Oil reserves, have been discovered at Sylhet-10 well, which can produce 500-600 barrels per day, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said today. On Sunday (Dce 10), Nasrul Hamid said in a press briefing that In total four layers of reserve fuel have also been identified. Nasrul Hamid told, "The first layer, at a depth of 1,400 metres is where oil was found. Although no gas was found in the first layer, more tests need to be conducted before the full picture can be understood." Zanendra Nath Sarker, chairman of the Bangladesh Oil, Gas and Mineral Corporation Petrobangla said, "Oil was found in another layer, 397-1,445 metres deep, which was tested on 8 December with an initial API gravity of 29.7 degrees. Around 35 barrels of oil flow per hour are available at self pressure. After the test is completed, the oil reserves will be known."  The Petrobangla chairman said that "Oil produced at 2,540 and 2,460 metres deep will sustain for about 8-10 years and is worth about Tk8,500 crore as weighted average cost. If produced at the rate of 20 million cubic feet, it will sustain for more than 15 years." After re-evaluations, 200-300 billion cubic feet of gas can be found which will be worth about Tk17,000 crore. "Initially, the oil reserves were about 8-10 million barrels worth Tk7,000 crore." Oil was first discovered in Haripur field back in the late 80s. The authorities back then ran a drilling stamp test to pump out around 500 barrels of the thick oil. Later, the government decided the field was not commercially viable and it was abandoned. The first time Bangladesh had struck commercially feasible oil was back in 2012.  "This is the first time that we have found economically viable oil resources, estimated at about 153 million barrels, in the two gas fields, 280km from the capital," the then chairman of Petrobangla Mohammad Hussain Monsur had told reporters. During the briefing, the state minister for energy said in the second layer, at around 2,460-2475 metre, initial tests revealed reserves of around 20-25mmcfd of gas. At a depth of around 2,540-2,575 metre, around 20-25mmcfd of gas was also discovered during a test on 26 November, he added. The pressure there stands at 3,500 PSI. The final layer, at 3,300 metres, could not be investigated fully due to high pressure of around 6,000 PSI. After all the tests are completed, the full extent of the gas and oil reserves will be known, the state minister said. The reserves could be worth around Tk8,500 crore and may be usable for more than 15 years. Currently, about 2,300mmcfd gas is being produced from 21 gas fields in the country, while about 700mmcfd gas is being imported from abroad to meet the demand of about 4,000mmcfd, leaving a deficit of about 1,000mmcfd. Bangladesh required about 6.7 million tonnes of fuel in fiscal 2021-2022, with the country's fuel consumption rising by up to 8% each year, according to the state-run BPC. To meet the overall demand, around 700,000 lakh tonnes of fuel are extracted from domestic sources. Meanwhile, Eastern Refinery, the country's only oil refiner, has the capacity to purify 1.5 million tonnes of crude oil every year. The well Sylhet-7, the much-discussed well in the history of Bangladesh as this was the single oil producing well of the country, was drilled at Haripur in 1986. After 07 years of more or less uninterrupted production of total 5,60,869 barrels of crude oil, the well (Syl-7) ceased its production on 14 July, 1994 due to gradual decline in well head pressure. In March 2005, the work over was accomplished on the well Syl-7 and was completed as a gas producer with an initial production capacity of 15mmcfd.  

Kotak Mahindra Bank CEO Uday Kotak said on Thursday said that with macro factors turning positive, India can "navigate well" the current turmoil in the global financial market and stand out. India, he said, will benefit from low oil prices in the international market and the country's current account deficit (CAD) is expected to decline to below 2 per cent in 2003-24. The global markets have roiled over the last week after two banks in the United States went belly up. "Even as the global turmoil continues in financial markets, the macro factors are turning better for India. The current account deficit looks below 2.5 per cent in FY 23 and going below 2 per cent in FY 24. Lower oil helps. If we walk our talk and navigate well, India can stand out in this turbulence," Kotak tweeted. Signature Bank, New York, which lent mostly to the crypto industry, was shut down by the regulators on Sunday after there was a run on their deposits. Besides, the failure of Silicon Valley Bank last week left many startups, tech companies, entrepreneurs and VC funds nervous and jittery. SVB, the 16th largest bank in the United States, was closed last Friday by the California Department of Financial Protection and Innovation, which later appointed the FDIC as its receiver. SVB was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups. Its abrupt fall marked one of the largest bank failures since the 2008 global financial crisis. The bank failed after clients -- many of them venture capital firms and VC-backed companies that the bank had cultivated over time -- began pulling out their deposits, creating a run on the bank. Chief Economic Advisor V Anantha Nageswaran on Thursday said global uncertainty has been rising after the recent developments in the United States and governments, businesses and individuals should keep 'margins of safety' in fiscal, corporate and savings account planning. He said the global growth estimates of the International Monetary Fund (IMF) given in January look outdated, and countries will have to watch what the developments in the US over the last week would do to confidence, bank lending growth and the subsequent chain effects.

Commerce Minister Tipu Munshi today urged the global investors to come up with investment in the country's special economic zones saying that investors are well protected in Bangladesh. "Investors are well protected in Bangladesh and we have a good number of agreements to avoid double taxation. So, dear investors, don't miss the train," he told a plenary session as the chief guest here. The event titled "Bangladesh: $100 billion investment opportunities in key sectors for investors to leverage" held on the 2nd day of the Bangladesh Business Summit, 2023 at the Bangabandhu International Conference Center (BICC) in the capital. Prime Minister's Private Industry and Investment Adviser Salman F Rahman made the key-note presentation moderated by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin. State Minister for Foreign Affairs Md Shahriar Alam, UK Minister of State for Indo Pacific Anne-Marie Trevelyan spoke as guests of honour. Principal Secretary to the Prime Minister Tofazzel Hossain Miah, Chairman and CEO of Youngone Corporation, Bangladesh Kihak Sung, former FBCCI President AK Azad, Regional CEO of Marubeni Corporation Takeshi Mamiya, DG of KOTRA Jong Won Kim, and CEO of CWEIC, UK Rosie Glazebrook spoke as panelists. Highlighting a set of facilities for the investors, the commerce minister said the Bangladesh Bank has formulated a prudent policy intervention, the NBR established national single window, BIDA established One Stop Service and the Ministry of Commerce established digital linkage with the office of the Registrar of Joint Stock Companies and Firms. Tipu said there is a potential to make investment of more than $100 billion in Bangladesh by the valued investors. He said that the priorities of the government are to open up the untapped markets of Eurasia, African Continent and others. The commerce minister said his ministry is always ready to create and facilitate business-friendly environment in the country. He said although RMG still remains as the major export-oriented sector for Bangladesh, but the other sectors having high potentials are jute and jute-made goods, leather and leather products, light engineering, agro products and plastic products. Tipu said the government has already ensured discipline in the e-commerce sector by introducing digital business identification while efforts are also there to prevent different sorts of irregularities and fraudulence in the e-commerce business. While making his key-note presentation, Prime Minister's Adviser Salman F Rahman said the foreign investors are actually reaping the benefits of domestic market in Bangladesh. He said the strategic location of Bangladesh between two large markets like China and India alongside other regional markets has put the country in an ideal place for making investment. Referring to the prime minister's zero tolerance against terrorism and militancy, Salman F Rahman said in Bangladesh, the government has really been able to control this menace although the situation is a bit different in other countries. For curbing corruption, he said the concerned commission is very much active, adding, "Our Prime Minister is very much determined that we want to eliminate corruption at all levels," Salman noted that the next challenge Bangladesh would be facing is 4th industrial revolution and all needs to be prepared to face this challenge. He also stressed taking more PPP projects in the infrastructure sector. Answering to a question, the adviser said that blended finance would not be a solution to tame the impacts of high energy prices on the businesses. In this regard, he said that the government is now going for long-term energy contracts with Qatar and other countries. State Minister for Foreign Affairs M Shahriar Alam said the foreign investors would be able to draw a steep growth trajectory in the coming days if the benefits of the mega projects and other transformational projects are considered. Noting that Bangladesh has ratified the highest number of instruments over the years, Shahriar said that the highest number of green factories is now situated in Bangladesh while the clothes made in Bangladesh are the cleanest in the world. "Be it East or West, I will go and claim, Bangladesh is the best," he added. The UK Minster of State said that both the countries enjoy a historic and deep relationship while the UK businesses have a very active and important role in the economy of Bangladesh. She said that more UK investments are likely to come in the higher education and financial sectors of Bangladesh. "Many UK businesses want to expand here ...UK will continue to be a steadfast partner of Bangladesh. Our relationship will continue to flourish in the years to come," she added. Prime Minister's Principal Secretary Tofazzel Hossain said this summit is an excellent opportunity for the investors to explore the country and seize the future investment opportunities. He said the digital economy has been an emerging sector for Bangladesh while the nation has created the most favorable environment for large firms. Former FBCCI President AK Azad stressed the need for giving more importance on man-made fibre.

Biman Bangladesh Airlines has announced to start flight on Dhaka-Chennai route as regular basis as well as Delhi and Kolkata flights in India. The flights will begin under the bubble agreement. The information was confirmed by Biman Bangladesh Airlines Deputy General Manager (Public Relations) Tahera Khondoker through a notice. The notice said, passenger flight operations will start on Dhaka-Delhi-Dhaka route from 29 October, on Dhaka-Kolkata-Dhaka route from 1 November and on Dhaka-Chennai-Dhaka route from 15 November. Passengers can buy tickets from Biman sales center, mobile app, website and travel agents. Corona related conditions or directions and flight schedule will be available on Biman website. But there are some conditions, such as- everyone has to bring the Corona Negative Certificate. The travelers have to maintain seven-day institutional quarantine in India with their own cost. If there are symptoms of coronavirus infection then the travelers have to maintain 14-day quarantine. AH

The life of Shirin Akter, a woman from Kalagachhia Hazipur area under Bondor upazila in Narayanganj district, has changed after telecasting news on Rtv. After getting treatment at mental hospital she is doing well at the moment. The family hopes that rest of her life will be beautiful if she gets regular treatment and assistance. Shirin Akter was mentally challenged for more than two decades. She hardly could get her food and treatment was far from her desire. She was passing her days as a burden of her brother’s family staying at a room made with polythene being tied with shackle. While working with the special need people the matter came to the notice of Rtv Creative Director Syeda Munira Islam. She took the initiatives to change the life of Shirin with cooperation from the government and private levels. As a result, Shirin is currently living in a new house. Zahura Begum, sister in law of Shirin, told Rtv news, all including Munira apa, Shukla apa have extended cooperation. If they continue their cooperation then it will be good for us and we will be able to provide treatment for Shirin. Shirin’s younger brother Elin said, after their cooperation my sister is doing well at the moment. On October 18 Rtv team went to Shirin’s house at Bondor to inquire about her. At that time they became very pleased after seeing the mental and physical development of Shirin. Rtv Creative Director Syeda Munira Islam said, Shirin is doing very well at the moment following our cooperation, the current government is very friendly with the people with special need. The government took its stance beside this kind of people. People like Shirin will get cooperation from the government. From childhood Shirin was agile in nature. She had eagerness in her lessons along with the household affairs. She also passed the test examination for SSC. But in an unknown disease her aspirations and agility stopped gradually. Upazila Nirbahi Officer Wahida Zafar Sarkar Shukla assured Shirin to stand beside. She said, we will take initiative to erect a house for Shirin under the project introduced by the Prime Minister. We are taking care of her. Shirin has to count her time for passing the days soundly when her similar aged companions are busy with their household affairs. The family hopes that Shirin’s coming days will pass through in a better way after getting cooperation from all. AH

Prime Minister Sheikh Hasina on Thursday said the Ministry of Health showed its enough efficiency in checking the Covid-19 pandemic in the country by properly taking necessary measures in time. “I think the Health Ministry has shown enough efficiency. We’ve been able to keep this Covid-19 under control as instant measures, which were necessary at that time, had been taken properly,” she said. The Prime Minister was speaking at the signing ceremony of the Annual Performance Agreements (APAs) with ministries and divisions for 2020-21 fiscal year. The APA and Integrity Awards were also distributed at the virtual function held at the Conference Room of the Public Administration Ministry. The Prime Minister joined the function from her official residence Ganobhaban through a videoconference. Sheikh Hasina said many doctors, nurses and other health workers died going to serve patients risking their lives. “Our health workers don’t sit idle,” she said. Referring to huge criticisms of the Health Ministry, Hasina said many people say many things against the ministry. “There’s a section of people who have the habit of criticizing [govt], but they themselves do nothing.” Sheikh Hasina said her government has given permission to many private televisions and built the country as Digital Bangladesh. There is also electricity to run air conditioners, she added. The Prime Minister said they once criticised it (govt’s move to make Digital Bangladesh), but now they keep spreading propaganda taking advantage of Digital Bangladesh. “I think it depends on self-confidence whether we’re on the right path, no matter who says what.” The Prime Minister asked the government officials to work with self-confidence not paying attention to who says what. “When you all do your own work, do that with self-confidence. You won’t be able to work if you pay heed to who says what or who does what. You’ll have trust in yourself. You’ll have to keep trust on whether you’re doing the right jobs. If you have this trust, the people of the country will be benefited from your works,” she said. Hasina asked the public servants to stand beside the people of the country as it is their duty to serve them. “It’s your duty to be there with people…. You, who are in the government services, are pledge-bound to serve people. So, it’s your duty to serve people.” Sheikh Hasina said they came to power with people’s mandate and that is why they are pledge-bound to people. “So, it’s the duty of all of us to serve people.” The Prime Minister promised to build a corruption-free administration asking all the ministries to take their own plans over integrity and implement those properly. She said the government has adopted the integrity strategy to ensure transparency and accountability in the administration. “We want to establish a corruption-free administration. Every ministry will have to take its own plan over integrity…. such plans should also be there up to the lowest tier of the administration. These (plans over integrity) will have to be executed properly. If you execute these, you’ll be rewarded,” she added. A total of 17,075 government offices -- 51 ministries and divisions, 344 offices or agencies, 16,635 field-level offices and 45 public universities--- signs the APAs, which result in ensuring accountability at every tier of the administration, she added. Senior secretaries and secretaries to the ministries and divisions signed the APAs on behalf of their respective agencies. At the function, Agriculture Minister Dr Muhammad Abdur Razzaque, on behalf of the Prime Minister, handed over crests and certificates to them for their outstanding performances in implementing APAs and exercising integrity. The Power Division was recognised with a crest and citation as the best performer in implementing APA in the 2019-2020 fiscal year while the Agriculture Ministry and the Energy and Mineral Resources Division as the second best and third best performers respectively. Besides, seven other ministries and divisions received certificates in recognition of their outstanding performance in implementation of APAs. The ministries and divisions are Water Resources Ministry, ICT Division, Information Ministry, Rural Development and Cooperative Division, Fisheries and Livestock Ministry, Finance Division and Economic Relations Division. Senior Secretary of Internal Resources Division Abu Hena Md. Rahmatul Muneem received the integrity award for exercising integrity as the senior secretary of Energy and Mineral Resources Division during the 2019-20 fiscal year. The Public Administration Ministry was recognised as the best in implementing the national integrity strategy successfully, while the Industries Ministry and the Labour and Employment Ministry as the second best and the Railway Ministry as the third best performers in the 2018-19 fiscal year. State Minister for Public Administration Farhad Hossain also spoke at the function conducted by Cabinet Secretary Khandker Anwarul Islam. The secretaries concerned received the crests and certificates on behalf of their respective ministries and divisions. Source: UNB AH

Home Minister Asaduzzaman Khan Kamal said, BNP Chairperson Begum Khaleda Zia is better than any other moment in the previous at the hospital. She is fasting also. He said these while replying a question to the newsmen at his office at the secretariat on Tuesday. When asked about the condition of Khaleda Zia the minister said, earlier she (Khaleda Zia) did not take insulin, for that reason her diabetes was not under control. Now she is taking insulin, her health condition is well at the moment, so far we know. We know that she is better than the previous period. When she will be discharged- in response to this question the home minister said, nothing abnormal has happened to her. She is being admitted in the hospital so that she can get better service. Whether she will be shifted to Keraniganj jail or not- in response to this question Asaduzzaman Khan said, we kept Khaleda Zia in Dhaka central jail after turning it into a court. We have taken plan to convert the jail into a museum. Most of its structure will be demolished. So she cannot be kept there anymore. We have constructed a modern jail at Keraniganj. Some times were needed to construct the women’s part. Other works were pending. Time also needed to complete those. If Khaleda Zia is discharged from jail then she may be shifted there. AH     

BNP Secretary General Mirza Fakhrul Islam Alamgir said, party Chairperson Begum Khaleda Zia is seriously ill, her physical condition is not well. Begum Khaleda Zia herself has said this. Mirza Fakhrul said, I asked madam how she was, in reply she said, not good, health is not doing well. Khaleda Zia told the court, I was ready to come to the court in the earlier date. But I was not brought. Rather it was said that I was sleeping and for that reason they could not produce me before the court. This information is not true. As Begum Khaleda Zia did not appear before the court on February 20 in connection with the Niko corruption case then the jail authority said that she was sleeping. As she did not wake up so the authority could not produce her before court. On Sunday Khaleda Zia was brought in the special judge court of Sheikh Hafizur Rahman on a wheel chair. AH        

Bangladesh is performing well and is on the track towards attaining many targets of the Sustainable Development Goals (SDGs) while achieving SDGs will critically depend on the availability of resources including external support. “The need for enhanced international cooperation and support has been emphasized for achieving 41 of the 169 targets of SDGs,” said the ‘Sustainable Development Goals: Bangladesh Progress Report 2018’ launched Sunday at the NEC Conference Room in the city’s Sher-e-Bangla Nagar area. Reports BSS. PM’s Economic Affairs Adviser Dr Mashiur Rahman spoke at the program as the chief guest while General Economics Division (GED) Member of the Planning Commission Dr Shamsul Alam was in the chair. Planning Minister MA Mannan, renowned economist Dr Wahiduddin Mahmud, Prime Minister’s Principal Secretary Md Nojibur Rahman, and UN Resident Coordinator Mia Seppo also spoke. They later formally launched the progress report through unveiling its cover. The report said the international community will have to provide adequate and timely support to Bangladesh to help implement a comprehensive and all-encompassing development agenda like SDGs 2030. Dr Mashiur Rahman underscored the need for utilizing more the huge foreign aid now in the pipeline by further enhancing the utilizing capacity of the executing agencies. Planning Minister MA Mannan said although Bangladesh is performing well in attaining many targets of the SDGs, there is no room for complacency. “We’ve a long way to go to achieve the SDGs,” Noting that the non-state actors, like the private sector, have an important role to play in this regard, he said that both the public and private sectors alongside the media should work in cohesion in this regard. He said that this report would pave the way for more planned action to implement the SDGs. Eminent economist Dr Wahiduddin Mahmud said this sort of report generates demand for data creation and shows what the shortcomings are and what the present trend is. Noting that there are some positive developments on SDGs over the last three years, he said that Bangladesh has a good platform for attaining the SDGs. Prof Wahiduddin mentioned that the tax-GDP ratio is still not so satisfactory and needs to be enhanced, there is a need for more spending in health and education, maternal and child mortality rates need to be further reduced while increasing spending on the social sector is also a challenge. PM’s Principal Secretary Md Nojibur Rahman said Bangladesh is fully committed to achieve the SDGs. UN Resident Coordinator Mia Seppo highlighted that addressing the issues of employment generation and skills training, growing concentration of wealth, rising inequality, and gender inequality would be the challenges for the government in the coming days in attaining the SDGs. The report cited data scarcity as one of the major challenges in implementation of the SDGs. It said Bangladesh is moving steadfastly towards ensuring access of cent percent households to electricity while the total government spending on education, health and social protection is increasing. Buoyed by its massive successes in implementation of the Millennium Development Goals (MDGs), Bangladesh adopted the SDGs, which comprised 17 goals, in October 2015 to be implemented by 2030. It coincided with the 7th five-year plan, making them a national development agenda. The first three SDGs pertain to ending poverty, hunger and improving public health and Bangladesh has made good progress on all three and is on track to achieve the targets. Of the 17 targets under the three SDGs, four have already been met, six are on track and five need more attention. The progress on reducing extreme poverty measured by $1.90 a day or by national poverty line and on expanding coverage of social protection and proportion of government expenditure on services (health, education and social protection) as share of the total government expenditure is on the track. The country is on the track to achieve the SDG on clean water and sanitation. Currently, 87 percent of the population has access to safe water sources and 61 percent has access to safe sanitation. “Bangladesh is moving steadfastly towards ensuring access of 100 percent households to electricity well ahead of the target time of 2025,” the report said, adding that it reached 85.3 percent in 2017 and 96 percent will be attained by 2020. Bangladesh has made an upward shift in average annual growth rate to more than 7 percent in recent years from the above 6 percent rate over the last decade. This coupled with slower population growth led to increasing per person GDP growth and the country is on the track to achieve the 2020 target. The SDG 9 pertains to providing resilient infrastructure, sustainable industrialization and innovation and much still needs to be done. However, the proportion of population covered by mobile network has reached close to 100 percent in case of 2G technology. The 2020 milestone in case of 3G technology was achieved in 2017.The SDG 10 entails reducing inequalities and the government has not fared well on this front. The government has been following a pro-poor development strategy, which combines acceleration of economic growth and reduction of poverty and inequality. The country is on the track to achieve SDG 14, 15 and 16. The goals entail conserving the oceans, seas and the terrestrial ecosystems. AH

Road Transport and Bridges Minister Obaidul Quader said, past of BRTC is not pleasant. Irregularities and corruption are prevailing here for long. The incumbent Chairman is trying but it is very challenging. He said these at a view exchange meeting at Bangladesh Road Transport Corporation (BRTC) building at Motijheel in the capital on Tuesday. To the officials Obaidul Quader said, I know well about income of the officials designated in different places. How the incomes are made I also know that. Fates of yours develop but BRTC has no improvement. How many days BRTC will run by providing loss again and again? The minister cautioned all for not doing harm to state property for the sake of own interest. He also directed Corporation Chairman to take action against corrupt officials. He said, 11000 new vehicles are going to be included into BRTC. Of those 300 double decker and 300 single decker buses. Of those 200 are air conditioned and 100 non air conditioned buses. Besides 500 trucks will be included. Obaidul Quader said, those vehicles will arrive by April month. Of those some arrived in Gazipur and some are going to be arrived in border within two or one days. These new vehicles will ply on the new routes. He said, new vehicles will arrive. In this way crisis for public transport will be driven away. It is a news for comfort for people but our experience was not pleasant. Earlier vehicles came but those turned into bad condition due to lack of repairing and maintenance. Pointing out the corruption of officials the minister said, time has come to think about what the results people are getting from BRTC’s effort. Because government brought vehicles with expense of crores of taka. The minister suggested to hand over the new vehicles to the right persons and said, buses of BRTC turned out of order due to lack of repairing and maintenance activities. So it has to be fixed who will run the vehicles or how the maintenance activities will be done. Obaidul Quader said, the people who made BRTC conterminous with corruption have to leave. Bad officers have to be excluded. The situation has to be faced with zero tolerance. Otherwise it will not be useful for the people by importing vehicles worth crores of dollars. AH