Chevron Bangladesh has finally agreed to continue their operation in Bangladesh after negotiations with the Petrobangla chairman and other higher-ups.
Besides, the government's unwillingness to close their business here has also led Chevron make the decision.
On October 18, the Dhaka Tribune had published a report, titled 'Chevron now wants to stay in Bangladesh, but under new terms', which said the subsidiary of the US-based oil giant had renegaded on a decision taken five months ago to quit the country.
Seeking anonymity, a Petrobangla official told the Dhaka Tribune that although Chevron repeatedly said that they wanted to leave Bangladesh in several meetings, Petrobangla boss Abul Mansur Md Faizullah had convinced them to stay.
The chairman convinced them saying their new investment would come under Petrobangla’s positive consideration, the official said.
Sources said Chevron now has finally decided, after successful negotiations, that they would invest $400 million more in the gas sector.
Faizullah told the Dhaka Tribune on Thursday that they had met a number of Chevron teams over the issue in last few months to bring positive results for the government. “They have showed eagerness to make fresh investment and hopefully they will continue their business here.”
On April 24, Chevron had announced that its wholly-owned subsidiary, Chevron Global Ventures Ltd, has entered into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh to Himalaya Energy, which is owned by Chinese consortium China ZhenHua Oil.
Chevron had planned to close the sale, part of non-core asset disposals, around mid-October.
However, Bangladesh government did not approve of Chevron’s call right away as it originally wanted to buy the shares itself, stalling the whole process. The government holds the right of first refusal in any asset sale.
Talking to reporters on Thursday at Bidyut Bhaban in Dhaka, State Minister for Power, Energy and Mineral Resources Nasrul Hamid also confirmed that Chevron would not shut their business in Bangladesh.
Chevron's decision was comfortable for the government and they trust the government too, he added.
The state minister added that Chevron wants to set up new compressors at the Bibiyana gas field and that would cost $400 million. The matter was disclosed on Thursday after Chevron submitted official proposal.
He told the Dhaka Tribune that Chevron had not proposed to the government to increase gas prices. “They will provide gas in the existing rate.”
Responding to another question, Nasrul also said Chevron did not provide any proposal ensuring investment in the onshore Sunetra (Sunamganj-Netrakona) hydrocarbon structure.
Chevron, the largest foreign investor and gas producer in Bangladesh, operates under a production sharing contract at the Bibiyana gas field’s Block 12, and in blocks 13 and 14 of Jalalabad and Moulvibazar fields.
The onshore gas fields have an average net daily output of 720 million cubic feet of gas and 3,000 barrels of condensate, or liquid hydrocarbon produced with gas. Chevron sells the entire output to Petrobangla under a long-term sales agreement.
Regarding the issues, Chevron Bangladesh Communications Manager (External Affairs) Shaikh Jahidur Rahman told the Dhaka Tribune that the company regularly engages national, regional and international stakeholders over many issues.
“As per our long-standing policy, we do not discuss the specifics of meetings with government officials,” he said.
Thursday, June 04, 2026
