Bangladesh finds oil reserves 'worth $5.5 bn'

Discussion in 'Subcontinent & Central Asia' started by ejazr, May 22, 2012.

  1. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    Bangladesh finds oil reserves 'worth $5.5 bn' - NY Daily News

    Bangladesh has discovered oil in two old gas fields in the country's northeastern region with an extractable reserve worth $5.5 billion, the chairman of state-owned Petrobangla said Monday.

    Hussain Monsur told AFP the two finds at Kailashtila and Sylhet contain proven reserves of 137 million barrels of low sulfur crude oil, of which 55 million barrels can be lifted commercially.

    Low sulfur, or "sweet", crude oil is highly sought after and is more easily processed into gasoline than high sulfur crude.

    "In the current market price, the value of this extractable reserve of 55 million barrels is 450 billion taka ($5.5 billion). It's a very good news, coming at a time when are our oil import bill is growing fast," he said.

    The impoverished nation spent about $5 billion to import crude and refined oil in 2011 -- from about $4 billion in 2010 -- a large part of which was subsidized by the government, said state fuel importer Bangladesh Petroleum (Bapex), a subsidiary of Petrobangla.

    Bapex made the accidental finding last week while analyzing 3D seismic surveys conducted last year in an effort to determine the size of remaining gas reserves in the two fields, which were discovered in 1962 and 1955.

    Monsur said this was the first time that economically viable oil reserves have been found in Bangladesh. The country found a small oil reserve in the northeast in 1986, but could lift fewer than one million barrels of oil.

    Bapex would start drilling wells in the next 18 months, Monsur said, adding the firm would need foreign consultants, as it has not made oil extractions on this scale before.

    Bangladesh is one of the world's poorest countries, with a third of its 150 million people living below the poverty line.
     
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  3. Rahul92

    Rahul92 Senior Member Senior Member

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    Well it will be just export to india
     
  4. Yusuf

    Yusuf GUARDIAN Administrator

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    $5.5 billion. That is hardly worth the time. Oil reserves are measured in number of barrrels that can be extracted.
     
  5. Adux

    Adux Senior Member Senior Member

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    Awesome, Let's be like China and let's claim it as ours according to some old Mauryan Maps.
     
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  6. Yusuf

    Yusuf GUARDIAN Administrator

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    We dont even need that do we. The world knows it was part of India till 1947.
     
  7. Galaxy

    Galaxy Elite Member Elite Member

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    I think we should claim this Bangladesh oil reserves as compensation till date for 30 million Bangladeshi who living illegally in India. :rotflmao:
     
  8. niharjhatn

    niharjhatn Regular Member

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    Heh - and the next thing you know the US finds WMD's and Al Qaeda there as well ;)
     
  9. Bhadra

    Bhadra Defence Professionals Defence Professionals Senior Member

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    Before that, let us make you the PM of India
     
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  10. Ray

    Ray The Chairman Defence Professionals Moderator

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    Good for BD.
     
  11. olivers

    olivers Regular Member

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    The crude isn't even enough to supply 1 year consumption of BD. Let's move on.
     
  12. sob

    sob Moderator Moderator

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    How can this be commercially be viable. They will need to spend almost the same amount just to extract the oil.

    Stupid reporting.
     

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