Bangkok: Chevron and BCPR have initiated a joint petroleum exploration project in the Gulf of Thailand, specifically focusing on Block G2/65.

According to Thai News Agency, the Bangchak Group revealed that Mr. Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy, presided over the ceremony announcing the collaboration. This joint venture involves Chevron Offshore (Thailand) Limited (Chevron) and BCPR Company Limited (BCPR), a member of the Bangchak Group, under a production sharing contract system.

In 2023, the Department of Mineral Fuels, Ministry of Energy awarded Chevron the production sharing contract for the G2/65 exploration block, which is currently in the exploration phase. As part of the collaboration, Chevron has transferred 30% of its rights, benefits, and obligations under the contract to BCPR, making BCPR a co-venturer in the exploration block. Chevron will remain the operator of the block. This partnership aims to bolster the exploration capabilities of petroleum resources in the G2/65 block, contributing to the country's long-term energy security.