State-run oil-gas exploration company BAPEX has found fresh reserves of oil at Kailashtila and Haripur oil fields in Sylhet.
Petrobangla Chairman Hossain Mansur made the announcement at a press briefing at his office at Karwan Bazar on Sunday.
The reserves have a combined 137 million barrels of oil but according to primary estimates, about 55 billion barrels can be extracted a year, Chairman Mansur said.
The current market value of new oil has been put at Tk 420 billion to 450 billion.
BAPEX submitted its report on exploration of the fresh reserves to the state-run Bangladesh Oil, Gas and Mineral Corporation or Petrobangla on Sunday. The oil reserves were found using 3-D seismic survey.
Kailashtila alone has a reserve of 109 million barrels, of which 44 million barrels can be lifted.
The Haripur oil field is believed to have a reserve of 28 million barrels of oil including 11 million barrels extractable in one of the two layers of the reservoir.
"It will take some more time to learn about the oil reserve in the other layer at the Haripur oil field," said Hossain Mansur.
Asked who may be given the job to lift the oil, he indicated that 'a local company' may get the job.
The latest discovery has brought new hopes for Bangladesh's energy-starved economy, added the Petrobangla Chairman.
According to Petrobangla officials, the reserve is enough to meet the country's oil demand for two years as the annual oil demand is around 25 million barrels.
Energy expert Prof Badrul Imam told . "Bangladesh requires oil from 22 million to 25 million barrels every year on average. According to the estimate, Bangladesh may fuel its operations for more than two years with the fresh oil reserves."
Earlier, about 650,000 barrels of oil were extracted from an oil field in Haripur after the field was discovered in 1986. But extraction from the field came to a halt on the grounds that it had not been done following proper procedures.
Petrobangla Chairman Hossain Mansur made the announcement at a press briefing at his office at Karwan Bazar on Sunday.
The reserves have a combined 137 million barrels of oil but according to primary estimates, about 55 billion barrels can be extracted a year, Chairman Mansur said.
The current market value of new oil has been put at Tk 420 billion to 450 billion.
BAPEX submitted its report on exploration of the fresh reserves to the state-run Bangladesh Oil, Gas and Mineral Corporation or Petrobangla on Sunday. The oil reserves were found using 3-D seismic survey.
Kailashtila alone has a reserve of 109 million barrels, of which 44 million barrels can be lifted.
The Haripur oil field is believed to have a reserve of 28 million barrels of oil including 11 million barrels extractable in one of the two layers of the reservoir.
"It will take some more time to learn about the oil reserve in the other layer at the Haripur oil field," said Hossain Mansur.
Asked who may be given the job to lift the oil, he indicated that 'a local company' may get the job.
The latest discovery has brought new hopes for Bangladesh's energy-starved economy, added the Petrobangla Chairman.
According to Petrobangla officials, the reserve is enough to meet the country's oil demand for two years as the annual oil demand is around 25 million barrels.
Energy expert Prof Badrul Imam told . "Bangladesh requires oil from 22 million to 25 million barrels every year on average. According to the estimate, Bangladesh may fuel its operations for more than two years with the fresh oil reserves."
Earlier, about 650,000 barrels of oil were extracted from an oil field in Haripur after the field was discovered in 1986. But extraction from the field came to a halt on the grounds that it had not been done following proper procedures.
