BAPEX Irregularities-6
BAPEX yet to recover over Tk 200cr from Petrobangla
Hasan Azad || BusinessInsider
Photo illustration: Business Insider Bangladesh
Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) is yet to recover more than Tk 200 crore from Petrobangla, which it owes to the latter.
The Petrobangla owed BAPEX the amount under BAPEX margin, deficit wellhead margin, and support for shortfall heads during 2019-20 fiscal.
A recent Audit Inspection Report - AIR of 2019-20 fiscal year brought out the irregularity. The office of the Comptroller and Auditor General of Bangladesh conducted the audit and termed this irregularity as a ‘serious financial anomaly.’
The audit report says Petrobangla owes BAPEX Tk 2,188,315,968 as BAPEX margin, wellhead margin and support for the shortfall in 2019-20.
During the audit, the information of the arrears came into light after analysing financial statements, ledger, wellhead margin, and Bapex margin support for shortfall.
Of this Petrobangla owes BAPEX Tk 97,83,81,770 as BAPEX margin, Tk 1,15,51,08,682 as deficit wellhead margin, and Tk 5,48,25,515 as support for shortfall head.
The report further mentions that Petrobangla issued a letter on December 3, 2015, mentioning BAPEX will get a wellhead margin from the gas explored from the wells while the rate of per square metre gas was also set.
In this case, BAPEX is entitled to get the wellhead margins. BAPEX also is entitled to get deficit wellhead margin on the basis of produced gas by the national gas production companies. And Petrobangla has to clear the payments to BAPEX.
Regarding the irregularities, BAPEX told the audit team that realisation of the fund of wellhead margin, BAPEX margin, and support for shortfall is a continuous process.
In order to realise the arrears, a meeting was held on January 3 this year, chaired by the senior secretary to the Department of Energy and Mineral Resources.
The meeting instructed Petrobangla to clear all the previous dues. Later on May 23, Petrobangla paid only Tk 50 crore of the outstanding amounts it owes. Another letter has been issued to clear the rest of the dues.
