A sequence stratigraphic analysis was carried out on the sedimentary packages of parts of the Bengal Basin hydrocarbon province. This paper focuses on the identification of petroleum system of Srikail Gas Field within eastern folded belt of Bengal basin using sequence stratigraphic concept. Three strike and five dip seismic lines are used in this work and data analysis is done using Petrel 2015 software. Seismic line-2 (SK-2) of Srikail is good in resolution and is used here only for identifying potential petroleum system. Seven sequence boundaries were identified on the basis of onlap and reflection truncation. The result of the interpreted sequence boundary has revealed that all the elements which are required to generate a potential prospect are present in the study area. Fine grained sediments deposited during the rising and lowering of sea level might act as a potential source rock. Time contour maps of the study area have revealed that the NW-SE trending anticlinal Srikail structure is largely affected by shale filled channel in the crestal and western flank. The channel filled shale is later acting as a seal on north and western part of the structure. Erosional remnants truncated against shale fill canyon is acting as prospective reservoirs in the Srikail gas field. The NW-SE trending anticlinal structure and shale fill canyon help this sand as potential traps for hydrocarbon accumulation. Hence the petroleum system of the study area become very prospective in terms of hydrocarbon accumulation.