A Correspondent , Brahmanbaria :
The 62nd Annual General Meeting (AGM) of Bangladesh Gas Fields Company Limited (BGFCL) was held on Friday at its Head office located at Birashar, Brahmanbaria.
Mr. Nazimuddin Chowdhury, Chairman, BGFCL Board and Secretary, Energy and Mineral Resources Division presided over the meeting.
BGFCL is the largest state-owned natural gas producing company. The company has an important role to meet-up the country’s energy needs by producing natural gas and processing its by-product condensate into Diesel & Petrol. After the independence of Bangladesh through the liberation war, the great architect of independence, the father of the nation Bangabandhu Sheikh Mujibur Rahman purchased five gas fields of the then Shell Oil Company namely Titas, Habiganj, Bakhrabad, Rashidpur and Kailashtila at a minimal cost and brought them under state ownership on 9th August, 1975. Afterwards, the then Shell Oil Company was renamed as ‘Bangladesh Gas Fields Company Limited’ (BGFCL) on 12th September, 1975.
Out of these 5 gas fields, 3 fields: Titas, Habiganj and Bakhrabad and subsequently entrusted another 3 gas fields: Narsingdi, Meghna and Kamta are being operated by BGFCL.
BGFCL produces approximately 850 million cubic feet gas daily while total gas production of the country is approximately 2740 million cubic feet per day. It is about 31% of country’s total gas production and about 78% of the production of state-owned companies. Gas is being produced from the 42 wells of 5 fields out of 52 wells of BGFCL’s 6 fields. In the year 2016-2017, the company has produced a total of 301,323.293 million cubic feet of gas at an average daily production of 825.543 million cubic feet.
Besides, 28,289,120 liters or 177,919 bbls of condensate also was produced with the gas as by-product. This condensate and some other condensate purchased from SGFL, BAPEX and Tallow, an IOC company, is being fractionated through fractionation plants of Titas and Bakhrabad fields. Fractionated products, MS (Petrol) and HSD (Diesel) are regularly being supplied to national oil companies for marketing. Total recoverable gas reserve in 6 fields of the Company is about 12,252,000 million cubic feet, out of that 7,728,392.895 million cubic feet or about 63.08 percent gas has been extracted till 30th June, 2017.
During the financial year 2016-2017, Company’s gross revenue income stands at Tk 3,729.24 cr and earned a pre-tax profit of Tk. 392.78 cr. The Company has paid TK. 3,225.17 cr to the national exchequer in the form of SD & VAT, DSL, Dividend and AIT at source in this year. Considering its’ financial contribution to the national exchequer, National Board of Revenue (NBR) has rewarded BGFCL for third time as the highest Value Added Tax Payer Company of the country for the financial years 2015-2016.
In this fiscal year, the company has carried out various development projects on ADB, GOB and JICA financing for drilling of new wells, recompletion of existing wells and installation of compressors.
Under these projects, drilling of 1 well at Bakhrabad field, drilling of 4 nos. appraisal cum development wells at Titas Field and work over of 6 wells have been completed and the company has able to add 92 MMCF of gas in the national grid. Besides, 3 booster compressors has been installed at Bakhrabad gas field in order to continue uninterrupted gas supply from this field. At present, projects for workover of 7 nos. wells at different fields and installation of Compressor at Titas Location ‘C’ and Narsindi Gas Field and at Titas Location-A is in progress.
Chairman of BGFCL Board remarked that, being associated with the goal of the present government to have a developed Bangladesh, we must work hard and have to face all the challenges with courage and skill. It is expected that the company can enormously contribute to the national development if it becomes self-reliant and financially solvent equipped with proper training and technology. He thanked company’s officers and employees for their relentless efforts and hard work for the company. He also expressed the hope that honorable Shareholders, the Board of Directors, Ministry of Power, Energy and Mineral Resources’, Ministry of Finance, Ministry of Planning, National Board of Revenue, Petrobangla, Gas Transmission and Distribution Companies, Foreign Donors and other concerned organizations will continue their assistance and cordial support to uphold Company’s challenges and success in future.
The 62nd Annual General Meeting (AGM) of Bangladesh Gas Fields Company Limited (BGFCL) was held on Friday at its Head office located at Birashar, Brahmanbaria.
Mr. Nazimuddin Chowdhury, Chairman, BGFCL Board and Secretary, Energy and Mineral Resources Division presided over the meeting.
BGFCL is the largest state-owned natural gas producing company. The company has an important role to meet-up the country’s energy needs by producing natural gas and processing its by-product condensate into Diesel & Petrol. After the independence of Bangladesh through the liberation war, the great architect of independence, the father of the nation Bangabandhu Sheikh Mujibur Rahman purchased five gas fields of the then Shell Oil Company namely Titas, Habiganj, Bakhrabad, Rashidpur and Kailashtila at a minimal cost and brought them under state ownership on 9th August, 1975. Afterwards, the then Shell Oil Company was renamed as ‘Bangladesh Gas Fields Company Limited’ (BGFCL) on 12th September, 1975.
Out of these 5 gas fields, 3 fields: Titas, Habiganj and Bakhrabad and subsequently entrusted another 3 gas fields: Narsingdi, Meghna and Kamta are being operated by BGFCL.
BGFCL produces approximately 850 million cubic feet gas daily while total gas production of the country is approximately 2740 million cubic feet per day. It is about 31% of country’s total gas production and about 78% of the production of state-owned companies. Gas is being produced from the 42 wells of 5 fields out of 52 wells of BGFCL’s 6 fields. In the year 2016-2017, the company has produced a total of 301,323.293 million cubic feet of gas at an average daily production of 825.543 million cubic feet.
Besides, 28,289,120 liters or 177,919 bbls of condensate also was produced with the gas as by-product. This condensate and some other condensate purchased from SGFL, BAPEX and Tallow, an IOC company, is being fractionated through fractionation plants of Titas and Bakhrabad fields. Fractionated products, MS (Petrol) and HSD (Diesel) are regularly being supplied to national oil companies for marketing. Total recoverable gas reserve in 6 fields of the Company is about 12,252,000 million cubic feet, out of that 7,728,392.895 million cubic feet or about 63.08 percent gas has been extracted till 30th June, 2017.
During the financial year 2016-2017, Company’s gross revenue income stands at Tk 3,729.24 cr and earned a pre-tax profit of Tk. 392.78 cr. The Company has paid TK. 3,225.17 cr to the national exchequer in the form of SD & VAT, DSL, Dividend and AIT at source in this year. Considering its’ financial contribution to the national exchequer, National Board of Revenue (NBR) has rewarded BGFCL for third time as the highest Value Added Tax Payer Company of the country for the financial years 2015-2016.
In this fiscal year, the company has carried out various development projects on ADB, GOB and JICA financing for drilling of new wells, recompletion of existing wells and installation of compressors.
Under these projects, drilling of 1 well at Bakhrabad field, drilling of 4 nos. appraisal cum development wells at Titas Field and work over of 6 wells have been completed and the company has able to add 92 MMCF of gas in the national grid. Besides, 3 booster compressors has been installed at Bakhrabad gas field in order to continue uninterrupted gas supply from this field. At present, projects for workover of 7 nos. wells at different fields and installation of Compressor at Titas Location ‘C’ and Narsindi Gas Field and at Titas Location-A is in progress.
Chairman of BGFCL Board remarked that, being associated with the goal of the present government to have a developed Bangladesh, we must work hard and have to face all the challenges with courage and skill. It is expected that the company can enormously contribute to the national development if it becomes self-reliant and financially solvent equipped with proper training and technology. He thanked company’s officers and employees for their relentless efforts and hard work for the company. He also expressed the hope that honorable Shareholders, the Board of Directors, Ministry of Power, Energy and Mineral Resources’, Ministry of Finance, Ministry of Planning, National Board of Revenue, Petrobangla, Gas Transmission and Distribution Companies, Foreign Donors and other concerned organizations will continue their assistance and cordial support to uphold Company’s challenges and success in future.
