Bangladesh has approved major energy exploration projects aimed at boosting domestic gas and oil production and reducing dependence on imported fuel, as global energy market volatility continues to affect supply security.
The Cabinet Committee on Government Purchase, chaired by Finance Minister Amir Khosru Mahmud Chowdhury, gave the approvals at its 19th meeting of the year on Thursday.
Under a project implemented by the Bangladesh Petroleum Exploration and Production Company Limited, two deep exploration wells—Srikail Deep-1 and Mobarakpur Deep-1—will be drilled as part of a wider three-well programme that also includes Fenchuganj South-1.
The turnkey contract for drilling the two wells has been awarded to China’s CNPC Chuanqing Drilling Engineering Company Limited at a cost of Tk 713.64 crore. The initiative is expected to target untapped deeper gas zones and enhance domestic supply capacity.
In a separate decision, the committee approved drilling of the Sylhet-12 oil well under another turnkey project. The contract has been awarded to Sinopec International Petroleum Service Corporation at a cost of Tk 232.07 crore, covering drilling operations and associated support services.
Officials said the projects are designed to strengthen Bangladesh’s energy security by increasing local production of gas and oil, which are critical for electricity generation, industrial output and fertiliser production.
Bangladesh remains heavily reliant on imported liquefied natural gas and refined petroleum products, making its energy sector vulnerable to global price swings and supply disruptions, particularly along key maritime trade routes.
The new exploration efforts signal a policy shift towards expanding domestic reserves to stabilise fuel supply and reduce import costs. Authorities believe that successful discoveries in deeper zones could ease pressure on foreign exchange reserves and support long-term energy planning.
The approvals highlight the government’s focus on strengthening the country’s energy base through advanced exploration technology and international partnerships, as it seeks to balance rising demand with sustainable supply.
