DHAKA, Dec 10, 2023 (BSS) - State Minister for Power, Energy and Mineral Resources Nasrul Hamid today said oil reserve was discovered at the first layer at well no-10 of Sylhet Gas Field.

“The reserve will be able to produce 500-600 barrels oil per day. About 35 barrels of oil flow is available per hour right now,” the state minister came up with the information at a press conference at his ministry conference room. 

Nasrul Hamid said that in total, four layers of reserve oil have also been discovered and the oil reserve could be lasted for15 years, adding, “The further test will be determined the extent of the deposit.” 

He said the extraction at well no-10 reached a depth of 2,576 metres and after testing on Friday, the presence of oil was confirmed at the first layer, at a depth of 1,397-1,445 metres. 

“A total of 35 barrels of oil will be extracted from there per hour. As such, it is possible to extract 500-600 barrels of oil per day. The average price of the oil will be around Tk. 8,500 crore,” Nasrul Hamid added.

He said, “If the gas is produced at 20 million cubic feet per day, it will be usable for 15 years next.” 

In last month, the Sylhet Gas fields Authority confirmed the discovery of gas in a new well in Sylhet's Haripur, while oil was found there 14 days after the announcement.

The state minister also said that the extraction of Sylhet-10 gas well at a depth of 2,576 metres has been completed, adding, “The presence of gas was found in three layers from 43 to 100 billion cubic feet. At a depth of around 2,540-2,575 metres, around 25 million cubic feet gas was also discovered. The pressure is there stand at 3,500 PSI.”

He said another gas layer was also found at a depth of 2,460 to 2,475 metres from which 25 to 30 million cubic feet gas will be extracted. 

He said, another good gas layer is found at 2460-2475 meters, testing is expected to yield 25-30 million cubic feet of gas. Gas presence is found at 2290-2310 m.

 In addition, another zone was found at a depth of 1397-1445 meters, where the presence of oil was confirmed by testing on December 8. Initially its API gravity is 29.7 degrees. 35 barrels of oil flow per hour is available at self pressure. Oil reserve will be known after the test is completed.

Nasrul Hamid said, “If simultaneous production is done at the depth of 2540 and 2460 metres, gas will be available for about 8-10 years.

 Its value as weighted average value is around Tk 8500 crore. If production is at the rate of 20 million cubic feet, gas can be extracted from here for more than 15 years.”