Friday, November 8, 2024

IOCs surpass state-run cos in gas production

Chevron allowed to extract more gas than tolerable capacity
Aminul Islam
The daily gas production by the international oil companies in the last few days has exceeded that of the state-run companies for the first time because of the successive governments’ refusal to provide the latter with the required fund to explore and develop gas-fields.
Of the total daily supply of 1,822 million cubic feet of gas, four IOCs are currently supplying around 919 million cubic feet of high-priced gas while the three state-run companies are producing 902 mmcfd as Petrobangla is allowing US company Chevron to extract more gas from the Bibiyana field than the tolerable capacity, putting it into danger.
The total share of the IOCs’ gas was only 24 per cent in the 2003-2004 fiscal year. During that fiscal year the average production by two IOCs was 300.46 mmcfd while the state-run companies produced 939 mmcfd.
The IOC’s share of the gas increased to 36 per cent in the 2006-2007 fiscal year with their daily production of 557 mmcfd when the production was around 1,538 mmcfd on an average. The state-run companies at that time produced around 981 mmcfd of gas.
Currently the IOC’s share stands at 50.48 per cent against the state-run companies’ 49.52 as gas production of the Bangladesh Gas Fields Company Ltd, Sylhet Gas Fields Ltd and Bangladesh Petroleum Exploration and Production Company has decreased in the last two years.
‘It has been known for the last few months that the IOCs’ gas production would exceed that of the local companies as no new gas-fields have been discovered,’ energy expert Nurul Islam of the BUET told New Age on Friday.
He said that the current situation was created because of the successive governments’ apathy towards exploration and development work by the state-run companies.
‘The governments neither paid proper gas price to the gas companies nor gave them adequate fund. As a result we are paying foreigners relatively higher prices for our own gas,’ he said.
Professor Islam said that Petrobangla was forced to purchase more gas from IOCs to meet the ever-growing demand. ‘We need gas from the IOCs but at the same time the state-run companies should be given more funds or the price paid to them should be increased so that a balance of production can be created,’ he said.
Petrobangla officials claimed that they were counting a loss of around Tk 80 crore per month by purchasing gas from IOCs at prices that are higher than the price which consumers pay.
Petrobangla purchases gas from the local companies at a rate of around Tk 7-25 per 1,000 cubic feet while the price for the gas from the fields operated by the IOCs stands at around Tk 130 including the Petrobongla’s ‘profit gas’ and corporate taxes.
Informed sources said that the total share of the IOCs’ gas had increased in the last few days as Petrobangla was allowing Chevron to produce around 515 mmcfd of gas although an experts’ committee had warned Petrobangla that the field should not produce more than 450 mmcfd to prevent the premature exhaustion of the gas reservoir.
‘It seems that some Petrobangla officials, for reasons of their own, are determined to allow Chevron to extract more gas so that it can recover its cost and make a profit as early as possible,’ said a source.
A high official of Petrobangla claimed that as per the contract with Chevron they were bound to take around 500 mmcfd of gas from the Bibiyana field. Sources in Petrobangla, however, dismissed the claim.
‘Besides the demand for gas has increased because of increase in consumption during the winter, forcing us to take additional gas from Bibiyana,’ claimed the above-mentioned official.
He said that the share of gas of the state-run companies would increase again once the Titas gas-field’s no. 14 well starts production of around 30 mmcfd soon. ‘We also want that our companies’ share of gas will remain high because of the low price, but the current demand has forced us to buy more gas from the IOCs,’ he said.

Courtesy: newagebd.com

Related News

Sajek, Khagrachari now open to visitors after being closed for over a month

News Desk : dhakamirror.com The tourism restriction imposed in Sajek valley of Rangamati and Khagrachhari for over a month was lifted today allowing visitors after 45 days. Rangamati Deputy Commissioner Mosharraf Hossain Khan announced the lifting of travel bans at the popular Sajek Union in Baghaichhari Upazila. Similarly, the Khagrachari Deputy Commissioner has also lifted ... Read more

Tourist access to suspend in St Martins in February

News Desk : dhakamirror.com The government has decided that tourist access to Saint Martin’s Island will be suspended in February to protect the island’s fragile ecology and ensure environmental preservation. Tourists will be allowed to visit the island from November to January, with overnight stays prohibited in November. In December and January, tourists can stay ... Read more

Public univs to accommodate 37pc GPA 5 achievers

Shahin Akhter Around 63 per cent of examinees securing a Grade Point Average of 5 in this year’s Higher Secondary Certificate and equivalent examinations will not be able to get admitted to the public universities across the country due to lack of seats. Though the private universities in the country have sufficient seats to accommodate ... Read more

297 killed by lightning in eight months

News Desk : dhakamirror.com At least 297 people have been killed and 73 injured in incidents of lightning strikes across the country between February and September this year, according to Save the Society and Thunderstorm Awareness Forum (SSTAF). In the eight months, lightning strikes killed 152 people while they were doing agricultural works, SSTAF said ... Read more

Flood death toll climbs to 59, over 5.4 million affected

News Desk : dhakamirror.com Fifty-nine people, including 41 men, six women and 12 children, died in the devastating flood as deaths of five more people were reported on Saturday. So far, 14 deaths have been reported in Cumilla, six in Chattogram, 23 in Feni, nine in Noakhali, three in Cox’s Bazar, and one each in ... Read more

Flood death toll reaches 13, 4.5m affected in 11 districts

News Desk : dhakamirror.com Around 13 people have been killed and 4.5 million affected by floods in 11 districts of Bangladesh, the disaster management and relief ministry said Friday, reports AFP. Thousands of people awaiting emergency rescue remained beyond electricity and mobile network coverage as a flash flood unleashed by heavy rains and an onrush ... Read more

Bangladesh ex-prime minister Khaleda Zia freed

News Desk : dhakamirror.com Former prime minister and BNP Chairperson Begum Khaleda Zia has been officially released. Former prime minister and BNP Chairperson Khaleda Zia was released on Tuesday, a day after Sheikh Hasina’s resignation as PM and fleeing the country amid an unprecedented student-led mass uprising against her authoritarian regime. The decision was revealed ... Read more

Eid-ul-Azha on June 17

News Desk : dhakamirror.com The holy Eid-ul-Azha will be celebrated in Bangladesh on June 17 (Monday) as the crescent moon of the Zilhaj month was sighted in Bangladesh’s sky on Friday evening (7 June). The National Moon Sighting Committee came up with the decision after reviewing information about the sighting of the moon at a ... Read more

Cyclone Remal: 40 dead animals found, 17 rescued hurt in Sundarbans

News Desk : dhakamirror.com The forest department officials on Tuesday said that so far they found 39 dead deer and a pig in the Sundarbans after the severe cyclone Remal that hit the forest on Sunday. Primarily they have estimated infrastructural damage of Tk 6.27 crore in the forest while the total damage, including animals ... Read more

Cyclone Remal claims at least 14 lives, affects nearly 37.58 lakh people in 19 districts

News Desk : dhakamirror.com Following its devastating impact into Bangladesh on Sunday night, Cyclone Remal has affected over 37.58 lakh people in 19 districts and taken at least 14 lives. While the cyclone has weakened into a deep depression, hundreds of villages in the southern parts of the country remain submerged. The Bangladesh Meteorological Department ... Read more

Alert issued as Cyclone Remal develops

News Desk : dhakamirror.com A weather alert has been issued by the Bangladesh Meteorological Department (BMD) as a low-pressure system in the southwest and west central Bay of Bengal gains strength, potentially developing into Cyclone Remal by Saturday. The system, currently moving northeastward, is expected to transform into a depression by early Friday. By Saturday, ... Read more

Cyclone ‘Remal’ likely to hit Bangladesh coasts on 26 May: Meteorologist

News Desk : dhakamirror.com Cyclone Remal is likely to make landfall between 6:00am and 12:00pm on 26 May in Bangladesh, affecting coastal areas from the Barguna in Barishal Division to Cox’s Bazar in the Chattogram Division, a meteorologist said today (21 May). The front of the cyclone may begin to enter coastal areas after 6:00am, ... Read more

5 consecutive days holiday for Eid-ul-Adha

News Desk : dhakamirror.com Government employees are scheduled to get five consecutive days off on Eid-ul-Azha. This includes two days of weekly holidays (Friday and Saturday) followed by another three days for Eid, according to government holiday list. Eid-ul-Azha is likely to be celebrated on June 17 this year.

Heavy rains, storms forecast for entire week

Schools open today after heatwave closures News Desk : dhakamirror.com The Bangladesh Meteorological Department (BMD) forecasts heavy rainfall with thunderstorms across the country this week, starting on Tuesday and lasting through Saturday. As per the analysis of mathematical model of rainfall index, Bangladesh is likely to witness heavy to very heavy rainfall with thunderstorms starting ... Read more

Waiting for the rain

Tawsia Tajmim As the sun blazes relentlessly, desperate craving rises for rain, for nothing soothes Mother Nature quite like its cool embrace. After a brutal month-long heatwave, residents of Chattogram, Sylhet, and Dhaka finally caught a break with some rain on 2 May. However, the downpour was not strong enough to completely wash away the ... Read more

Hajj registration extended till Jan 18

News Desk : dhakamirror.com The government, in a notice issued yesterday, extended the Hajj registration deadline for 2024 until January 18. It said aspiring Hajis would have to primarily deposit Tk 2.05 lakh, while the rest should be paid by February 29 for final registration. One has to pay Tk 5,78,840 under the general package, ... Read more

Dense fog disrupts communications across Bangladesh

News Desk : dhakamirror.com Cold and dense fog continued to disrupt life with road, air and waterways communication remaining suspended in the early hours of Tuesday as Bangladesh braces for this winter’s first cold wave likely to set in today. Authorities also confirmed until Tuesday the death of 14 people in cold-related diseases and road ... Read more

27,000 GPA 5 achievers not to get seat in public universities

Shahin Akhter Over 27,000 GPA 5 achievers in this year’s HSC and equivalent examinations cannot be admitted to the public universities due to fewer seats. A total of 92,595 examinees secured GPA 5 out of total 10,67,852 passed in the Higher Secondary Certificate examinations this year. But there are around 65,400 seats at the public ... Read more

Magnitude 5.5 earthquake jolts Dhaka, other parts of Bangladesh

News Desk : dhakamirror.com A magnitude 5.5 earthquake struck Bangladesh this morning, the United States Geological Survey said, with no immediate reports of damage. The earthquake jolted different parts of the country including Dhaka around in Ramganj of Cumilla at 9:35am, reports The Daily Star quoting Meteorologist Rubayet Kabir of Bangladesh Meteorological Department. The quake ... Read more

250cc Bajaj Pulsar N250 launched in Bangladesh

News Desk : dhakamirror.com Uttara Motors, the manufacturer and distributor of Bajaj motorcycles in Bangladesh, has recently launched The Pulsar N250 motorcycle. Pulsar N250 comes with a price tag of Tk339,999 and is available in three different colours. The motorcycle with a 250 cc oil-cooled engine has got dual channel antilock braking system (ABS). Indian ... Read more