Bangladesh emerges world’s fifth largest remittance recipient state

Bangladesh has emerged as one of the top ten remittances-receiving countries in the world in terms of volume after migrants and expatriates sent US5.48 billion last year, according to Global Remittances Guide.

Of ten nations, the country secured the fifth position putting behind Pakistan, which received nearly $5.40 billion in 2006.

India ($25.70 billion) topped the list followed by Mexico ($24.7 billion) and China ($22.4 billion) in 2006.

“These data only capture remittances sent through channels such as banks and money-transfer operators. Currently, no uniform and authoritative historical data on informal flows exist,” said the guide, published by Migration Policy Institute (MPI), a Washington think tank.

“Given the widespread use of informal remittance channels in many countries, the remittance data presented in this guide should be regarded as underestimates of the total flows,” the guide added.

The International Organisation for Migration (IOM), a Geneva-based inter-governmental body, says the actual amount of annual remittances flowing into Bangladesh is much higher, as more than 50 per cent of the money comes through unofficial channels.

Economists say, remittances are increasingly playing an important role in the Bangladesh economy, as these are only second to exports and have dwarfed the country’s external assistance and foreign investments altogether.

In a forthcoming report on poverty, the World Bank showed that poverty rate fell faster in Bangladesh’s Dhaka, Sylhet and Chittagong regions between 2000 and 2005, thanks mainly to the robust remittances flowing into the areas.

By contrast, the bank report noted, poverty rate either increased or stagnated in the country’s western region-Khulna, Barisal and Rajshahi–as the number of migrant workers in these divisions is far lower than that of the country’s eastern region. The report called the phenomenon the East-West divide.

An estimated $14.9 billion went to the Philippines last year, making it the fourth biggest remittance recipient in the world, says the guide. Pakistan, which drew $5.4 billion in remittances, occupied the sixth position on the list.

Morocco, an African nation with its large diaspora, is behind Bangladesh, while Egypt, Lebanon and Vietnam ranked eighth, ninth and 10th positions respectively, according to the MPI ranking.

Officially recorded flows totalled over US$280 billion worldwide in 2006. Nearly three-quarters were sent to developing countries. In 22 countries, remittances were equal to more than 10 per cent of GDP in 2006; in six countries they were equal to more than 20 per cent of GDP.

At 9.1 per cent, Bangladesh, however, failed to make it on the list of top ten remittances-receiving nations having the highest share of GDP.

Source: Financial Express

Significant Discovery of gas layers at Shahjibazar by BAPEX

The news of discovery of two new significant gas layers in one of our prolific gas field at Shahjibazar, Habiganj is so heartening at a time when the nation is struggling to overcome the massive devastation of Cyclone Sidr. It is more thrilling and exciting in the sense that our own Bangladesh petroleum exploration and development company (Bapex) field crew under management of our own BGFCL has successfully done this work. This will start changing our vision and apprehension that our gas resource will soon run out. It also underlines the necessity further appraisal of our major gas fields obtaining more accurate information through 3D seismic study.

It will still take a while to determine the extent of the reserve and required numbers of additional wells that should be drilled for optimum recovery. This gas field was discovered in 1962 by Shell and initially two wells were drilled and treatment facilities set up for supplying gas to Shajibazar power plant in Pakistan Days. After independence following creation of Petrobangla this gas field along with Titas, Rashid poor, Bakhrabad and Kaillashtilla was taken over from Shell through the great vision of Bangabandhu at a very nominal cost of 10 million US$. Gas supply to tea valley project was the first initiative to exploit this gas field further. A 6”OD Shahjibazr –Shamshernagar Gas transmission was built to supply gas to the tea gardens in Laskarpoor, Dargaon, Sreemangal valleys and adjoining towns. In late seventies this field was further developed to supply gas to Zia Fertlizer Factory at Ashuganj. The author was one of the four Titas Gas Engineers involved in the Construction of the 12”OD cross country gas transmission pipeline from Shahjibazar to Ashuganj. The next round of development happened with Second Gas Development project. PIU drilled development well and North South pipeline was linked with Habiganj Gas field production facility. The author featured as Project Manger of Habiganj –Ashuganj Loop line in 20010-2.At one sage Habiganj from 10 wells all drilled in the same pay sand used to pro duce 260-270 MMCFD.One of the well is understood to have watered out and from nine wells this field still produces about 246 MMCFD.It is the third largest producing field in Bangladesh. Only Titas and now Bibiyana have higher capacities.

According to Bapex Geologist Mizanur Rahman the production testing at deeper pay sand at 3083 -90 Meters and 3144- 50 meters yielded positive result. Both Bapex and BGFCL sources claimed that the test results evidence a significant increase of proven reserve of the gas field and accordingly the ultimate recoverable reserve will increase.

When Bangladesh is desperate for new success in exploration for gas this is definitely a great relief. For Bapex it is a significant success. This achievement will go a long way in silencing the critic s of Bapex. We always believed that there is no point in looking for IOCS to explore in our on shore prospects. If Bapex did not get unfair treatment from our energy bosses it could very well taken care of all onshore exploration and development works. The experienced professionals that Bapex lost over the years could change the upstream matrix by this time. If we take into account the dilapidated rigs and other obsolete facilities that Bapex has to work with we must give them additional credit. This much focused Government must immediately do everything possible to make Bapex a leading exploration company of choice. Modern drilling rigs, latest seismic equipments must be acquired soon. Training facilities of Bapex professionals must get priority. Separate pay package must be provided to the competent professionals. The unnecessary manpower’s may be made redundant and fresh line professionals should be recruited. Two Bapex rigs must constantly carry out development and appraisals of our discovered gas field and one rig must be dedicated for exploration.

We understand Bapex has been authorized to develop Semutang, & Begumganj Gas fields. They will also drill development wells at Salda and further explore at Srikail. Necessary funds should be immediately released. The author considers that Bapex should also be authorized to further develop Bakhrabad and Titas Gas fields following the 3D Seismic survey that will be carried out soon. Bapex must also get preference as drilling contractor for any further IOC drilling activity on shore. The share of Bapex may also be let out through local stock exchange to raise its capital. Bangladeshi expatriates also would love to buy Bapex share and contribute in its development. If ONGC starting much later than us can develop into an international exploration company of choice there is no reason why Bapex can not do that. We just need proper vision and proper mission to do that. Bapex under the present visionary MD appears to be in the right track. It is the frontal force of Bangladesh Gas sector. It must get proper care of attention and never again get maltreatment.

Good luck to Bapex. Nation looks forward to hear further success stories of Bapex.

This news is a part of following sources article.

Source: http://www.energybangla.com/article_det.asp?aId=838, Author: Saleque Sufi