Latest news with #BCPR
Bangkok Post
5 days ago
- Business
- Bangkok Post
Bangchak uncertain on petroleum plans
SET-listed Bangchak Corporation has yet to decide whether to re-enter the petroleum business in Asia, though it is collaborating with Chevron Offshore (Thailand) to explore for oil and gas in a potential area in the Gulf of Thailand. Bangchak recently signed a cooperation agreement with the US-based firm to be a co-venturer in Block G2/65, which covers an area of 15,030 square kilometres in the Gulf of Thailand. Chevron was awarded a licence to explore and produce petroleum under a production-sharing contract signed with the Department of Mineral Fuels on May 30, 2023. The move could pave the way for Bangchak to increase investment in the Asian petroleum business, according to industry observers, but it remains unclear whether the company will push ahead with similar projects in the region. Bangchak declined to comment on regional expansion. "We are reviewing the annual operation strategy of Bangchak Group," said a Bangchak executive who requested anonymity. "Many factors will be considered before we announce our new strategic plan." Bangchak entered the Asian upstream petroleum industry in 2014 by acquiring a majority of shares in Nido Petroleum, which operated Matinloc and Nido oilfields in the Philippines. Bangchak later decided to exit the investment in 2018. In the same year, Bangchak shifted its interest to northern Europe to invest in Okea ASA, a Norway-based oil and gas drilling company, which operates a petroleum production facility at Draugen in the Norwegian Sea. Bangchak owns a 45.5% share in Okea ASA. In 2019, the Matinloc and Nido oilfields ceased production after four decades of operations, according to media reports. In 2025, Bangchak's wholly-owned BCPR partnered with Chevron to explore Block G2/65, one of three areas believed to be new petroleum sources in Thailand. The Department of Mineral Fuels awarded another two licences for Block G1/65 and G3/65, spanning 20,133 sq km, to PTT Exploration and Production Plc in Round 24 bidding in 2022. BCPR meets the criteria to be a co-venturer, said Prasert Sinsukprasert, permanent secretary at the Energy Ministry. Under the collaboration, Chevron has transferred 30% of its rights and obligations to BCPR but will still serve as the operator of the project. "This partnership aims to enhance the potential for petroleum resource exploration in G2/65, thereby contributing to the country's long-term energy security," said Mr Chaiwat.
Bangkok Post
07-08-2025
- Business
- Bangkok Post
Chevron, BCPR partner on Gulf of Thailand project
Bangkok, August 5, 2025 — 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.
