Energy transition and Chevron's role

Eric M Walker

President and Managing Director

Chevron Bangladesh

As one of the world's leading integrated energy companies, Chevron is involved in virtually every aspect of the energy industry. At Chevron, we believe that access to energy helps improve lives by driving human progress and enabling the benefits of modern society. That's why we believe that affordable, reliable, ever-cleaner energy is essential to achieving a more prosperous and sustainable world.

In Bangladesh, Chevron Bangladesh Block Twelve, Ltd. and Chevron Bangladesh Blocks Thirteen & Fourteen, Ltd. ("Chevron Bangladesh") play an important role supporting the government and Petrobangla to help ensure energy security for the nation and assist Bangladesh in its quest to emerge as a high-income country by 2041.

Chevron Bangladesh is the country's largest natural gas and condensate producer and has produced an average of approximately 1.42billion cubic feet per day to supply energy to Bangladesh since 2016. Chevron Bangladesh operates three fields: Bibiyana, Jalalabad, and Moulavi Bazar, providing about 60 per cent of total domestic natural gas production and over 80 per cent of domestic condensate production.

Chevron Bangladesh has contributed more than $4.1 billion of foreign direct investments, including over $583 million in contracts with local suppliers and contractors in the last 13 years.

We believe human ingenuity has the power to solve any problem, overcome any obstacle and deliver responsible solutions for all people. Today, we are focusing the creativity and ingenuity of our people on solutions that deliver lower-carbon energy to a growing world. More than 97 per cent of our employees are Bangladeshi nationals. With our talented employees, we are delivering world-class performance, with safety, reliability, and production efficiency.

We believe that the future lies in lower-carbon energy. Chevron's energy transition strategy is two-fold. Globally, Chevron is investing in lower-carbon energy with the goal of reducing the carbon intensity of our business and building new lower carbon energy businesses. We are lowering the carbon intensity of our global operations, focusing on methane, flaring, and energy management. We've established 2028 carbon intensity targets across our entire portfolio, resulting in a 35 per cent reduction from our baseline in 2016.

In Bangladesh, we are working to reduce the carbon intensity of our operations through assessing opportunities of undertaking various lower-carbon projects.

Around the world, Chevron also intends to grow business lines in renewable fuels and products, hydrogen, carbon capture, utilization and storage, and emerging lower carbon opportunities.

Achieving the objectives of the Paris Agreement will require investments in technology and innovation, transformation in science and engineering, more ambitious government policy, and new partnerships and collaboration across the global energy system.

No company, industry, or country acting alone can meet the world's energy and climate goals. In partnership with our customers and our stakeholders, our industry can play a major role in delivering progress today. Together with the people and the government of Bangladesh, Chevron Bangladesh looks forward to the nation's energy future with optimism and confidence.