In a significant step towards bolstering Thailand's energy security, a new partnership has been launched between Chevron Offshore (Thailand) Limited (COTL) and BCPR Co., Ltd. (BCPR) for petroleum exploration and production in Block G2/65 in the Gulf of Thailand. Formalised under a Production Sharing Contract (PSC) model, the collaboration was officially marked at a recent ceremony presided over by Dr Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy. The event also commemorated the Minister of Energy's authorisation of BCPR's participation-an affiliate of the Bangchak Group and a leading Thai energy company-via the issuance of Supplementary Production Sharing Contract (No. 1). The partnership is expected to advance exploration and development activities in the block.
The ceremony was attended by Dr Prasert; Mr Warakorn Brahmopala, Director-General of the Department of Mineral Fuels; and senior executives from the Department of Mineral Fuels, Chevron, and Bangchak. Representing Chevron were Mr Chatit Huayhongtong, President of Chevron Thailand Exploration and Production Ltd., and Mr Ronnarong Chanleka, General Manager of Chevron Offshore (Thailand) Limited. From Bangchak Group, attendees included Mr Pairoj Kaweeyanun, Director of Bangchak Corporation Public Company Limited and BCPR; Mr Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation; Ms Phatpuree Chinkulkitnivat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, Bangchak Corporation and Director of BCPR; and Mr Komut Maneechai, Vice President of BCPR. The event marked BCPR's official entry as a co-venturer in the exploration block, underscoring the importance of robust industry collaboration to advance domestic energy development and meet the nation's growing needs.
Dr Prasert commented, 'The Department of Mineral Fuels, Ministry of Energy, as the regulator overseeing petroleum exploration and production, has thoroughly reviewed and verified the criteria for participation in Block G2/65 under the PSC system by BCPR Co., Ltd. The process was completed in full compliance with legal procedures and has been approved by the Minister of Energy. This marks a significant opportunity for the petroleum industry, as a new Thai investor joins the sector. It also presents a valuable learning opportunity for BCPR personnel, who will gain insights into developing petroleum fields with complex geological conditions in the Gulf of Thailand from Chevron-an experienced operator both locally and globally. This collaboration will help prepare BCPR to become a future operator in Thailand's petroleum sector. The signing of this supplementary PSC plays a vital role in ensuring continuity in domestic energy supply and serves as a foundation for economic growth and long-term energy resilience.'
Mr Chatit Huayhongtong, President of Chevron Thailand Exploration and Production Ltd., said, 'The future of energy will be built on strong partnerships and a shared understanding of the critical role energy plays in economic and community development. Our partnership with BCPR, a Bangchak Group affiliate, represents a fusion of Chevron's world-class knowledge and innovation with our experience in petroleum exploration and production in the Gulf of Thailand-an upstream energy hub. This is complemented by Bangchak Group's strengths in Thailand's midstream and downstream sectors. The collaboration will support the development of Block G2/65, facilitate knowledge transfer and human resource development, and reinforce Chevron's commitment to providing reliable, affordable, and cleaner energy for Thailand.'
Mr Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, added, 'This collaboration reflects a shared vision between strategic partners dedicated to strengthening Thailand's energy security. BCPR's participation in the development of Block G2/65 alongside Chevron, a global energy leader with a long-standing presence in Thailand, represents a meaningful milestone. It also offers an invaluable opportunity to learn from a world-class partner with expertise in advanced technology, large-scale project management, and human capital development. This builds upon the knowledge and experience BCPR has gained from its investment in OKEA in Norway. The partnership has been made possible through the support of the Ministry of Energy and the Department of Mineral Fuels, which continue to play pivotal roles in shaping the country's energy strategy. Chevron's decision to welcome Bangchak Group as a co-venturer marks the beginning of a high-potential, sustainable partnership.'
In 2023, Chevron was awarded the Production Sharing Contract for Exploration Block G2/65 by the Department of Mineral Fuels, Ministry of Energy. The project is currently in the exploration phase. Under the agreement, Chevron has transferred 30% of its rights and obligations under the PSC to BCPR, making BCPR an official co-venturer, with Chevron continuing as the operator. The partnership aims to unlock the potential of Block G2/65, further supporting Thailand's long-term energy security.
Provided by SyndiGate Media Inc. (Syndigate.info).