The country will need to invest $ 7.7 billion in the next 18 years up to 2025 for the exploration of natural gas to meet its growing demand in line with the seven per cent GDP growth. This was revealed in an exclusive report presented recently in the meeting of the council of advisers. The report said the country will need 24 trillion cubic feet (tcf) of additional gas to meet the national demand in the next 18 years. Petrobangla, the stateowned hydrocarbon corporation, prepared the report while the energy division presented it to the council of advisers, aiming to give a thorough idea about the countrys present state of natural gas and mineral resources and their future prospects.

Referring to the recently prepared Gas Sector Master Plan 2006, the report said the country may meet the growing demand up to 2015 with the existing reserves. After that, the country will require new reserves to meet the growing demand. To ensure the availability of gas to meet the future demand, the country has to intensify exploration activities by 2010, suggested the report. About the present state of gas production, it said the countrys present proven reserve is 8.39 tcf as 6.8 tcf was extracted in the last 50 years from the original reserve of 15.19 tcf from 22 gas fields.

The country presently produces 1,533 million cubic feet (mmcf) gas a day from its 22 gas fields against a demand for 1,739 mmcfd, making a shortfall of 206 mmcfd. Of the production, power plants consume 535 mmcfd against its demand for 700 mmcfd, fertiliser factories consume 270 mmcfd against a demand for 289 mmcfd and other domestic, commercial and industrial consumers use 728 mmcfd against a demand for 750 mmcfd.

The report said three international oil companies (IOCs) have been operating in 10 gas blocks out of total 23 under eight production sharing contracts (PSC). Apart from this, the stateowned Bapex is producing gas from one field together with a foreign company under a jointoperation agreement. Bapex is also engaged in gas exploration activities in two blocks. The IOCs are producing a total of 504 mmcfd gas from fields, which accounts for 38 percent of the countrys production.