Chevron Bangladesh has proposed a fresh investment of around $500 million to explore two onshore gas blocks—Block-11 and Block-12—in the country’s gas-rich northeastern region, along with a compression station project near the Jalalabad gas field.

The US energy giant expressed its interest during a high-level meeting with the Ministry of Power, Energy and Mineral Resources on Tuesday, according to Energy Adviser Dr Muhammad Fouzul Kabir Khan.

Chevron’s new President of Base Assets and Emerging Countries, Javier La Rosa, along with Chevron Bangladesh President Eric M Walker, led the delegation and reaffirmed the company’s long-standing partnership with Bangladesh.

“We have a strong partnership with the government, Petrobangla, and the people of Bangladesh—a partnership that has supported the country’s energy security and economic growth for 30 years,” La Rosa said.

Petrobangla will evaluate the proposal, which includes exploration rights over an extended area of Block-12 in the Surma Basin, a key contributor to the national gas grid.

Chevron officials thanked the interim government for clearing overdue payments, which had accumulated since the onset of the Russia-Ukraine war in 2022.

If approved, Chevron could fast-track new gas production using existing infrastructure at the Bibiyana gas processing plant, potentially ramping up supply to 1.35 billion cubic feet per day.

Chevron, Bangladesh’s largest foreign investor, currently supplies about 60% of the country’s natural gas and over 80% of its condensate. The proposed expansion underscores its continued strategic role in the nation’s energy sector.