23 exploration wells along with 6 will be development wells
Bapex is preparing to dig 29 onshore gas wells in Bangladesh within the next two years to assure a semblance of energy security.
State-Owned Bapex is planning to buy new rigs and other pieces of equipment, along with renting a further three rigs to conduct a two-dimensional seismic survey. Proposals for such has already been sent to the Energy and Mineral Resources Division in this regard.
The project will cost around ৳ 4.5 bn (approx $574 mln), Bapex is hoping to extract approximately 425 million cubic feet of gas from these wells.
During the first phase of the project, 18 wells are to be dug at the cost of ৳2 bn ($255 mln). Bapex will dig the 11 other wells in the second phase, and conduct the seismic survey at the expense of around ৳2.5 bn ($319 mln).
Request for funds is being sought from the Gas Development Fund for the first phase and Energy Security Fund of Bangladesh Energy Regulatory Commission (BERC) for the second phase. Which are under the Ministry of Power, Energy, and Mineral Resources.
Oil and gas have almost been exhausted in most of the 28 onshore gas blocks in the country.
Currently, energy giant Chevron is conducting exploration in three blocks while Krisenergy-Niko is exploring one block.
State-owned Bangladesh Gas Fields Company Limited and Sylhet Gas Fields Limited are extracting gas from a few existing wells.