Bangladesh is the seventh largest gas producer in Asia However, Bangladesh is facing a severe energy crisis to meet the needs of a large and growing population. Bangladesh is one of the major importers of crude oil and minerals. The country's energy sector is regulated by state-owned companies such as Bangladesh Petroleum Corporation and Petrobangla. International companies working in the country's hydrocarbon industry include Chevron, ConocoPhillips, Staywell, Gazprom and ONGC. Where 50 percent of natural gas production comes from Chevron gas wells. Geologists believe that the country's exclusive economic zone offshore has one of the largest oil and gas reserves in the Asia-Pacific region. Lack of conservation knowledge and technical expertise is hampering Bangladesh's chances of becoming a leading global hydrocarbon producer.
The provinces of East Bengal and Assam (including Sylhet division) were one of the first petroleum producers in the world due to the exploration of mineral oil and gas during the British rule. Indo-Bangla Petroleum Company drilled the first oil well in East Bengal in Chittagong Division between 1908 and 1914. In 1955, Burma Mineral Oil Company discovered the first oil well in Chittagong Division in East Bengal. The Shale Oil Company and Pakistan Petroleum discovered seven gas fields in the 1980s.
After the war of independence of Bangladesh, the first government of Bangladesh led by Sheikh Mujibur Rahman, Minister of Power and Mineral Resources. Kamal Hossain passed the Bangladesh Petroleum Act in 1974. The then government welcomed many international oil companies to explore in Bangladesh. The government introduced Petrobangla as the National Mineral Resources Corporation. Petrobangla accelerated exploration work in the eighties and discovered nine new gas fields. Petrobangla also set up the first commercial oil refinery in 1986.
In the nineties, various multinational gas and oil companies started extracting oil from Jalalabad, Moulvibazar Bibiana and Bangura-Lalmai. Of the shell and inakala one. The largest oil company, Chevron , launched in 2005.
In 1974, the Bangladesh government gave seven parts of the continental shelf to six international oil companies. By 1986, however, the companies were leaving, citing mechanical problems and political instability. Their main target was oil, but the search turned up gas, not oil. But since then the petroleum situation in the world has changed. Despite the obstacles in marine exploration, the interest of international oil companies in gas exploration has increased a lot. In 1996, the Bangladesh government gave four parts of the shallow sea to a few new international oil companies. Shale, Kerin Energy and Santos are the three companies operating the marine gas field Sangu.