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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bangladesh finds first oil, in two gas fields

Bangladesh finds first oil, in two gas fields

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sanjeewa88

sanjeewa88
Manager - Equity Analytics
Manager - Equity Analytics



[b]May 19 (Reuters) - 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) said on Sunday.

"This is first time that we have found economically viable oil resources, estimated at about 153 million barrels, in the two gas fields, 280 km (175 miles) from the capital," Mohammad Hussain Monsur told reporters, 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.

BAPEX conducted 3D seismic surveys in those fields having 190 square kilometers areas each recently to delineate the energy resources there for future exploration as no comprehensive surveys were conducted there before. (Reporting By Serajul Quadir; Editing by Anis Ahmed; Editing by Greg Mahlich)

Source: http://www.reuters.com/article/2012/05/20/bangladesh-oil-idUSL4E8GK02M20120520?feedType=RSS&feedName=rbssEnergyNews&rpc=43

sanjeewa88

sanjeewa88
Manager - Equity Analytics
Manager - Equity Analytics

This exploration will be an important political and economic factor in South Asian region. Bangladesh economy will take a rapid boost.

manula


Vice President - Equity Analytics
Vice President - Equity Analytics

sanjeewa88 wrote:This exploration will be an important political and economic factor in South Asian region. Bangladesh economy will take a rapid boost.


yes..it will be a very good news.. any idea about our oil and gas.. they were talking in the meetings???

sanjeewa88

sanjeewa88
Manager - Equity Analytics
Manager - Equity Analytics

Sri Lanka's oil exploration is a political myth older than 4-5 decades. When MR come to the power he said it would bring out in near recent.

Unfortunately, still we are the victims of crude oil market.

According to the researches the the oil resources are not economical, that means not cost effective.

So no need to bother about Sri lankan oil.

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