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 model. The Minister of Energy authorized the participation of BCPR, a Bangchak Group affiliate, a leading Thai energy company, by issuing Supplementary Production Sharing Contract (No. 1). This partnership aims to strengthen exploration and development activities in the project.

The ceremony was attended by Dr. Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy; 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 strong industry collaboration to advance domestic energy exploration and meet the country's growing energy needs.

Dr. Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy, commented that, "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 as a coventurer in Block G2/65 in the Gulf of Thailand under the Production Sharing Contract (PSC) system of BCPR Co., Ltd. The process was completed in full compliance with legal procedures, and the PSC has been approved by the Minister of Energy. This marks a significant opportunity for the petroleum industry, as a new Thai investor enters the sector. It also provides a valuable learning opportunity for personnel at BCPR Co., Ltd., who will gain insights into the development of petroleum fields with complex geological conditions in the Gulf of Thailand from Chevron—a company with extensive experience in petroleum exploration and production both in Thailand and internationally. This collaboration will help prepare BCPR Co., Ltd. to become a future operator in Thailand's petroleum exploration and production sector. The signing of this supplementary PSC plays an important role in ensuring the continuity of domestic energy supply, serving as a foundation for driving economic growth and strengthening the country's energy security."

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."

Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, commented that, "This collaboration reflects the strength of a shared vision among strategic partners dedicated to advancing Thailand's energy security. The participation of BCPR, a Bangchak Group affiliate, an energy conglomerate that has built on a deep-rooted belief in the potential of the Thai people, in the development of exploration block G2/65 in the Gulf of Thailand, alongside Chevron, a global energy leader with a longstanding presence in the country, marks a significant and meaningful milestone. It presents a valuable opportunity to learn from a world-class partner with expertise in advanced technology, large-scale project management, and human capital development in the energy sector. This collaboration also builds upon the knowledge and experience gained from BCPR's investment in OKEA in Norway. This partnership has been made possible through the support of the Ministry of Energy and the Department of Mineral Fuels, both of which play a pivotal role in shaping the nation's energy strategy. Chevron's decision to welcome Bangchak Group as a partner in this endeavor marks the beginning of a new chapter, one grounded in high-potential, sustainable collaboration for the future."

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.

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