Local private sector businesses should invest in oil and gas exploration, especially in deep sea, Prime Minister's Energy Affairs Adviser Tawfiq-e-Elahi Chowdhury said yesterday.

With the international oil prices going down, deep sea exploration is no more viable for foreign firms who have cancelled their exploration programmes, he said.

“We are trying to find some ways for deep sea exploration. If someone wants to drill a well by investing some $150 million to $200 million, maybe we can take some stake in that bid to lower their risks,” Chowdhury said.

“We are ready to offer contracts. We want to bring down risks for investors.”

Chowdhury was addressing a seminar on “new investment horizon: blue economy”, organised by Dhaka Chamber of Commerce and Industry at its auditorium.

US Ambassador Marcia Bernicat said oceans provide food, supply energy and allow transport of goods across the globe.

“But our oceans are at risk now, from overfishing, from marine pollution, and from climate change. Overcoming those challenges and sustainably developing marine resources is the key to global economic growth going forward.”

Bangladesh has already taken steps to overcome the challenges of overfishing, marine pollution, and global climate change, she said.

The US envoy said the sustainable development goals reflect how important the sustainable development of ocean resources is.

The US, Bangladesh and 191 other countries are committed to ending hunger, consuming responsibly, producing clean energy, and protecting life below water -- all the goals require a commitment to the sustainable development of ocean resources.

“Sustainable development of ocean resources is the key to ensuring that no person, no country is left behind -- we cannot claim success in achieving these development outcomes if any part of the society is excluded from it, whether it is women and girls, refugees, or internally displaced persons, persons with disabilities, or any other group,” she said.

DCCI President Hossain Khaled said Bangladesh needs to be further equipped in terms of policy, technological development, and capacities to tap the emerging opportunities in the blue economic regime.

“We would like to urge all concerned agencies to exert extensive priority on building substantial marine science and technological capacity,” he said.

He also called for the expansion of international maritime cooperation and diplomacy to develop an inter-departmental master plan along with a long-term perspective plan.

Khaled stressed the need for marine ecological system protection measures to attract new local and foreign investment.

Other speakers at the seminar said the synergy of blue economy and global economic expansion is evolving by utilising sea-bed resources.

It is opening diverse opportunities in the areas of renewable ocean energy, aquaculture, deep seabed explorations, marine biotechnology, seaports, shipping and coastal tourism, they said.

Kawser Ahmed, chairman of the oceanography department at Dhaka University, presented a keynote on blue economy.