DHAKA, May 20: Petrobangla has officially announced the discovery of an economically viable reserve of oil in
Kailashtila and Haripur as its 3D seismic survey found an extractable reserve of 55 million barrels.

"Petrobangla is announcing with pleasure that Bangladesh has entered a new ear through the discovery of a profitable oil reserve in Haripur and Kailashtila," Petrobangla chairman Dr Hossain Monsur said at a press conference here today.

Oil can be extracted within the tenure of the grand alliance government of Prime Minister Sheikh Hasina, he said, adding that the approximate market price of the extractable oil varies from Taka 42,000 crore to Taka 45,000 crore.

"Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) has successfully completed the 3D seismic survey in Kailashtila and Haripur and discovered that there are around 137 million barrels of provable oil reserve in these two gas fields," he added.

He said there is a reserve of around 109 million barrels of oil in five lairs of Kailashtila gas field and of the total
reserve, 44 million barrels are extractable. In Haripur gas field, there is oil in two lairs-28 million barrels in one lair
and 16 million barrels in the second lair.

Around 11 million barrels of oil can be extracted from the first lair, he said, adding that BAPEX will have to drill an
appraisal well in the second lair to detect the oil reserve for extraction.

In Kailashtila gas field, BAPEX examined 12 main lairs and detected gas reserve in seven lairs, oil reserve in four lairs
and both oil and gas reserve in one lair. The total reserve of gas in this field is around 1748 bcf (billion cubic feet) and out of which 1224 bcf is extractable, he said, adding that BAPEX extracted 517 bcf gas from this field till April 2012.

"We have proposed to drill four wells-one appraisal and three development- in Kailashtila," he added.

About Haripur gas field, Petrobangla chairman said BAPEX examined 6 main lairs and detected reserve of 443 bcf gas in four lairs and 28 million barrels of oil in a lair.

In another lair, there is a probable reserve of around 16 million barrels of oil, he said, adding that BAPEX extracted
around 196 bcf gas and 5,44,000 barrels of oil till April 2012.

"Petrobangla has proposed to drill three wells-one appraisal and two development wells in this field," he added.

He said BAPEX conducted the 3D seismic survey in a total of 1250-sq-km area of Rashidpur, Kailashtila and Haripur gas field and Bangladesh Gas Fields Ltd. under Appraisal of Gas Field Project with a cost of Taka 164.40 crore. Financed by Asian Development Bank (ADB), the project was approved by ECNEC on October 23, 2008.