Natural gas and petroleum in Bangladesh
Bangladesh is the sixteenth-largest producer of natural gas in Asia. Gas supplies meet 56% of domestic energy demand. However, the country faces an acute energy crisis in meeting the demands of its vast and growing population. Bangladesh is a net importer of crude oil and petroleum products. The energy sector is dominated by state-owned companies, including Petrobangla and the Bangladesh Petroleum Corporation. Chevron, ConocoPhillips, Equinor, Gazprom and ONGC are major international companies engaged in Bangladesh's hydrocarbon industry, with Chevron's gas fields accounting for 50% of natural gas production. Geologists believe the country's maritime exclusive economic zone holds one of the largest oil and gas reserves in the Asia-Pacific. Protectionism and a lack of technical capacity have impeded Bangladesh's potential to emerge as a major global hydrocarbon producer. Two LNG Terminal and a gas pipeline will be created to ease the Bangladesh gas shortage. The International Islamic Trade Finance Corp has signed a $1.4 billion agreement to cover Bangladesh's oil imports. History The Indo-Burma Petroleum Company drilled the first oil wells in Eastern Bengal between 1908 and 1914 in Chittagong District. The Burmah Oil Company discovered the first gas field in East Bengal in 1955. Industrial use of natural gas began