Wednesday, June 19, 2024


Dhaka Tribune

Bangladesh encourages US companies to invest in offshore oil, gas explorations

MoU signed between Summit Oil and Shipping Co Ltd and Commonwealth liquefied natural gas

Update : 01 Aug 2021, 11:05 AM

Prime Minister's Adviser for Power, Energy and Mineral Resources Dr Tawfiq-E-Elahi Chowdhury has encouraged the US companies, including ExxonMobil, to invest in oil and gas explorations in Bangladesh, particularly the offshore ones.

He held a meeting with the senior officials of ExxonMobil, one of the world's largest publicly traded international oil and gas companies, Friday at the Bangladesh Embassy in Washington DC and welcomed their contributions to Bangladesh's energy sector, highlighting the crucial role of the US companies in this area.

Also, the adviser focused on the need for investment in building storage facilities for renewable energy in Bangladesh.

Having a balanced mix of energy sources is critical for Bangladesh and its development, he said.

Dr Tawfiq acknowledged that the companies like ExxonMobil, which are looking for liquefied natural gas (LNG) businesses in Bangladesh, require guarantying hedges against the price volatilities.

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

Also Read - Bangladesh seeks US investment for regional power distribution

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

Bangladesh Ambassador to the USA M Shahidul Islam and senior officials from Bangladesh Embassy and ExxonMobil were present at the meeting.

Later, a memorandum of understanding (MoU) was signed between Summit Oil and Shipping Co Ltd and Commonwealth LNG at the Bangladesh Embassy in Washington DC in the presence of Dr Tawfiq.

The adviser welcomed the signing of the MoU as an important step towards further expanding the existing energy cooperation between Bangladesh and the US.

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