Sylhet oil field has been estimated to contain an extractable reserve of approximately 1.5 crore barrels of oil, as per a report by consultancy firm Schlumberger.
The report suggests that extraction at a rate of 600 barrels per day could sustain operations for up to a decade.
Speaking on the matter, Sylhet Gas Fields Company Managing Director Rezaul Islam said, "The report projects reserves of 1.5 crore barrels. It also mentions the possibility of extracting 500 to 600 barrels daily."
Schlumberger's report highlights an extractable volume of 14.8 million barrels (approximately 1.5 crore barrels) of high-quality oil.
During preliminary production tests, 70 barrels were extracted in two hours on the first day.
Located in Joyintapur, the Sylhet-10 well has oil reserves identified between depths of 1,397 and 1,445 metres.
Preparations are underway for drilling an additional well in the field.
Petrobangla Chairperson Janendra Nath Sarkar revealed that the Schlumberger report has been submitted and is currently under evaluation.
"We are awaiting our team's assessment before announcing the reserves officially," he remarked.
However, he expressed optimism regarding the findings, noting, "The oil's quality is superior. Samples sent to BUET and Eastern Refinery have been confirmed as high-grade."
The Sylhet-10 well, completed in November 2023, also revealed three gas layers at depths of 2,460-2,475 metres, 2,540-2,576 metres, and 3,300 metres.
Preliminary estimates by the Ministry of Energy and Mineral Resources place the potential gas reserves between 43.6 and 106 billion cubic feet.
Gas extraction preparations are in progress; however, the lack of a pipeline has delayed operations.
A six-inch diameter pipeline from the Sylhet-10 well to Haripur is under construction. Sarkar indicated that only three kilometres of the pipeline remain unfinished, and efforts are underway to complete it within a month.
He added, "Our team will visit Sylhet shortly and address any remaining issues with the Roads and Highways Department to expedite completion."
Gas production from the well is expected to commence in February, with an initial output of 20-25 million cubic feet per day.
At its peak, domestic gas fields produced 2,800 million cubic feet of gas daily.
As of 25 December, production had declined to 1,925 million cubic feet, reflecting a consistent downward trend.
Petrobangla forecasts that gas demand in the 2026-27 fiscal year will exceed 4,500 million cubic feet, although some experts argue that the current demand already surpasses this figure.
Bangladesh first discovered oil in Haripur in 1986, although production ceased after five years.
During the 2023-24 fiscal year, the nation consumed 67.61 lakh tonnes of fuel oil, of which only 8% was sourced domestically as condensate from gas fields, while the remaining 92% was imported.
Among the total fuel consumed, diesel accounted for 63%, and furnace oil used in power generation constituted 14%.
