exploratory well to approximately 5,300 meters. Testing and completion will follow if gas is discovered.
The Begumganj wells are situated in Begumganj upazila of Noakhali district, while the Sunetra-2 will be drilled in Dharmapasha upazila of Sunamganj district. BAPEX decided to proceed with the project following evaluations of geological and geophysical data, including seismic surveys. The Geological and Geophysical Committee finalized the drilling locations after reviewing the data.
The Begumganj structure has shown promising prospects, with existing wells Begumganj-3 and Begumganj-4 producing about 11.5 MMSCF of gas per day, boosting confidence in the new wells' potential success. The project encompasses land acquisition, construction of rig foundations, procurement of drilling materials, and operations using BAPEX's rig for Begumganj wells, with a turnkey approach for Sunetra-2.
A feasibility study was conducted in 2025 by the Infrastructure Investment Facilitation Company (IIFC). Financial and economic analyses from the Planning Commission support the project's implementation, with a financial internal rate of return (IRR) of 14 percent and an economic IRR of 20 percent, alongside a benefit-cost ratio of 1.09 financially and 1.50 economically.
The project aligns with the government's manifesto, emphasizing BAPEX's strengthening and amplification of gas exploration efforts. It also contributes to Sustainable Development Goal 7.1, which focuses on ensuring access to affordable, reliable, and modern energy for all. The Planning Commission recommends ECNEC approval, noting the project's potential role in reducing energy import reliance and meeting the growing demand for natural gas through expanded domestic production.