The decision followed a top level meeting between Prime Minister Khaleda Zia and nine ministers in the wake of the ongoing gas crisis that calls for urgent investment in the sector.

The issue of gas export was widely speculated to be discussed, but some ministers present at the meeting said it was not.

The meeting was attended by ministers for finance, LGRD, commerce, foreign affairs, health, agriculture, industries and state ministers for power and energy. Later, ministers for finance, LGRD, commerce and the two state ministers held another round of discussion on political and other issues.

The meeting was supposed to be joined by nine secretaries and high officials from Petrobangla but they were asked in the last minute not to participate.

But sources close to the ministers said they briefed the prime minister on the gas sector scenario beforehand.

Bangladesh is going to face the real crisis from 2015 when the existing gas fields will not be able to meet the projected demand even considering optimum production, forecasts an energy ministry paper on future projection of gas demands and supply.

"Even with the Bibiyana gas field in production, the projected gas supply would not exceed 2663 million cubic feet per day (mmcfd) in 2015 whereas the demand should shoot up to 2862mmcfd by then," said a source.

"And from then on, we will start to witness complete exhaustion of reserves at the existing gas fields. By 2020, all the proven gas reserves should be exhausted."

To tackle the gas crisis, Petrobangla sought finances on urgent basis for a number of projects, which includes a Tk 137 crore scheme for 30-inch pipeline between Ashuganj and Manohardi. "With this pipeline, we hope to manipulate the existing supplies and tackle the present crisis."

The current high demand has reduced the gas pressure significantly. Petrobangla is now supplying maximum 1265mmcfd against a demand of 1295mmcfd. The worst is however yet to come that might cripple the power and fertiliser productions.

Petrobangla, which contributes around Tk 2,000 crore to the national exchequer annually, also sought finances for drilling of two gas wells in Kailastila, two in Titas, one in Narsinghdi. Finance and Planning Minister M Saifur Rahman reportedly responded to these needs, saying he would arrange funds for all the projects.

Khaleda yesterday also asked all the ministers to coordinate and cooperate for the speedy implementation of gas projects.

The meeting was also said Petrobangla has requested US company Unocal and Shell to augment gas supplies from the Jalalabad and Sangu fields. Jalalabad will add up 30mmcfd to its 140mmcfd from October while Sangu will supply 30mmcfd in addition to its 170mmcfd from December.

Talking to the BBC, State Minister for Energy Mosharraf Hossain meanwhile said the issue of gas export might be discussed later.

"The prime minister was concerned at the on-going gas crisis and power load shedding," he said.

"We only discussed the present problems. We talked about exploration of new gas fields. To deal with the gas crisis, we will be able to increase 30mmcfd gas from Sangu in December," he said.

During this period the government, if needed, will keep two fertiliser factories shut for maintenance to let the situation improve, the minister said.

He also said the meeting approved a price policy for gas, power and petroleum. Prices of gas and petroleum will be reviewed every six months in light of international fuel price. Gas price will be adjusted if fuel price goes up by 10 per cent and petroleum prices will be modified if fuel price spirals by 5 per cent.