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US to help assess hydrocarbon in bowels of Bangladesh: Hasina

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October 23, 2000 

Dhaka-- (UNB) - Prime Minister Sheikh Hasina yesterday said her government would take decision regarding pipeline sale of gas after knowing the reserve position from a joint study being conducted by Petrobangla and US Geological Survey.

"We'll not hesitate to go for selling excess gas for our socioeconomic development meeting domestic requirement and keeping 50 years' reserves for future generation," she told a crowded news conference at the PM office on her return from talks with President Clinton at the White House.

The joint survey, undertaken to assess actual volume of hydrocarbon in the bowels of Bangladesh following controversies over differing estimates, is expected to complete by end of December this year.

She was asked if she had made any commitment to the US President about gas export, which is being ardently pursued by American oil companies for quick returns on their investments made in gas exploration here.

In a sharp reply, Hasina accused BNP of agreeing to sell out gas while signing contracts with different oil companies without thinking of country's interests.

She cited the production-sharing contract with the Occidental and said there was no compensation clause in the deal. As a result, the present government had to face problem in realizing compensation from the company after gas blowout at Magurchhara field in Moulvibazar.

"But our first priority is the people. First, we will have to meet our own requirement and then we will keep reserve for 50 years for future generation and then we will have no hesitation about selling excess gas for socioeconomic development," Hasina said explaining to the journalists her government's latest position on the politically sensitive issue.

During her visit, Bangladesh and the United States issued a joint statement agreeing to intensify bilateral cooperation in the prospective energy sector.

The declaration, signed by US secretary of energy Bill Richardson on their side, says the two governments recognize the immense opportunity for fruitful cooperation in the energy sector and decided to further enhance interaction in this field.

The USA has considerable interest in Bangladesh's potential energy riches as leading American companies have already invested millions of dollars for exploration and development of gasfields. The oil giants are now pressing for exporting gas to India where they eye a vast market.