Daffodil International University
Faculties and Departments => Business Administration => Business & Entrepreneurship => BBA Discussion Forum => Topic started by: Faiyaz on May 20, 2012, 10:47:04 PM
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We have come to know that Bangladesh has found oil in the northeastern shylet region from two fields which is about 153 million barrels. It certainly is a big achievement for us. But i think it brings some bads too.
Firstly, we are a developing country. To call a spade a shovel, BD has been dependened in economic affairs to different organizations and other countries, thus making it accountable towards them. So for this dependency reason they want & 'take' advantage of the resources we have. E.g- one of the agendas of Hillary Clinton visiting bangladesh, is to have an access to our ports and stuffs so that bangladesh'd be a 'military barrack' for US.
So as this is a tempting field of interest, the production of this new found mineral resource'll be greatly influenced by US and our other 'friends'. Other than that, I think political movements and strategies will also be influenced by this discovery, some would be to inspire the people (and hopefully be implemented) for the development of the nation, and some'd be for 'taking blessing' from our 'friends'.
Secondly, if we see this from an economic point of view, if any external or internal hinderance doesnt appear, we might see a somewhat strange scenario called "Dutch decease". It's an economic problem caused by sudden boom in the oil industry which results in decreasing backward linkage or less productivity in other industries since it'd be cheap to import stuffs rather than producing them. Again this may cause even higher inflation at subsequent times.
Finally, again the political and governmental consequences arise. If the external and internal 'problems' dont arise, BD gets more oil resources and the goverments become oil funded; less accountability and much more corruption is about to rise its head. More than that problems may arise if the industry is headed by privatized corps. (could be also direct ownership corps. too), which may be unjust. Ironically, if it's nationalized then again the same problem will arise which made the country 'achieve' a hattrick. Other than that, civil wars for revenues have been seen ignited by oil.
Lastly, the majority of the working class people of the country depends on RMG industry for livelihood, specially women. So if oil industry grows then as said earlier, a lack of backward linkage may appear which will cause a lack of emphasis on the sector thus retrenchment'd be knocking the door.
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Obviously, what you've said is true for the perspective of the developing countries like ours. please find below what Petrobangla officials thinks about their recent achievement:----
http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/7630241 (http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/7630241)
http://www.newshoursbd.com/english/2012/05/21/petrobangla-discovers-profitable-oil-reserve/ (http://www.newshoursbd.com/english/2012/05/21/petrobangla-discovers-profitable-oil-reserve/)
Thank you all.
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Yes it is excellent news but we are waiting and waiting and one time we heard it can sell another country because our resource are short and our technology did not used in proper time this is life cycle of ..............