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The Executive Committee of the National Economic Council (ECNEC) is expected to consider a total of several development projects at its meeting on Wednesday, with Prime Minister Tarique Rahman set to chair the session.
Among the key proposals on the agenda is a Tk 729.22 crore project aimed at drilling three natural gas wells to boost domestic gas production, reduce dependence on imported liquefied natural gas (LNG) and strengthen the country’s energy security.
The proposed project, titled “Drilling of One Appraisal-cum-Development Well (Begumganj-5) and Two Exploratory Wells (Begumganj-6 and Sunetra-2),” will be implemented by Bangladesh Petroleum Exploration and Production Company Limited (BAPEX), a subsidiary of Petrobangla, under the Energy and Mineral Resources Division.
The Energy and Mineral Resources Division has already sent the project proposal to ECNEC for approval.
According to Planning Commission officials, the project is scheduled for implementation by June 2028 at an estimated cost of Tk 729.22 crore. Of the total cost, Tk 583.37 crore will come from government funds, while the remaining Tk 145.85 crore will be financed by BAPEX from its own resources.
Officials said successful drilling and commercial production from the three wells could add about 35 million standard cubic feet (MMSCF) of natural gas per day to the national gas grid, helping ease the country’s growing energy demand.
Technical assessments estimate that the wells together may contain around 711 billion cubic feet (BCF) of recoverable natural gas reserves. At the current equivalent value of imported LNG, the recoverable gas is estimated to be worth around Tk 120,851 crore, potentially saving a significant amount of foreign exchange by replacing costly fuel imports.
The project includes drilling the Begumganj-5 appraisal-cum-development well to a depth of about 3,550 metres, the Begumganj-6 exploratory well to approximately 3,400 metres and the Sunetra-2 exploratory well to around 5,300 metres. The Begumganj wells will be drilled in Noakhali’s Begumganj upazila, while the Sunetra-2 well will be located in Dharmapasha upazila of Sunamganj district.
Planning Commission officials said the drilling locations were selected following detailed analysis of 2D and 3D seismic surveys and other geological and geophysical data. The Geological and Geophysical (G&G) Committee finalised the locations after reviewing their commercial prospects.
Officials noted that the Begumganj structure has already shown promising results, with Begumganj-3 and Begumganj-4 currently producing around 11.5 MMSCF of gas daily, increasing confidence in the success of the new wells.
The project also includes acquisition of 10.61 acres of land, construction of rig foundations and related infrastructure, procurement of drilling equipment and materials, drilling operations using BAPEX’s own rig for the Begumganj wells and turnkey drilling of the deeper Sunetra-2 well.
A feasibility study conducted by the Infrastructure Investment Facilitation Company (IIFC) in 2025 found the project financially and economically viable. According to the project document, it has a financial internal rate of return (IRR) of 14 percent, an economic IRR of 20 percent and a benefit-cost ratio of 1.09 financially and 1.50 economically.