State Minister for Power, Energy and Mineral Resources Nasrul Hamid said tests are underway to extract fuel oil from Sylhet-10 well.
"We are optimistic about the commercial production of oil from Sylhet well-10. Tests will be done within two months," he said after visiting the well area on Saturday (17 February).
The state minister also said that the pressure inside and at the mouth of the well is amicable.
"We are optimistic. As the gas pressure is high here, two more wells have been dug," he added.
He said, "The government has supplied electricity to islands through submarine cable. Fuel must be ensured to keep the economy moving. No time to sit back, Sylhet Gas Field Company is doing well, and deserves an award."
In response to a question, the state minister said, "We have experienced experts with us. Technical support is now available. Those who criticise, many of them do not have a good idea about the subject."
Sylhet Gas Field Company Managing Director Mizanur Rahman said, "Sylhet-10 well has a gas pressure of 6000psi. Many wells experience pressure drop during extraction, but Sylhet-10 well is an exception."
The presence of oil was known during the test on the Sylhet-10 gas field on 8 December last year.
Three gas layers as well as oil have been confirmed in the well.
At 1397-1445 metres depth, the presence of oil has been confirmed.
Initially, the API gravity was found to be 29.7 degrees.
Once the test is completed, the amount of oil reserves can be confirmed.
Reserves are initially estimated at 8-10 million barrels, but state-owned Bapex estimates 15-18 million barrels will be available here.
The extracted oil has been sent to three labs for testing.
Once the results are available, more detailed ideas will be available.
Authorities expect 500-600 barrels of oil per day; testing is ongoing and it will take another 4-5 months to be fully confirmed.
The gas layers of the well are located at depths of 2460-2475 metres, 2540-2576 metres and 3300 metres.
Nasrul Hamid said that gas reserves can be 43.6-106 billion cubic feet and the average value of which is Tk8,500 crores.
Sylhet Gas Field Company is currently producing 115.2 million cubic feet of gas per day.
The company expects to be able to extract 250-280 million cubic feet of gas per day if the ongoing operations are completed by 2025.