Bangabandhu bought Titas (Brahmanbaria), Bakhrabad (Cumilla), Habiganj, Rashidpur and Kailashtila (Habiganj) gasfields for only Tk. 17 crore 86 lakh that day. The financial value (at current market rate) of gas (10.26 trillion cubic feet) produced from those 5 gas fields till June is 6 lakh 21 thousand crores.
After 48 years of exploitation (July, 2023) reserves remain of 5.23 TCF, with a current monetary value of around Tk. 3 lakh 17 thousand crores. The Minister of State for Power, Energy and Mineral Resources commented that gas supply is now possible at an affordable price due to his visionary decision.
August 9, 1975 was a Saturday; Bangabandhu came to the office and said that today he will sign one of the Bengali liberation charters. Then he signed the file for the purchase of 5 gas fields. Bangabandhu's then private secretary Farashuddin witnessed the incident that day who gave such information.
Farasuddin said that the multinational company Shell Oil was not interested in giving. Bangabandhu said, "Look, if you don't sell, we will be forced to acquire under the new law." In Iran then the takeover happened.
That incident is said to be the turning point of Bangladesh's energy sector. Bangabandhu made the country safe by ignoring the blood of foreigners just 6 days before he was brutally murdered. Farasuddin commented that I will be very sad if there is any connection between this matter and the assassination of Bangabandhu.
At the same time, Bangladesh bought all shares of Shell Oil in Titas Gas Transmission and Distribution Company. The contract was executed as payable in a total of 36 installments over 18 years. Many consider this price to be a consolation price because the actual price was many times higher. The multinational company Shell Oil became a fool that day due to the cunning move of the Father of the Nation.
Former member of Bangladesh Energy Regulatory Commission, energy expert Maqbul E Elahi Chowdhury said, Bangabandhu thought in the war-torn state that to build a golden Bangladesh, it should not depend only on agriculture. Industrialization has to be done, if industrialization is to be done, oil and gas will be needed. For that the fuel has to be ensured.
Bangabandhu then ordered Shell Oil to expand the gas network. Shel OIl said the lines we have are not getting customers. It is not possible to extend the line. Then Bangabandhu said, within fifteen days come with a proposal to install the pipeline, or else come with a proposal to sell it. Thus, Bangladesh became the owner of 5 gas fields. Before there was concession system, Bangabandhu brought production sharing agreement. He signed 6 contracts in 9 months. They are considered as the ideal contract of the world.
He said, the way we are moving towards import dependence in 2030, 25-30 billion dollars will be spent on energy imports. If we spend most of the foreign reserves on energy, it will be difficult to go to developed countries. There is no gas prospect in the country which believes in this philosophy. They please leave the road.
Energy expert Professor Badrul Imam said, the way Bangabandhu started the work in 1/2 years, but if he could have continued for so many years, the scenario would have been different. Who brought the whole ocean under exploration in a year or two. After the death of Bangabandhu, the energy sector was derailed. That is why today's crisis. I could no longer see the ideal situation for oil and gas exploration. Those who are initiated in the ideology of Bangabandhu, should jump further.
Since 2009, the government has been celebrating 9th August as National Energy Security Day to commemorate the outstanding contribution of Bangabandhu. This time also various programs have been undertaken. In order to retain this outstanding contribution of Bangabandhu, a monument on 'Bangabandhu's contribution to fuel security' will be installed in those 5 gas fields. Besides, Petrobangla sources said that a virtual seminar is being organized in Dhaka.