Pettobangla is- thinking of inviting foreign, oil and gas companies to develop the 'unused or suspended gasfields" in collaboration with BAPEX. the country's lone exploration -organisation, official. sources said.

Some two dozens gasfields discovered by Petrobangla or BAPEX in the country remain "unused" due to lack of investment. r

These gasfields were excluded from the Second Round Block Bidding by "ring fencing" the respective areas. Tnese gasfields include those in Begum-S. Feni, Kamta, Fenchuganj, atak. Bakhrabad.

Last week. Petrobangja high officials in a meeting discussed prospects for 'leasing out' these gasfields to foreign companies who would work as 'partners' of BAPEX. the sources said.

Earlier. Nico Resources, an oil company which was disqualified in the Second Round Block Bidding, submitted a proposal to the government for developing these gasfields. Although the proposal was "not very lucrative", the-idea of developing these gasfields got moving.

“The investment risk in these gasfields is lower as these have already shown evidence of recoverable gas reserves." said a source.

Petrobangla had extracted gas from some of these gasfields partially. But it never made any pipper assessment of the gas reserves in these fields, sources said. This led it to follow a wrong gas extraction policy. “The consequences of the wrong assessment -and policy are evident in different gasfields including the Bakhrabad Gasfield." said a source.

The Chhatak gasfield was shut down after extracting 2.3 per cent of its projected gas reserve, Feni gas field after 25 per cent and Kamta field after II per cent extraction. Bakhrabad Gasfield started giving sand instead of gas after 46 per cent extraction. Bakhrabad had a reserve of around 1.5 TCF of gas.

Some gasfields in the Surma basin have also started showing signs of trouble.

"It is clear that due to resource constraint. Petrobangla did not invest in these fields properly. So it had no exact data about the gas reserve and could not properly plan gas extraction." the source pointed out.

Petrobangla would be able to properly assess the gasfields and optimise gas production by undertaking Joint ventures, they said. "It would be done In a very cost effective way as

BAPEX would be Involved. If gasfields are given to a foreign developer solely, the investment usually goes higher," he said.

This new, idea is particularly appealing because of the government’s "go-slow" policy with foreign companies in the Second Round Block Bidding. The government is following a "go slow" policy as gas exploration under PSCs usually puts Eiressure on the country's poor oreign exchange reserve.,

“Birt it is a fact that we would be needing more gas soon. Right now, we are consuming 800 million cubic feet of gas. This demand will practically rise by 400 mmcfd within years when large scale gas-based power plants will begin operation. We must prepare ourselves to meet that situation." the source pointed out.