Economy
Nasrul Hamid announces Ilisha-1 as 29th gas field for the country
In a significant development, the Ilisha-1 gas field in Bhola district has been officially declared as the 29th gas field of Bangladesh.
The State Minister for Power, Energy, and Mineral Resources, Nasrul Hamid, made the announcement during a press briefing held at his residence in Dhaka on May 22, 2023. This newly discovered gas field is anticipated to hold an estimated reserve of 200 billion cubic feet (bcf) of gas, contributing to the overall reserve of 3 trillion cubic feet (tcf) in the Bhola region.
Expressing enthusiasm over the discovery, Minister Nasrul Hamid described it as excellent news for the nation. Located approximately 182 kilometers away from the capital city Dhaka, the Ilisha-1 gas field was excavated in the Maler Hat area of the Ilisha union under Bhola Sadar upazila. The drilling process, which commenced on March 8, concluded successfully on April 24 after reaching a depth of 3,475 meters through the Drill Stem Test conducted in three levels.
Minister Nasrul Hamid disclosed that gas had been previously found in various wells within the Bhola north and Bhola south structures. As part of a strategic plan, efforts are underway to construct a pipeline that would transport gas from the Bhola area to Dhaka, addressing the persistent gas shortages faced by numerous industries. Currently, a pre-feasibility study has been conducted, with a comprehensive feasibility study in progress. The Minister estimated that it would take approximately three years to complete the pipeline project.
To initiate the gas supply, a private company has already signed a contract to transport 25 million cubic feet per day (mmcfd) of gas from Bhola using large trailers, starting with an initial volume of 5 mmcfd. Additionally, the government aims to establish a pipeline network encompassing Bhola, Barishal, and Dhaka, as well as another network connecting districts in Dhaka, Sylhet, and other regions.
The commercial value of the gas reserves in Bhola is estimated at Tk 6500 crore in the local market and Tk 26000 crore when considering the value of imported gas. Minister Nasrul Hamid highlighted that the declaration of the Ilisha-1 gas field’s discovery followed meticulous drilling operations and related activities.
Presently, Bangladesh produces around 2300 mmcfd of gas from 22 existing gas fields, while an additional 700 mmcfd is imported to meet the demand of approximately 4000 mmcfd, leaving a deficit of approximately 1000 mmcfd. Despite this, two gas fields in Bhola possess a combined production capacity of around 200 mmcf, with the actual production ranging between 80-85 mmcf. Consequently, there remains an unused surplus capacity of approximately 120 mmcf across eight wells in the Shahbazpur and Bhola gas fields.
Due to the absence of adequate pipeline and transmission facilities, the surplus gas from the Bhola field has not been able to be supplied to energy-intensive industrial zones in Dhaka and other areas. The discovery of the Ilisha-1 gas field signifies a crucial step towards addressing the energy needs of the country and bolstering its industrial sector, heralding a promising future for Bangladesh’s energy landscape.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
