Chevron and BCPR announce collaboration on Block G2/65

Dr. Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy, recently presided over a ceremony marking the launch of a partnership between Chevron Offshore (Thailand) Limited (COTL) and BCPR Co., Ltd. (BCPR) for petroleum exploration and production in Block G2/65 (Block G2/65) in the Gulf of Thailand, under a Production Sharing Contract. The Supplementary Production Sharing Contract (First Edition) has been approved by the Minister of Energy, authorizing the participation of BCPR, a Bangchak Group affiliate, a leading Thai energy company. This partnership aims to strengthen exploration and development activities in the project.”

Mr. Chatit Huayhongtong, President of Chevron Thailand Exploration and Production, Ltd., said that, “The future of energy will be built on strong partnerships, and a shared understanding of the critical role energy plays in the development of economies and communities. Our partnership with BCPR, a Bangchak Group affiliate, represents a fusion of Chevron’s world-class knowledge and innovation, along with our experience and expertise in petroleum exploration and production in the Gulf of Thailand, which is considered an upstream energy business. This is being combined with Bangchak Group’s strong capabilities and leadership in Thailand’s midstream and downstream energy sectors. This partnership will support the development of Block G2/65, while also facilitating the transfer of knowledge and expertise, as well as the development of human resources to strengthen the country’s long-term energy security. This collaboration also reaffirms Chevron’s commitment to being a trusted partner in delivering more reliable, affordable, and cleaner energy for the country.”

In 2023, Chevron was awarded the production sharing contract (PSC) for Exploration Block G2/65 in the Gulf of Thailand by the Department of Mineral Fuels, Ministry of Energy. The project is currently in the exploration phase. Under this collaboration, Chevron has transferred 30% of its rights and obligations under the PSC to BCPR, making BCPR a co-venturer in Block G2/65, with Chevron serving as the operator. This partnership aims to enhance the potential for petroleum resource exploration in Block G2/65, thereby contributing to the country’s long-term energy security.