Chances of hitting oil, gas in Bay high
The likelihood of Bangladesh striking oil and gas in the shallow and deep waters of the Bay of Bengal is high, according to a seismic survey.
The structure of Bangladesh's shallow sea is similar to that of Myanmar's offshore area where the neighbouring country discovered large amounts of gas, said the survey, conducted by TGS-Schlumberger.
Elisabeth Gillbard, senior geologist of the TGS, presented the survey findings at a promotional seminar at a hotel in Dhaka yesterday.
The survey findings were revealed at a time when Bangladesh floated an international tender for offshore exploration of oil and gas in the Bay.
Talking about the gas discoveries in Myanmar, Gillbard said that they found a very similar geology in the shallow waters of Bangladesh.
"We have also found thermogenic gas systems in the deep seas," she added.
Analysing data of the seismic survey, Gillbard also said they have found huge oil and gas systems in the Bengal Fan, like the Mississippi Fan, and the Nile Delta Fan. "We see all of these systems within the Bengal Fan."
Prof Badrul Imam, an energy expert, told The Daily Star that there are two types of natural gas based on their generation and accumulation -- biogenic and thermogenic.
"The presence of biogenic gas in our shallow seas is very encouraging," he said, adding that the presence of thermogenic gas, according to the findings of the study, is also a positive disclosure.
Imam, who attended the seminar, said a "Fan" means a vast area with a good potential of getting natural resources.
Gillbard mentioned that the source rocks of the area have very high potential and that they have found a huge number of direct hydrocarbon indicators (DHRs) in the shallow and deep waters.
On March 10, the government floated a tender for "Oil and Natural Gas Exploration under Bangladesh Offshore Bidding Round 2024" fixing the bidding deadline for September 7.
Till date, seven international companies have purchased bidding documents, according to State Minister for Power, Energy and Mineral Resources Nasrul Hamid. He said many others have expressed interest.
"The interests of the country and the investor companies were considered in the tender process. As a result, we are very optimistic about this year's tender," he said.
More than 10 international companies, including Petronas, Exxonmobil, Chevron, JOGMEC of Japan, KrisEnergy, ONGC, Inpex Corporation, and ENI SPA of Italy, participated in yesterday's seminar.
Prime Minister's Energy Affairs Adviser Tawfiq-e-Elahi Chowdhury said there were various changes made to the new tender compared to the previous years'.
"Benefits have been increased significantly. Now this is a lucrative opportunity for both parties. We have prepared a PSC [product sharing contract] adopting the middle path," he said.
The adviser said South Asia is a very peaceful region.
"Those who think about long-term investments should consider this. There is a big gas market around our sea. Investing in this area is less risky than in other countries. Considering the overall situation, we think many firms will participate in the tender process.
"Chevron has invested $4 billion in our country. This shows how promising our country is," he added.
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