Bangabandhu had secured the energy sector of Bangladesh just six days before he was killed by the assassins. Many intellectuals were surprised by his decision of that day.
On 9 August 1975, Bangabandhu bought five gas fields (Titas, Bakhrabad, Habiganj, Rashidpur and Kailashtila) from a foreign company at a nominal price. The price was set at just 4.5 million pound. On the basis of which the energy sector of Bangladesh now stands.
At the same time, Bangladesh bought all the shares of Shell Oil in Titas Gas Transmission and Distribution Company. The contract was signed with the provision to make payments in 36 installments within 18 years. Many viewed that this price was just a consolation. However, the actual price was much higher. The multinational company Shell Well had become very foolish that day due to the tactical handling of the Father of the Nation.
At that time the gas reserves in those 5 gas fields were 13.335 TCF. As of June 2010, 8.52 trillion cubic feet (TCF) of gas had been extracted with a market value of Taka 69,000 crore. The value of the whole gas is about Taka one and fifty thousand crore. This calculation is according to the 2010 rate. If it is calculated according to current market price it will increase several times. State Minister for Power, Energy and Mineral Resources Nasrul Hamid thinks that it is possible to supply gas at low prices as these gas fields were bought on that day.
That is why August 9 is considered as a turning point for the country's energy sector. From 2010 this August 9 is being observed as 'National Energy Security Day' to commemorate that historic moment. This year several programs several programs have been taken up including virtual seminars due to coronavirus.
The Bangabandhu government implemented many more important decisions in the energy sector. As enemy property, the government took over the management of the Sylhet and Chhatak gas fields and issued the Petroleum Ordinance.
Petrobangla was established to manage and monitor all aspects of petroleum operations. Similarly, Bangladesh Mineral Exploration and Development Corporation was established for exploration and extraction of solid minerals including coal.
The chairmen of the two organizations were given the rank of secretary. Bangabandhu abolished the system of petroleum concessions and introduced the system of Production Sharing Contract (PSC). He also signed oil and gas exploration agreements with five foreign companies.
At the same time, the Bangladesh Geological Survey Department was restructured and made dynamic. Arrangements were made to hire consultants for the feasibility study of the Madhyapara hard rock mine project and to train Petrobangla officials in various Eastern European countries, including Algeria, Indonesia, India and Soviet Russia.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid said this was just one example of the visionary leader Bangabandhu. The nation is much in comfort today because of that historic decision.