Bangladesh petroleum exploration firm gets new lease of life
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Dhaka, Oct 18 - Bangladesh Petroleum and Exploration Co (Bapex), Bangladesh's state-run oil and gas exploration company, is being given eight new drilling projects to augment natural gas supplies and a better economic deal through a price review.For the first time since its inception in 1989, the government plans to devise a new price formula for gas produced by Bapex to enable the company to make profit, The Daily Star said, saying the company has been 'much-ignored' in the past.'The new prices will cover Bapex's investment in a gas field and add another 15 percent cost as overhead expenses. These prices will be independently applied to each of Bapex's gas producing wells,' the newspaper said, quoting an unnamed but highly placed energy ministry source.While international oil companies get close to three dollars (around Tk200) per thousand cubic ft (MCF) of gas, Bapex gets an unrealistic low price of Tk7 per MCF. The government's bulk sale price of gas is Tk115 per MCF.Bapex could not grow because of 'sparse and irregular approval' of exploration and development projects. It has only a couple of producing gas wells that supply only 31 million cubic feet per day (MCFD) gas.The government is now processing a number of projects for Bapex, including development of the Semutang, Begumganj and Shahbazpur gas fields and drilling exploratory wells in Kapatia, Srikail and Sundalpur gas structures.The government is also considering drilling two development wells in Salda river gas field, the newspaper said. In addition, Bapex has received allocation under the annual development programme (ADP) to purchase a drilling rig.It has also been awarded the job of conducting three-dimensional seismic survey in six gas fields of Bangladesh Gas Field Company Ltd (BGFCL) and Sylhet Gas Field Ltd (SGFL), conducting regular seismic survey in Mobarkpur and Netrokona, and undertaking drilling and work over of wells belonging to national gas production companies.Bapex was formed out of the exploration wing of Petrobangla following the advice of a World Bank consultant in 1989. (c) Indo-Asian News Service
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