Bangladesh, advancing rapidly on the path of progress, had emerged on the world stage with great distinction. In just 15 years, by eradicating poverty, the country secured an honorable position globally. As a result, many in the international community often advised other impoverished nations to emulate Bangladesh to eradicate poverty and ensure peaceful living.

Back in 2008, Bangladesh faced a fragile reality: the extreme poverty rate was around 25%, the overall poverty rate stood at nearly 40.1%, per capita income was a mere $658, GDP was only $91.60 billion, the literacy rate was 45%, and only 15% of the population had access to electricity. Taking charge in 2008–2009 under such challenging circumstances, Sheikh Hasina’s government courageously formulated plans to transform Bangladesh into a developed nation.

According to World Bank targets, Bangladesh needed to raise its per capita income above a minimum of $1,306 to become a lower-middle-income country by 2021. However, due to untiring and sincere efforts, per capita income rose to $2,824 in 2021. Furthermore, as part of long-term planning, Sheikh Hasina’s government pressed forward to achieve an upper-middle-income status by 2031 (targeting a per capita income of $4,636) and to join the ranks of developed nations by 2041 (targeting over $14,000 per capita income). Various international organizations forecast that at this pace, Bangladesh would become an upper-middle-income nation by 2028 and enter the league of developed countries by 2034.

Since electricity is a fundamental component of any nation's development, a massive generation target of 60,000 MW was fixed for 2041. Realizing that the required primary fuel could not rely on a single source, measures were taken to combine domestic natural gas with imported LNG, coal-fired power plants, and cross-border imports of electricity and liquid fuel from neighboring countries at favorable locations and tariffs. Simultaneously, multi-pronged initiatives were undertaken for onshore and offshore gas exploration and production. To harness marine energy resources, the maritime territory was demarcated into various blocks, and necessary arrangements—including tenders for Multi-Client Seismic Surveys—were floated.

Notably, prior to the 2001 general elections, the American firm Unocal proposed selling Bangladesh’s gas to India to then-Prime Minister Sheikh Hasina. Sheikh Hasina’s government refused to consent. She formed a committee of the country's leading geologists, whose impartial report affirmed that Bangladesh possessed no surplus gas reserves suitable for export.

Conversely, upon coming to power, the BNP announced its readiness to sell gas to India. The late Finance Minister of the BNP administration, Saifur Rahman, notoriously asked, "What is the point of keeping gold underground?"—signaling their willingness to export gas. As the Awami League held a strong prospect of winning that election, then-US President Bill Clinton visited Dhaka to persuade Sheikh Hasina. Sheikh Hasina firmly conveyed to President Clinton that she would only agree to export surplus gas after securing a 50-year reserve for the people of Bangladesh. The US President was unsatisfied with this stance.

It is widely stated that an aggrieved United States and India jointly prevented the Awami League from assuming power in the 2001 elections. During the BNP tenure from 2001 to 2006, the power sector along with other critical sectors suffered catastrophic damage. Severe shortages of electricity, fertilizer, and food plagued the country, leaving agriculture, industry, households, and offices in a dire state.

When the Awami League formed the government in 2009, there was no alternative to rapidly boosting power generation to tackle the severe energy crisis. Conventional state or private sector power projects would have required 3 to 4 years to operationalize—a luxury of time and funds the government simply did not possess.

Hence, the innovative Quick Rental system was introduced, requiring no upfront state expenditure. Power generation was arranged within 6 months to a year utilizing private investment funds. This timely intervention rescued the nation and relieved the public from extreme distress.

Simultaneously, steps were taken to maximize production from existing domestic gas wells. To resolve gas deficits expeditiously, LNG Terminals were constructed. The initiative to import LNG ensured uninterrupted supply for industry, power generation, transport, and household sectors.

Accordingly, gas imports via floating FSRUs (Floating Storage and Regasification Units) were rolled out to meet the country's continuous demand. Following the deployment of initial units, a 15-year agreement was executed with Qatar to import gas at $9–$11 per MMCFD. Keeping end-2025 demand projections in mind, orders were placed for two additional FSRUs under government development plans. Exploration and drilling were intensified, leading to the discovery of a potential 5-trillion-cubic-feet gas reserve in Bhola, for which transmission plans to the mainland were promptly initiated.

Meanwhile, matching the government's master plan, numerous new industrial units were springing up in the private sector. To satisfy this surging demand, power generation capacity was systematically expanded to nearly 30,000 MW, alongside guaranteed fuel supply lines to run those plants.

Author: Oshru Hashi, Politician, Columnist, and Political Analyst