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.
|< Prev||Next >|
Other articles in Central/S. Asia
Sikhs clash at Golden Temple in Amritsar 06 June 2014
Afghan presidential candidate survives blast 06 June 2014
Indian woman shot dead for resisting rape 05 June 2014
Court orders arrest of ex-Pakistan CIA chief 05 June 2014
Protests in #Pakistan over MQM leader arrest 04 June 2014
#India police rescue 'trafficked' children 04 June 2014
Taliban release footage of Bergdahl handover 04 June 2014
Pakistani 'thief' has severed hand reattached 03 June 2014
Indian minister killed in car crash 03 June 2014
Telangana becomes India's newest state 02 June 2014
- Bangladesh's Contribution to International Criminal Justice
- Prosecuting Crimes of the Past or Persecuting The Political Opposition
- Where Does Bangladesh Go From Here?
- #Bangladesh wins sea border dispute with #India
- #India to ease visa rules for Bangladeshis
- #Bangladesh defers verdict on Jamaat leader
|Timothy V. Gatto|
|William A. Cook|