BD gets $30b investment offer to explore oil and gas 

The American multinational company Exxon Mobil has offered to invest at least $30 billion to explore oil and gas in the deep sea of Bangladesh. If Bangladesh agrees, they want to start the work next November.

The government is taking their proposal positively. Sources from the Energy Department have confirmed that a committee has been formed with experts, international lawyers and related parties to discuss this matter.

Energy experts see Exxon Mobil's proposal as a potential solution to the ongoing energy crisis. According to them, the US Company is interested in exploring the sea of Bangladesh for its own interests due to geopolitical reasons. It is an opportunity for Bangladesh. This opportunity should be taken. It will open the door to oil and gas exploration in the deep sea. However, Bangladesh should protect its own interests during the agreement.

There are 26 blocks in Bangladesh's part of the Bay of Bengal. 11 blocks in the shallow sea and 15 blocks in the deep sea. Earlier the company wanted all the deep sea blocks in oil and gas exploration. However, the government has a policy decision not to allow any single company to work in all the blocks. After that proposal, there were many discussions about US-Bangladesh relations in the political arena. Now they have offered an alternative.

Advisor to the Prime Minister on electricity, energy and mineral resources Tawfiq-e-Ilahi Chowdhury said, "At various times, some international companies showed interest in deep-sea exploration but later left. Yet our efforts continue. PSC is being revised to attract foreign companies. Global geopolitics is involved in this again.

Production and Distribution Agreement (Model PSC-2023) is in its final stage to attract foreign companies to offshore oil and gas exploration. It is likely to be taken up in the Cabinet Committee on Procurement for approval next week. According to sources, the government will set up a high-level committee to review Exxon Mobil's proposal and start formal discussions with them once the PSC revision is finalised.

According to Exxon Mobil's proposal, it will take two years to carry out today's seismic survey in the respective blocks and another three years to collect and process 3D seismic data.

Geologist Professor Dr. Badrul Imam said "After settling the maritime dispute, the neighboring countries India and Myanmar are extracting a large amount of gas on their part. Despite the huge potential for oil and gas in the seas of Bangladesh, there is stagnation. In such a situation, the interest shown by Exxon Mobil is very positive for Bangladesh.

He said, 'Exxon Mobil is one of the best companies in the world. Their expertise in deep-sea exploration is very high. Due to their interest, various organizations from around the world will show interest in investing here. So you should sit in discussion with them. However, care must be taken to ensure that the interests of Bangladesh remain intact.

Research Director of Bangladesh Institute of International and Strategic Studies (BISS) Mohammad Mahfuz Kabir said "Exxon Mobil is the best company in the world." They were in this area 50-60 years ago. It is positive for us to want them to come again. If they work, we will know how much fuel is in the ocean. Besides, Bangladesh's relationship with America will improve further. However, the interests of Bangladesh should be prioritized in the treaty.