Bangchak Corporation Plc, a leading Thai energy conglomerate, is committing 120 billion baht to expand its business operations, with a significant focus on the upstream petroleum sector. Central to this strategy is the company’s subsidiary, BCPR, which has invested in Okea ASA, a Norwegian oil and gas drilling company. This partnership is crucial for Bangchak’s plan to increase its oil production capacity. The goal is to grow from an estimated 36-40 kilobarrels per day by the end of 2024 to 100 kilobarrels per day by 2030.
Chaiwat Kovavisarach, group chief executive and president of Bangchak Corporation, emphasized the company’s ambition. They aim to become a key player in the upstream petroleum segment. The investment in Norway is seen as pivotal. It leverages Norway’s advanced expertise in the petroleum industry.
Bangchak is also allocating funds to boost production capacity at its oil refineries in Bangkok and Chon Buri. They are investing in clean power and bio-based businesses. However, the investment in Okea ASA underscores the strategic importance of Scandinavian partnerships in driving Bangchak’s growth.
As Bangchak strengthens its ties with Norway, this collaboration highlights the increasing role of Scandinavian expertise in Southeast Asia’s energy sector. It may pave the way for deeper cooperation and investment between the regions.
Source: Bangkok Post.
