Govt seeks US investments in oil, gas exploration

Bangladesh has sought US investments in oil and gas exploration, particularly at offshore sites.

Tawfiq-E-Elahi Chowdhury, the Bangladesh prime minister's adviser for power, energy and mineral resources, shared his views during a meeting with senior officials of American multinational oil and gas corporation ExxonMobil at the Bangladesh embassy in Washington DC on Saturday.

Having a balanced mix of energy sources is critical for Bangladesh and its development, he said, highlighting the crucial role of US companies in the energy sector in Bangladesh and welcoming further contributions, the Bangladesh embassy said in a statement yesterday.

Tawfiq-E-Elahi highlighted the need for investment in building storage facilities for renewable energy.

He acknowledged that companies like ExxonMobil, who are looking for LNG businesses in Bangladesh, require guarantying hedges against price volatilities.

The energy adviser asked ExxonMobil to expedite deep-sea exploration and to invest in upgrading transmission networks and land-based facilities.

ExxonMobil expressed keen interest in working with Bangladesh to support the country's current pace of development and ensure access to energy.

Bangladesh Ambassador to the US M Shahidul Islam and senior officials from the Bangladesh embassy and ExxonMobil were present.

Later, an MoU was signed between Summit Oil and Shipping Co and Commonwealth LNG at the embassy.

The adviser said the MoU was an important step towards further expanding the existing energy cooperation between Bangladesh and the US.