KEY POINTS
- Chevron prioritises domestic gas production.
- Bangladesh needs a diversified energy mix.
- Chevron remains committed to Bangladesh.
Chevron Bangladesh says it remains committed to supporting Bangladesh’s long-term energy security as the country faces declining domestic gas production, rising demand and greater reliance on imported fuels.
Speaking in an exclusive interview with The Daily Observer, Chevron Bangladesh President and Managing Director Shu Xiong said reliable and affordable energy would remain essential to Bangladesh’s power sector, industries, households and efforts to attract investment.
Xiong, who assumed her position on August 1, 2026, said Bangladesh was entering an important transition in its energy sector and would need a diversified and resilient energy system to meet future demand.
According to her, the country’s population could grow from about 178 million to 195 million by 2035, while energy demand could rise by between 50% and nearly 100% as Bangladesh pursues further economic expansion.
Xiong said Bangladesh should not depend on a single source of energy, arguing that natural gas, LNG, coal, renewable energy, nuclear power and energy-efficiency measures would all have roles to play.
She identified increased domestic gas production as a priority wherever technically and commercially viable, while also calling for predictable policies, timely government approvals and contractual certainty to encourage long-term investment.
She said Bangladesh would also need to strengthen LNG imports, renewable energy, electricity-grid infrastructure and energy-efficiency measures while keeping affordability and reliability at the centre of its energy transition.
Chevron keeps focus on existing assets
Although Chevron did not disclose specific expansion plans, Xiong said the company remained interested in opportunities that matched its capabilities, investment approach and Bangladesh’s national priorities.
She said Chevron’s immediate focus was on maintaining safe and reliable operations, maximising gas production from its existing assets and continuing its partnership with Petrobangla and the Bangladesh government.
The company also declined to comment on specific commercial opportunities, offshore bids or technical evaluations.
Globally, Chevron aims to grow its oil and gas business while reducing the carbon intensity of its operations and developing new energy businesses. Xiong said any future opportunity in Bangladesh would have to comply with national priorities, regulations and commercially competitive frameworks.
Xiong identified declining production from mature fields, delays in approvals, policy uncertainty and coordination among government institutions as some of the main challenges facing Chevron and other long-term investors.
She said the company believed domestic natural gas could continue playing an important role in electricity generation, industry, households and broader economic growth.
Chevron currently has a workforce that is about 98% Bangladeshi, which Xiong described as evidence of the company’s focus on developing local expertise and long-term capacity. Xiong said Bangladesh had several factors that made it attractive to long-term investors, including its large population, expanding industrial base and growing demand for energy.
However, she stressed that major energy projects require substantial capital, long development periods and technical and commercial certainty.
She said Bangladesh was competing internationally for a limited pool of investment capital and would therefore benefit from clearer policies, competitive fiscal terms, greater investment certainty and an easier business environment.
Recent government efforts to encourage exploration and improve policy predictability, she added, indicated growing recognition of the link between energy security and economic competitiveness.
