U.S. energy giant Chevron is set to begin work on the Jalalabad Compression Project (JBC) next year to harness additional natural gas.
"Chevron has submitted a budget of its works for the next year, where it included projected costs of the JBC for the first time," said a senior Petrobangla official.
He did not disclose how much Chevron intends to invest in the project in 2026, but sources said the JBC might take several years to complete, with costs estimated at around US$75 million.
Petrobangla had long been pressing Chevron to proceed with the investment, which was deferred earlier due to piling overdue payments to the US company.
After clearing all outstanding bills - including late payment interest - Petrobangla wrote to Chevron Bangladesh, requesting the resumption of its stalled $75 million investment in the JBC.
In late August, Petrobangla sought a time-bound action plan for the project. "Your timely action in this regard will be highly appreciated," Mr Rahman wrote to Chevron Bangladesh President Eric M Walker on August 31.
In reply, Mr Walker reiterated Chevron's commitment to move forward with the project but stopped short of confirming a timeline. "I am writing to reiterate the intention of Chevron Bangladesh to proceed with the Jalalabad Compression Project," he said.
