U.S. energy giant Chevron Bangladesh plans to invest more gas exploration in Bangladesh in order to help the country achieve energy security, its senior executives said on Tuesday.
A delegation led by Frank Cassulo, Chevron’s Vice President, International Exploration and Production, called on Chief Adviser Dr Muhammad Yunus at the state guest house Jamuna.
Cassulo said increasing gas demand due to growing economic activities and a better business outlook have prompted Chevron to invest in new drilling activities in northeastern parts of the country.
“We will invest in new onshore gas exploration,” he said, adding that new gas reserves would help boost the country’s economic growth.
The Chief Adviser welcomed Chevron’s move to explore new gas reserves, saying the Interim Government has planned to increase gas supply to local companies amid an uptick in economic activities.
“We are now ready for business. We welcome more foreign direct investment in the country. Major multinational companies have already responded positively,” he said.
The Chevron officials said they were happy that the Interim Government has started clearing arrears worth hundreds of millions of dollars after the previous Sheikh Hasina government stopped paying the company in the past two years.
Chevron and the Petrobangla reached the six-month repayment deal soon after the Interim Government took over.
Lutfey Siddiqi, special envoy of the Chief Adviser, was present in the meeting. He said the government was committed to clearing Chevron dues by April next year.
The Chief Adviser highlighted key reforms undertaken by the Interim Government to ensure a better investment climate in the country.
Prof Yunus praised Chevron’s social responsibility activities for the local communities.
As the largest US investor in Bangladesh, Chevron has contributed over US$4.1 billion to strengthen Bangladesh’s energy infrastructure in the last three decades, including over $580 million with local suppliers.
“Chevron is Bangladesh’s largest producer of natural gas, with its operations managed by a workforce comprised of 97% Bangladeshi nationals,” said Eric M Walker, Chevron Bangladesh Managing Director and President.
He added that Chevron remains committed to supporting Bangladesh’s energy security and economic growth through continued partnership and investment.
