PM Announces Plan to Strengthen BAPEX and Enhance Energy Self-Reliance

Prime Minister Tarique Rahman has announced a strategic shift in the nation’s energy policy, prioritizing the reduction of import dependency by bolstering domestic exploration capabilities.

Speaking during the concluding session of the National Parliament's first budget session on Wednesday, July 15, the Prime Minister criticized the previous administration for systematically rendering the energy sector entirely dependent on imports.

Focus on Energy Security and Reserves
"The previous fascist regime deliberately made the energy sector completely dependent on imports," the Prime Minister stated. He noted that the former government failed to maintain adequate fuel reserves, leaving the nation with less than 30 days of supply during critical periods.

Highlighting the corrective measures taken by his administration over the past three months, the Prime Minister announced that fuel reserves have already been increased to cover over 45 days. "God willing, we have plans to extend this to 90 days in the near future," he added.

Revitalizing BAPEX
A central pillar of the new policy is the modernization and empowerment of the state-owned Bangladesh Petroleum Exploration and Production Company (BAPEX).

"For the past 17 years, BAPEX was systematically sidelined, and the sector was left entirely to foreign entities," the Prime Minister remarked. He asserted that his government is now actively restructuring the agency, including the procurement of necessary drilling rigs to enable BAPEX to spearhead new gas exploration and drilling initiatives.

According to the Prime Minister, BAPEX will now focus on both drilling new wells and re-evaluating potential in existing gas fields.

Addressing Past Corruption in the Power Sector
The Prime Minister took a stern tone when discussing the financial state of the power sector under the previous government, describing it as a tool for personal enrichment.

"At least 3 trillion BDT was embezzled from the power sector over the last decade and a half," he alleged.

He specifically highlighted that over 1.3 trillion BDT was paid out in "capacity charges" to quick-rental power plants—a policy that, he argued, provided no tangible benefits to the general public.

Long-term Vision
Concluding his address, the Prime Minister emphasized that the government’s ultimate goal is not merely to facilitate fuel imports but to ensure long-term energy security through robust domestic production.

By transforming BAPEX into a modern, highly effective institution, the government aims to systematically decrease the country’s reliance on foreign energy sources.