Country to see 1000 mmcfd shortage in daily gas supply: Petrobangla Chairman

Despite various steps taken by the government to improve the gas supply situation, the country will have a deficit of about 1000 million cubic feet of gas per day (mmcfd).

Petrobangla chairman Zanendra Nath Sarker said this while exchanging views with energy reporters on Thursday, reports UNB.

“We have taken initiative to increase gas supply by importing about 1000 mmcfd gas which will boost the overall supply to 3000 mmcfd against the demand for 4000 mmcfd under the connected network”, he said.

He said that the government had approved import of 12 LNG cargos from international spot market in a bid to improve the supply situation alongside the import of gas from Qatar and Oman under long-term contracts.

Under this plan, Petrobangla will import one or two cargos every week until June this year, said the chairman.

“We hope this import will have a good impact on improving the situation despite a huge deficit”, he added.

He also noted that it’s a very good sign that the price of LNG is declining in the spot market.

The government had resumed LNG import from February this year after suspending import in July last year following excessive hike in price of gas on the international spot market.

The Petrobangla chairman also informed that negotiation with Qatar and Oman is underway to increase the LNG import.

Currently, under the long-term contract a total of 56 LNG cargos will be imported with Qatar and Oman until December this year.

But it takes more time to make a conclusion that how much gas could be imported and at what price, he said.

Zanendra Nath said the government has a plan to drill 46 wells at different gas fields by 2030 when the country’s gas demand will go up to 5600 mmcfd.