Expand domestic gas exploration, diversify energy sources

FE DESK
Experts at a meeting called for urgent steps to expand domestic gas exploration and diversify energy sources to ensure energy security, as energy demand in the country could double or triple in the next 15-20 years.
Expressing concern over the country's overreliance on expensive spot LNG, they highlighted the need to boost domestic energy production, including gas and coal, alongside faster deployment of renewable energy.
The American Chamber of Commerce in Bangladesh (AmCham) organised the meeting of its Energy & Power Subcommittee at a city hotel on Wednesday to assess the country's evolving energy landscape and identify pathways for sustainable growth, says a press release.
Professor M. Tamim, Vice Chancellor of IUB, stressed the urgent need to increase reliance on domestic energy, noting that boosting output from existing gas fields could take 2-5 years while new exploration would take even longer.
He highlighted the limitations of the BAPEX (Bangladesh Petroleum Exploration & Production Company Limited)-only approach, recommending engagement with international reservoir management firms to optimise output.
He also highlighted the need for a clear policy decision on domestic coal development.
Emphasising renewable energy as the quickest solution, Prof Tamim suggested that Bangladesh could add 3,000 MW of solar capacity by 2030, alongside an additional 2,000 MW through rooftop systems, reducing reliance on oil-based power plants during daytime and lower import costs.
AmCham President Syed Ershad Ahmed emphasised the need for coordinated short- medium- and long-term strategies to address rising demand, supply vulnerabilities, and the global energy transition.
Eric Walker, Vice President of AmCham and President of Chevron, emphasised that beyond short-term measures, Bangladesh must prepare for energy demand which will potentially double or triple within the next 15-20 years, underscoring the urgent need for renewed drilling and government support for exploration.
He called for a diversified energy strategy, including additional LNG terminals, expanded onshore and offshore exploration, and greater investment in solar, alongside stronger industry-government collaboration to deliver actionable long-term solutions.
Habib Bhuyian, Country Manager of Excelerate Energy, warned that prolonged reliance on high-priced spot LNG could have severe multidimensional economic consequences and urged companies to share emerging challenges, forward-looking risks, and recommendations so that a consolidated industry voice can be presented to policymakers for informed decision-making.
The speakers also called for policy reforms to support clean energy, including rationalising duties, improving access to green finance and creating a level playing field for energy service companies.