Muscat: Oman Oil Company Exploration and Production (OOCEP) on Monday announced three significant oil and natural gas discoveries in Block 60. The company has discovered first oil in Bisat field, additional light oil found in ABB south and natural gas was discovered in ABB North reflecting a very successful programme of exploration in 2016.
The discovered field, named Bisat, was appraised by drilling two horizontal wells revealing oil rates in excess of 1,000 barrels per day of light oil. Bisat is located 35 kilometers north from the production facilities. This is a significant discovery adding to OOCEP’s resource base and providing future growth opportunity. OOCEP is currently finalising its development plan for first oil production, leveraging on its existing production facilities.
As far as the oil and gas discoveries in ABB South and North are concerned, OOCEP recently drilled exploration wells and discovered significant accumulation of natural gas and oil. The discovery well (ABB North – 1), located around 26 kilometers from the block 60 gas processing plant, tested a gas rate of more than 25 million standard cubic feet per day. The second well (ABB South – 1), was drilled 25 kilometer south of the main Abu Butabul field targeting shallow sandstone reservoirs. The well was tested at rates of 600 barrels per day of light oil.
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Tyre market in Bangladesh is forecasted to grow at over 9% until 2020 on the back of growth in automobile sales, advancements in public infrastructure, and development-seeking government policies.
The government has emphasized on the road infrastructure of the country, which has been instrumental in driving vehicle sales in the country.
The tyre market reached Tk 4,750 crore last year, up from about Tk 4,000 crore in 2017, according to market insiders.
The commercial vehicle tyre segment dominates this industry with around 80% of the market share. At least 1.5 lakh pieces of tyres in the segment were sold in 2018.
In the commercial vehicle tyre segment, the MRF's market share is 30%. Apollo controls 5% of the segment, Birla 10%, CEAT 3%, and Hankook 1%. The rest 51% is controlled by non-branded Chinese tyres.
However, Bangladesh mostly lacks in tyre manufacturing setups, which leads to tyre imports from other countries as the only feasible option to meet the demand. The company largely imports tyre from China, India, Indonesia, Thailand and Japan.
Automobile and tyre sales in Bangladesh are expected to grow with the rising in purchasing power of people as well as growing investments and joint ventures of foreign market players. The country might become the exporting destination for global tyre manufacturers.
Several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
This reflects an opportunity for local companies to set up an indigenous manufacturing base in Bangladesh and also enables foreign players to set up their localized production facilities to capture a significant market.
It can be said that, the rise in automobile sales, improvement in public infrastructure, and growth in purchasing power to drive the tyre market over the next five years.
Headline crude prices for the week beginning 14 January 2019 – Brent: US$61/b; WTI: US$51/b
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