Energy conglomerate Banpu Plc has acquired Bedrock Production Llc, which owns upstream and midstream assets in the Barnett Shale in Texas, in the US. The transaction is valued at US$370 million or roughly 12 billion baht.
The company said the budget for the acquisition comes from the issuance of senior notes totalling $260 million and the issuance of new BKV shares to Bedrock Energy Partners Llc amounting to 5.2 million shares, with a total value of $110 million, said Sinon Vongkusolkit, chief executive of Banpu.
“The gas business in the US serves as one of the key pillars for achieving an energy balance, while generating strong cash flow under our energy symphonics strategy,” he said.
The company has focused on other key gas production facilities, power trade and carbon capture technology, which are expected to increase its revenue in the future.
However, the divestments will enable Banpu to scale up the operations of its core operated high-return assets.
This BKV acquisition reflects the company’s continued growth, leveraging the synergy between its strong expertise in high-quality natural gas resources and existing midstream pipeline infrastructure.
This shared infrastructure reduces operating costs, maximises operational efficiency, optimises capital efficiency, enhances competitiveness and significantly increases natural gas reserves.
Banpu said the acquisition further strengthens BKV’s Barnett Shale portfolio with 97,000 acres along with critical midstream infrastructure and an additional 108 million cubic feet equivalent of natural gas of production in the second quarter, comprising 63% natural gas and 37% natural gas liquids.
The assets include 1,121 producing wells and an additional 0.8 trillion of cubic feet of natural gas equivalent of proven reserves. The acquisition adds 50 new drill locations with equivalent 10,000-foot and 80 low-cost refrac locations.
As a result of this acquisition, BKV has recognised the revenue from the operation of this asset from Sept 29, 2025.
The divestments follow Banpu’s announcement in 2023 that it would create continuous growth in the energy business value chain in the US, as well as accelerate its transition towards greener energy.
Banpu sees a positive trend in the US energy industry, enabling the firm to expand its business.
The firm anticipates generating long-term additional revenue from its carbon capture, utilisation and sequestration technology installed at its Barnett shale field.