Chevron Partners with Thai Firm to Boost Offshore Energy Production

Chevron has partnered with Thailand's Bangchak Group to advance petroleum exploration and development in the Gulf of Thailand. The two companies will work on Block G2/65 under a production sharing contract, aiming to bolster Thailand's energy security. Chevron will transfer 30% of its rights and obligations to BCPR, reflecting a shared vision to enhance Thailand's energy resilience. The partnership is part of Thailand's strategy to expand domestic exploration and reduce reliance on imports.

In a significant move to bolster Thailand's energy security, Chevron has partnered with Bangchak Group to advance petroleum exploration and development in the Gulf of Thailand. The two companies have agreed to collaborate on Block G2/65 under a production sharing contract (PSC) model, aiming to enhance the country's energy resilience.

The partnership was formalized during a ceremony presided over by Dr. Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy. The event marked the official entry of BCPR, a Bangchak Group affiliate, as a co-venturer in the exploration block [1].

Chevron, which serves as the operator, will transfer 30% of its rights and obligations under the PSC to BCPR. This move reflects a shared vision to strengthen Thailand's energy security and reduce reliance on imports [2].

The collaboration will support the development of Block G2/65 while facilitating the transfer of knowledge and expertise between Chevron and BCPR. Chevron's extensive experience in petroleum exploration and production, both in Thailand and internationally, will be combined with Bangchak Group's strong capabilities in the midstream and downstream energy sectors [1].

The partnership is part of Thailand's broader strategy to expand domestic exploration and reduce reliance on energy imports. The Ministry of Energy and the Department of Mineral Fuels have played pivotal roles in shaping this energy strategy, providing support and regulatory oversight for the collaboration [1].

References:
[1] https://www.offshore-energy.biz/chevron-shakes-hands-with-thai-player-on-oil-gas-exploration-in-southeast-asias-block/
[2] https://www.energy-pedia.com/news/thailand/chevron-and-bcpr-announce-collaboration-on-block-g2-65-200819