Bean Bazar gas field was discovered by Pakistan Shell Oil Company (PSOC) in 1960 and initial production started since 1999. The field has two wells-BB1 and BB2 and two sand groups- Upper Gas sand (UGS) and Lower Gas Sand (LGS). This is one of the condensate rich fields in Bangladesh. The field is produced by water drive. A huge amount of water is produced from the two sands. The proven gas reserve of this field was estimated approximately 230.80 Bcf. The total gas produced till December, 2011 was 75.65 Bcf. That is one-third gas had already been produced. The remaining gas is required to recover from the wells by predicting the present well and reservoir performance for a certain time based on the current production data. That is why, this task was liked by me when the authority proposed me.In this thesis work, a simulation model was constructed based on the latest production data. Vertical Flow performance (VFP) for BB1 and BB2, Change of transmissibility, Change of angle of aquifer etc. improved the recovery. Most of the geological data was taken from the "Simulation Study of Beani Bazar Field" by RPS Energy, U.K.2009. The simulation model was then run to forecast the future field performance to find out an optimal development plan for the field and to determine the reserve estimation.Simulation results showed that the ultimate recovery is very high in drilling wells but it involves a lot of cost. But there is no way out. The water must be controlled. The final recommendation for future work on Beani Bazar simulation model is that the water rise should be controlled by drilling a new well in the present reservoir a few km away from the existing wells. The quick gas production can bring huge water which should be handled by re-installing the plant infra-structure.