Chevron Brings Thai Partner Onboard for Key Offshore Energy Project
Chevron Offshore (Thailand) Limited (COTL), a subsidiary of U.S. energy major Chevron, has partnered with BCPR, an affiliate of Thailand’s Bangchak Group, to advance petroleum exploration and development in the Gulf of Thailand. The two companies will jointly work on Block G2/65 under a production sharing contract (PSC), aiming to bolster Thailand’s energy security.
The partnership was formally launched at a ceremony presided over by Dr. Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy, following the issuance of a supplementary PSC by the Minister of Energy. Dr. Prasert hailed the deal as a milestone, noting that it brings a new Thai investor into the petroleum sector while offering BCPR staff hands-on experience in developing fields with complex geology. The collaboration, he said, would help prepare BCPR to become a future operator in Thailand’s upstream industry.
Chevron’s President for Thailand Exploration and Production, Chatit Huayhongtong, described the deal as a fusion of Chevron’s global exploration expertise with Bangchak’s leadership in Thailand’s midstream and downstream sectors. “This partnership will advance Block G2/65 while facilitating knowledge transfer and developing human resources to strengthen long-term energy security,” he said.
Under the agreement, Chevron—operator of Block G2/65 since securing the PSC in 2023—has transferred 30% of its rights and obligations to BCPR. The block remains in the exploration phase.
Bangchak’s Group CEO, Chaiwat Kovavisarach, said the venture reflects a shared vision to enhance Thailand’s energy resilience and builds on BCPR’s international experience, including its investment in Norwegian oil and gas player OKEA.
Senior officials from the Department of Mineral Fuels, Chevron, and Bangchak attended the signing, underscoring strong institutional backing for the project. The partnership is also framed as part of Thailand’s broader strategy to expand domestic exploration to meet rising energy demand while reducing reliance on imports.
Chevron’s move in Thailand comes just weeks after receiving approval to acquire Hess Corporation, a merger expected to create significant synergies in four core regions. The Gulf of Thailand partnership with BCPR signals that Chevron is also keeping its Southeast Asian upstream portfolio firmly in focus.
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