Industrial sector can’t survive with rationing system due to gas crisis

The entrepreneurs of the industrial sector are struggling to survive due to the gas crisis as most of the factories are still running with the rationing system for insufficient gas supply against the demand. On the other hand, it is not possible to import sufficient gas due to increase in LNG prices in the global market and shortage of foreign currency reserves in the country.
Even at such a critical moment, there is no effective action of the government in gas exploration and extraction in the country. Energy experts said that apart from various emergency measures, the government needs to take a long-term plan to deal with the energy crisis. If the global energy situation does not improve, we have to ensure energy supply from our own resources. So, there is no alternative to search for new gas fields.
The problem of gas in the industrial sector has started since July this year. The factory owners are unable to produce the product on time. If gas exploration is not increased, the country will become dependent on imported LNG in the future, which will be a serious threat to the country’s economy. The government is subsidizing huge amounts of money every year to import LNG and Tk 15,000 crore have been allocated for subsidy in the LNG sector in the current fiscal year.
According to the Ministry of Power, Energy and Mineral Resources, the number of gas fields discovered in the country is 28 so far. The reserves of these gas fields are 35.80 trillion cubic feet (TCF) of gas. Of this, 28.47 Tcf of gas is extractable. Some 18 TCF gas has already been extracted from the fields. On the other hand, around 2300 million cubic feet of gas is being produced from domestic gas fields against demand for 3.5 thousand million cubic feet per day and as per the agreement, 500 million cubic feet is imported from Oman.
The government stopped buying gas from the spot market as the price of LNG increased in the global market due to the Russia-Ukraine war. To deal with the situation, the production of gas-based power plants was reduced. We must make decisions whether we run our factories or not, whether we develop our country or not.