Chevron receives due payments from Petrobangla

Chevron Oil and gas company_11zon

Sadrul Hasan

Dhaka, Apr 21 (UNB) – Chevron Bangladesh has recently received its outstanding payments from the state-owned Petrobangla.

“We have received our entire outstanding bills from the government in recent weeks,” an official of the US company told UNB.

The company also issued an official statement, saying, “We greatly appreciate the efforts of the interim government, the energy ministry, and Petrobangla to resolve this issue.”

It added that the outcome sends a positive signal to both existing and potential investors. “We have been a partner in ensuring Bangladesh’s energy security and driving economic progress for 30 years, and we look forward to continuing the journey together,” the US oil major noted.

Environment Advisor Syeda Rizwana Hasan had recently indicated the government’s commitment to clearing dues in the energy sector.

Speaking at an event on renewable energy, she said the government had paid foreign companies—marking a strong sign of its efficiency.

“The drastic reduction of foreign loans for the power sector—from 3.2 billion dollars to 800 million dollars in just seven months—sends a clear message that change is possible, provided there is political will,” she said.

Earlier in March, Energy Adviser Dr Fouzul Kabir Khan had announced that the government would clear all dues owed to foreign companies within two months.

Chevron Bangladesh, a subsidiary of California-based Chevron USA, has been producing around 50 percent of the country’s natural gas through its three fields in the Sylhet region—Bibiyana, Moulvibazar, and Jalalabad.

The company, however, had been struggling with unpaid bills for over a year.

According to industry insiders, Chevron’s overdue payments stood at $190 million in March—equivalent to roughly five months’ worth of bills, with Petrobangla typically paying about $40 million per month.

Between April 6 and April 16, Petrobangla paid $150 million to regularise the outstanding amount.

The delay in payments was reportedly due to a cash crunch faced by the state-run company.

As of Monday, statistics show that Chevron supplies approximately 1,108.6 million cubic feet of gas per day (MMCFD), which accounts for over 50 percent of the country’s local production of about 1,873.5 MMCFD.

Besides, the government imports 818.9 MMCFD of liquefied natural gas (LNG), bringing the total gas supply to 2,612 MMCFD.

Both industry insiders and Chevron officials noted that the clearance of arrear bills will now allow the US company to expedite development work in its expanded areas.

Chevron began drilling in these extended zones in 2023 to boost production. However, progress had been hindered due to the unpaid bills. - UNB