US energy giant Chevron is set to invest in new gas exploration projects in Bangladesh to strengthen the country’s energy security, company officials announced on Tuesday.

Senior company officials revealed the move on Tuesday, expressing satisfaction with the Interim Government’s efforts to settle arrears amounting to hundreds of millions of dollars.

The payments had been stalled for the past two years under the previous Sheikh Hasina administration, but the recent resolution has renewed optimism for collaboration.

Led by Vice President Frank Cassulo, Chevron officials met with Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna to discuss the company’s plans.

During a meeting Cassulo highlighted the nation’s rising gas demand driven by expanding economic activities and an improved business environment. The proposed drilling activities will focus on the northeastern regions, aiming to bolster energy security in one of Asia’s fastest-growing economies.

‘We will invest in new onshore gas exploration,’ he said, adding new gas reserves would boost the country’s economic growth.

Chief Adviser Professor Muhammad Yunus welcomed Chevron’s move to explore new gas reserves, saying the Interim Government has planned to increase gas supply to local companies amid an uptick in economic activities.

‘We are now ready for business. We welcome more foreign direct investment in the country. Major multinational companies have already responded positively,’ he said.

The Chief Adviser highlighted key reforms undertaken by the Interim Government to ensure a better investment climate in the country.

Professor Yunus praised Chevron’s social responsibility activities for the local communities.

Lutfey Siddiqi, Special Envoy of the Chief Adviser, was present in the meeting. He said the government was committed to clearing Chevron dues by April next year.

Chevron and the Petrobangla reached the six-month repayment deal soon after the Interim Government took over.