Bangchak spends 20 billion baht in energy joint venture

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BANGKOK, 2 June 2015 – Bangchak Petroleum Pcl has recently invested in an energy business with a foreign company, adding it will also be ready to bid in the government’s second petroleum concession bidding round.

Bangchak Director Chaiwat Kovavisarach, the company has invested nearly 20 billion baht in its exploration and production business, and has also become a shareholder of Nido Petroleum Limited (Nido), which has three offices in Australia, Indonesia and the Philippines.

Nido owns a concession for an oil field called ‘Galoc,’ which is located off the coast of the Philippines. It has a production capacity of 7,000 barrels of crude oil per day. Nido is currently seeking other potential sites in both the Philippines and Indonesia to increase its oil reserves.

Mr. Chaiwait is confident the joint venture will increase the company’s net income by 20-25 percent. Nido will be able to supply oil to Bangchak directly.

As for the second round of petroleum concessions, Bangchak affirmed its readiness to enter the bidding process and will lodge a tender as soon as the announcement is made.