US-based energy giant Chevron has announced plans to invest in new gas exploration activities in Bangladesh, aiming to enhance the country’s energy security, senior company officials said on Tuesday.
Frank Cassulo, a vice president at Chevron, led a delegation that met with Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna. Cassulo emphasised that growing gas demand, fueled by increased economic activity and an improved business outlook, has encouraged Chevron to expand its drilling operations in northeastern Bangladesh.
“We will invest in new onshore gas exploration,” Cassulo said, adding that new reserves could significantly contribute to the country’s economic growth.
The Chief Adviser welcomed Chevron’s investment plans, stating that the Interim Government is prioritising increased gas supply to local industries amid accelerating economic activities.
“We are now ready for business. We welcome more foreign direct investment in the country. Major multinational companies have already responded positively,” said Professor Yunus, highlighting key reforms implemented by the Interim Government to create a favorable investment climate.
Professor Yunus also praised Chevron for its corporate social responsibility efforts, which benefit local communities.
Chevron officials expressed satisfaction that the Interim Government has begun clearing arrears, totaling hundreds of millions of dollars, that had accumulated during the previous Sheikh Hasina administration.
Lutfey Siddiqi, Special Envoy of the Chief Adviser, assured that all outstanding payments to Chevron would be cleared by April next year. He mentioned that Chevron and Petrobangla, the state-owned energy corporation, had reached a six-month repayment agreement shortly after the Interim Government assumed office.
The planned investment in gas exploration is expected to bolster Bangladesh's energy sector and support its broader economic ambitions.
