Energy giant Chevron is set to invest in Gas Field 11 to extract fresh gas from the site.
"They are scheduled to submit their plan to Energy Advisor Dr. Fouzul Kabir Khan tomorrow (Wednesday) at the Energy Ministry," said Md Shafiqul on Tuesday during a media briefing at the Foreign Service Academy.
"Chevron has planned new gas exploration activities in Bangladesh to strengthen the country's energy security," Shafiq, the press secretary, stated, quoting senior officials from the US-based company.
Chevron officials expressed satisfaction that the Interim Government has begun clearing arrears amounting to hundreds of millions of dollars. These payments had been halted during the previous Sheikh Hasina administration over the past two years, he added.
Led by Frank Cassulo, a vice president of Chevron, the company's delegation met with Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna.
Cassulo explained that the rising demand for gas, driven by growing economic activity and an improved business outlook, had motivated Chevron to invest in new drilling operations in the northeastern regions of the country.
"We will invest in new onshore gas exploration," he stated, emphasising that the discovery of new gas reserves would contribute significantly to Bangladesh's economic growth.
Chief Adviser Professor Muhammad Yunus welcomed Chevron's initiative to explore new gas reserves, noting that the Interim Government aims to increase gas supplies to local companies to support the ongoing economic upturn.
"We are now ready for business and welcome more foreign direct investment in the country.
Major multinational companies have already responded positively," he remarked.
The Chief Adviser also highlighted key reforms introduced by the Interim Government to create a more favourable investment climate. Additionally, he commended Chevron's corporate social responsibility efforts to support local communities.
Lutfey Siddiqi, Special Envoy to the Chief Adviser, attended the meeting and reiterated the government's commitment to clearing Chevron's outstanding payments by April next year.
Chevron and Petrobangla recently agreed on a six-month repayment arrangement following the establishment of the interim government.
