Chevron to invest in new gas exploration in Bangladesh

Energy giant Chevron has shown interest in investing in new gas exploration activities in Bangladesh to boost the country's energy security, senior officials of the US-based company said today.

Chevron officials expressed satisfaction that the interim government had begun clearing hundreds of millions of dollars in arrears, which the previous Hasina administration had not paid over the past two years.

Led by Frank Cassulo, a vice president of the company, Chevron officials called on Chief Adviser Professor Muhammad Yunus at state guest house Jamuna, according to a statement released by the Chief Adviser's Office today.

Increasing gas demand due to growing economic activities and a better business outlook have prompted Chevron to invest in new drilling activities in the north-eastern parts of the country, Cassulo said.

"We will invest in new onshore gas exploration," he said, adding new gas reserves would 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," Yunus said.

The chief adviser highlighted key reforms undertaken by the interim government to ensure a better investment climate in Bangladesh.

Professor Yunus praised Chevron's social responsibility activities for the local communities.

The government is committed to clearing Chevron dues by April next year, said Lutfey Siddiqi, special envoy of the chief adviser, who was present in the meeting.

Chevron and Petrobangla reached the six-month repayment deal soon after the interim government took charge of the country after the fall of the Awami League government in August 5 this year.