Bangladesh announces first oil discovery

Two gas fields found in rural Sylhet region are expected to produce about 153 million barrels for energy-starved nation.

    Bangladesh announces first oil discovery

    Bangladesh has struck its first oil, in two gas fields in the northeastern Sylhet region, the chairman of the state-run Oil, Gas and Mineral Corporation (Petrobangla) has said.

    "This is first time that we have found economically viable oil resources, estimated at about 153 million barrels, in the two gas fields, 280km from the capital," Mohammad Hussain Monsur told reporters on Sunday, adding that production could begin within a year.

    "Today is a very significant day for Bangladesh," he said.

    Bangladesh Petroleum Exploration and Production Company Limited (BAPEX), the exploration arm of Petrobangla, confirmed the oil find and BAPEX's managing director, Mortuza Ahmed Faruque, said the oil found was light, low sulphur quality.

    Monsur also said exploration drilling will now be undertaken to see if other gas fields in the country hold similar or larger
    oil reserves.

    The latest discovery has brought new hopes for Bangladesh's energy-starved economy.

    According to Petrobangla officials, the reserve is enough to meet the country's oil demand for two years. Annual oil demand is currently around 25 million barrels.

    Bangladesh imports around seven million tonnes of oil at a  rate worth several billion dollars, putting heavy inflationary pressure on the economy.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    'We scoured for days without sleeping, just clothes on our backs'

    'We scoured for days without sleeping, just clothes on our backs'

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Unification: Saladin and the Fall of Jerusalem

    Unification: Saladin and the Fall of Jerusalem

    We explore how Salah Ed-Din unified the Muslim states and recaptured the holy city of Jerusalem from the crusaders.