Energy conglomerate Bangchak Corporation Plc continues to expand its business in Norway through the acquisition of a 28% share in the Statfjord petroleum field in the North Sea.
The acquisition would increase the shareholding of Okea ASA, which is owned by Bangchak, in Statfjord from its currrent level of 45.4%.
Okea is a Norway-based oil and gas drilling company.
Wannasiri Trongtrakulwong, Bangchak's executive vice-president for corporate compliance, said the purchase would support Okea's plan to increase production capacity to nearly 40 kilo barrels of oil equivalent per day (KBOED), up from 20-25 KBOED.
Bangchak did not reveal the cost of the new asset acquisition.
According to Okea, the volume of the petroleum reserve at the Statfjord field is likely to be roughly 10-15% lower than projected in its earlier estimate.
The projected decrease in volume is the result of several factors, one of which concerns the regulatory system for petroleum production. This would affect petroleum production in the near future and would lead to a lost opportunity worth 500-700 million Norwegian kroner, or 1.68-2.35 billion baht.
Phatpuree Chinkulkitnivat, Bangchak group's chief financial and senior executive vice-president for accounting and finance, said Okea's move to increase petroleum production is part of a seven-year business plan to increase production capacity to 100 KBOED within 2030, up from roughly 23 KBOEPD at the end of last year.
Okea expects production to increase to 40 KBOED this year.
The Norwegian company also plans to reduce carbon dioxide emissions by 30% by 2030 through the use of renewable energy for oil and gas exploration and production.
Bangchak acquired a 45.7% share in Okea, which is listed on the Oslo Stock Exchange, in 2018.
Okea took over the Draugen oil field from Shell in 2018 and is continually developing new fields.