Energy Adviser to the Prime Minister, Tawfiq-E-Elahi Chowdhury has urged the American Oil giants to invest in oil and gas explorations in Bangladesh, particularly the offshore ones.

He made the call during a meeting with senior officials of ExxonMobil, an American multinational oil and gas corporation, on July 30 at the embassy of Bangladesh in Washington DC.

He highlighted the need for investment in building storage facilities for renewable energy in Bangladesh, said a press release by the Bangladesh embassy on Sunday.

The adviser mentioned that having “a balanced mix of energy sources is critical for Bangladesh and its development.”

Tawfiq-E-Elahi acknowledged that the companies like ExxonMobil, who are looking for LNG businesses in Bangladesh, require guarantying hedges against the price volatilities.

He asked ExxonMobil to expedite deep-sea exploration and to invest in upgrading transmission networks and land-based facilities.

ExxonMobil expressed keen interest in working with Bangladesh to support Bangladesh’s current development pace and ensure access to energy.

Later, an MoU was signed between Summit Oil and Shipping Co. Ltd and Commonwealth LNG at the Bangabandhu Auditorium of the Bangladesh embassy.   Prime Minister’s Energy Adviser Tawfiq-e-Elahi Chowdhury was present at the signing ceremony.

He welcomed the MoU as an important step towards further expansion of the existing energy cooperation between Bangladesh and the United States.

Earlier on July 29, the adviser visited the embassy of Bangladesh in Washington DC. He placed floral wreaths at the bust of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman.