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.
Today, Bangladesh solemnly observes the historic Six-Point Day, which holds significant importance in the nation’s struggle for autonomy.
Back in 1966, the Bengalis of the then East Pakistan rallied behind Awami League’s call for a day-long shutdown, demanding specific rights and freedoms. The prominent leader Bangabandhu Sheikh Mujibur Rahman had presented these demands several months prior, aiming to challenge the oppressive rule of the then Pakistani government and their mistreatment of the Bengali population.
In response to Awami League’s call, the people of East Pakistan passionately joined the Six-Point Movement and wholeheartedly participated in a province-wide dawn-to-dusk hartal (shutdown). Unfortunately, the law enforcement authorities resorted to violence, firing upon demonstrators in Dhaka and Narayanganj. Tragically, at least 10 lives were lost as a result of these brutal actions, further fueling the intensity of the movement.
The Six-Point Movement focused on six crucial demands, with the aim of establishing a federal structure of government in alignment with the spirit of the Lahore Resolution of 1940. One of the key demands was the formation of a parliament elected through universal adult franchise, granting genuine representation to the people. Additionally, it advocated for the central government’s jurisdiction to be limited to defense and foreign affairs, while entrusting all other matters to the federating units of the state of Pakistan.
The movement also proposed the adoption of two freely convertible currencies or the establishment of two separate reserve banks for the two regions of Pakistan. This suggestion aimed to address economic disparities and ensure financial stability for both wings of the nation. Furthermore, it emphasized the decentralization of power, calling for the federating units to possess the authority for taxation and revenue collection. Lastly, the movement advocated for separate foreign exchange reserves for East and West Pakistan, safeguarding the economic interests of both regions.
By commemorating the Six-Point Day, Bangladesh pays tribute to the indomitable spirit of its people who fought valiantly for autonomy, ultimately paving the way for the birth of an independent nation.
Dhaka, the capital city of Bangladesh, experienced a concerning level of air pollution this morning, as indicated by an air quality index (AQI) score of 139 recorded at 9:10 am on June 6, 2023.
This ranking placed Dhaka as the 4th city with the most polluted air globally. Topping the list were Johannesburg in South Africa, Doha in Qatar, and Jakarta in Indonesia, with AQI scores of 166, 153, and 152, respectively.
When the AQI value falls between 101 and 150, the air quality is deemed “unhealthy for sensitive groups.” If it ranges from 151 to 200, it is classified as “unhealthy.” A reading between 201 and 300 indicates “very unhealthy” conditions, while a value exceeding 301 is considered “hazardous,” posing severe health risks to residents.
In Bangladesh, the AQI calculation incorporates five criteria pollutants, including particulate matter (PM10 and PM2.5), NO2, CO, SO2, and Ozone. Dhaka has long been grappling with air pollution issues, and it consistently ranks among the top risk factors for death and disability worldwide.
The elevated air pollution levels in Dhaka serve as a reminder of the urgent need to address this persistent problem. Efforts to mitigate pollution and improve air quality are crucial to safeguarding the health and well-being of the city’s residents.
Bangladesh’s May exports reached $4.85 billion (51 thousand 895 crore taka), marking a significant increase of 26.61 percent compared to the previous year.
This positive growth comes as welcome news amidst concerns over foreign exchange reserves. In April, there was a decline in exports by 16.5 percent to $3.96 billion, raising worries about the export sector. However, May witnessed a substantial increase of $890 million in exports, as reported by the Export Promotion Bureau (EPB).
The EPB’s data revealed that during the first 11 months of the current fiscal year 2022-23 (July-May), Bangladesh exported goods worth $50.52 billion, showing a growth rate of 7.11 percent compared to the same period in the previous financial year when exports amounted to $47.17 billion. The export growth can be attributed to sectors such as leather and leather products, non-leather footwear, plastic products, and ready-made garments.
Although ready-made garments remained the leading export item, with exports worth $42.63 billion during the first 11 months of the current fiscal year, other sectors experienced growth as well. Leather and leather products, the second highest export item, saw a substantial growth rate of 42 percent, amounting to $1.12 billion. Home textile products ranked third with exports worth $1.02 billion, despite experiencing a decline of 30 percent.
However, certain sectors faced challenges, as exports of jute and jute products, home textiles, frozen food, agro-processed food, and engineering products declined during this period. Overall, the positive growth in exports during May contributes significantly to Bangladesh’s foreign exchange reserves and offers optimism for the country’s economic outlook.
