Petrobangla owes Chevron Bangladesh around $260 million in unpaid dues for gas purchased from Bibiyana and other fields, with payments delayed for over five months due to a cash crunch. Petrobangla buys approximately $50 million worth of gas monthly from Chevron, which supplies about 1,200 million cubic feet per day (MMCFD), constituting nearly 50% of Bangladesh’s total gas production. The delays are attributed to declining foreign exchange reserves, which dropped below $19 billion in 2023 from over $48 billion in 2022, impacting the import of petroleum fuels and LNG. The government’s outstanding bills with foreign gas and fuel suppliers have surpassed $500 million. Efforts are underway to secure more foreign currency from Bangladesh Bank to address these dues. Concerns are raised that the delay in payments could deter international investors from participating in the upcoming offshore bidding for hydrocarbon exploration in Bangladesh’s maritime boundary.
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