Bangladesh Finds First Oil Reserve
May 20, 2012
Bangladesh strikes oil for the first time. Petrobangla, the state-owned company, is developing 2 gas fields in the northeast part of the country.
The 2 fields are estimated at 153 million barrels, and are slated to begin production in the next 12 months. The oil was rated as light, and low in sulphur. This could stark an oil rush as other regions see explorative drilling.
This is a significant find for Bangladesh — a largely impoverished nation, and could be a major boost for all sectors of the economy.
This volatility is what traders profit from. Open a free $100,000 demo practice account today with Ava FX, one of our Recommended GoldOilSilver Brokers.
