Global companies keen to explore gas in deep sea

With the rise in gas prices in the global market due to the ongoing Russia-Ukraine war, foreign investors are interested in conducting gas surveys in the deep sea inside the maritime boundary of Bangladesh.

State Minister for Power, Energy, and Mineral Resources Nasrul Hamid said this on Sunday while addressing a session, titled “Strategic Approach for Energy Security to Attain Sustainable Growth”, of Bangladesh Business Summit 2023.

He said, “Previously, we tried to appoint multinational gas companies to conduct a survey at two blocks of the deep sea, but considering the gas price they did not agree. But, as the gas prices have increased due to the Russia-Ukraine war, many companies are now showing interest in conducting search operations.”

“Surveying the deep sea in search of gas has a high risk. A company needs to invest $100-$200 million to search under the deep sea, and if they find nothing all investment goes in vain. So, the government waited for the company that would willingly invest to conduct the survey and help the country get gas,” he added.

Reiterating that the government will gradually lift subsidies from power and electricity, he said, “The government has reached its target of making electricity available for all.”

“We did not do business while connecting everyone across the country. We call a subsidy an investment and the GDP is showing the result of the investment. Now what we want is to provide clean, uninterrupted electricity to all,” he added.

In the session, Chairman of Summit Group Muhammad Aziz Khan, Chairman of Max Group Azam J Chowdhury, and CEO of GE Gas Power South Asia Deepesh Nanda talked about the subsidy and state of power generation, technical facilities the country is having in the sector and what the country can do in the future.

The state minister said that they had adopted a master plan in 2010 and the scenario has been changed fully between 2021 and 2023. Now the government is reviewing its plan.

“We have to do it in our own way considering the local traits,” he said.