Thailand Oil & Gas Upstream Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thailand Oil & Gas Upstream Market Analysis
The Thai oil and gas upstream market is expected to register a CAGR of more than 3% during the forecast period of 2022-2027. The COVID-19 pandemic negatively impacted the market in terms of CAPEX cuts by the national and international oil companies operating in Thailand, resulting in project delays. Moreover, the lower crude oil demand led to a significant dip in crude oil prices in the first half of 2020, which further pushed the oil and gas companies to change their investment plans. Factors such as increasing investment in the oil and gas sector and numerous upstream projects are expected to come online during the forecast period. However, declining crude oil reserves along with a lack of investments in the upstream sector are expected to restrain the market growth.
- The offshore sector is expected to dominate the Thai oil and gas upstream market due to new discoveries and investments.
- The oil and gas demand is expected to increase over the forecast period. The government is considering investments in numerous exploration and production projects, which can render opportunities for the growth of the market over the forecast period.
- Thailand is increasing investments in the oil and gas sector, which is expected to drive the country's oil and gas market during the forecast period.
Thailand Oil & Gas Upstream Market Trends
This section covers the major market trends shaping the Thailand Oil & Gas Upstream Market according to our research experts:
Offshore Sector to Dominate the Market
- The offshore segment accounted for ~90% of Thailand's oil and gas production. With substantial investment and discoveries, various offshore projects are expected to come up during the forecast maintaining the dominance of the offshore segment.
- The majority of Thailand's oil production comes from offshore fields: Erawan, Tantawan, Jasmine, and Bualuang fields, the majority of them located in the Gulf of Thailand. The country is highly dependent on oil and gas imports to meet its domestic demand due to a lack of domestic oil and gas production. In 2020, the country imported 48,685 million liters of crude oil to meet its domestic demand, mainly from the Middle East.
- Thailand's upstream oil and gas production is predominately sourced from two offshore areas in the Gulf of Thailand, namely the Pattani Basin and the Malay Basin. Due to the fractured nature of offshore geology, Thailand's reserves and production are provided by many separate but relatively homogenous reservoirs spread across the two basins.
- In December 2021, PTT Exploration and Production (PTTEP) unveiled its investment plan for next year and its five-year program for 2022-2026. The company will allocate USD 3.217 billion for capex and USD 2.449 billion for opex in 2022.
- In February 2022, the Director-General of the Department of Mineral Fuels (DMF) stated that the DMF is planning to request the Deputy Prime Minister and the Minister of Energy to sign an invitation to open bids for offshore petroleum exploration and production licenses in the Gulf of Thailand for the first time in 15 years.
- Therefore, owing to the above points, the offshore sector is expected to witness dominant growth during the forecast period.
Increasing Investment in the Oil and Gas Sector Expected to Drive the Market
- Thailand established its National Economic and Social Development Board in the 1960s to prepare development plans for the country's economic growth. Industrial sector growth with R&D facilities was promoted, thus increasing the quality of the Thai people.
- PTT Exploration and Production (PTTEP), the national petroleum exploration and production company based in Thailand, has a five-year investment plan (2019-2023) worth a combined USD 16.105 billion to support its business expansion both domestically and overseas.
- Following its five-year plan, PTTEP planned to invest USD 3.256 billion in 2019, USD 2.946 billion in 2020, USD 3.479 billion in 2021, USD 3.56 billion in 2022, and USD 2.864 in 2023.
- Oil production accounted for 15.0 million tons in 2020. This is expected to grow over the forecast period with increasing investments in oil exploration and production projects.
- In January 2020, the Mineral Fuels Department announced new bidding rounds for offshore petroleum exploration and production (E & E&P) activities in April 2020. The 23rd round of bidding involved three exploration blocks - G1/63, G2/63, and G3/63 - totaling more than 34,000 sq. km. located in the Gulf of Thailand. G1/63 is near the Erawan field, G2/63 is close to the Pailin field, and G3/63 is south of the Bongkot field.
- In December 2021, PTT Exploration and Production (PTTEP) planned to invest more than USD 27 billion over the coming five years with the main aims of maintaining production and boosting reserves. Three major projects feature in PTTEP's 2022-2026 are Lang Lebah on Block SK 410B offshore Sarawak, Malaysia; the Mozambique Area 1 project, and phase two of the Hassi Bir Rekaiz field development in Algeria.
- The government is revising its policies to attract foreign investments. The government awarded a production sharing contract for the first time in 2018. The PSC contract is expected to boost investor confidence and attract more investment over the forecast period.
- Therefore, factors such as increasing investment and policy revamp are likely to drive the market during the forecast period.
Thailand Oil & Gas Upstream Industry Overview
The Thai oil and gas upstream market is moderately consolidated. The key players in the market include Bangchak Corporation Public Company Limited, Exxon Mobil Corporation, PTT Public Company Limited, Chevron Corporation, and TotalEnergies SE.
Thailand Oil & Gas Upstream Market Leaders
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Bangchak Corporation Public Company Limited
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Exxon Mobil Corporation
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Chevron Corporation
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TotalEnergies SE
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PTT Public Company Limited
*Disclaimer: Major Players sorted in no particular order
Thailand Oil & Gas Upstream Market News
- In February 2021, Thailand's state-controlled oil firm, PTT, announced that it was planning an investment of USD 28.3 billion across all its operations for 2021-2025. It focuses on developing the country's natural gas industry while seeking future energy opportunities.
- In May 2021, Valaris Limited was awarded a contract extension of approximately 240 days with Mubadala Petroleum Thailand offshore Thailand for VALARIS JU-115, a heavy-duty modern jackup. The extension is anticipated to begin in the first quarter of 2022, and, as a result, the VALARIS JU-115 is now expected to be under contract through September 2022.
- In December 2021, Shelf Drilling announced it had secured contract extensions for a pair of jack-up drilling rigs with Chevron Thailand Exploration and Production, Ltd. for operations in the Gulf of Thailand. The extensions for the Shelf Drilling Chaophraya and Shelf Drilling Krathong are in direct continuation of the planned out of service projects at the end of each rig's current contract with the same client. The duration is 39 months for the Shelf Drilling Chaophraya and 36 months for the Shelf Drilling Krathong and is expected to commence in Q3 2022 and Q4 2022, respectively.
Thailand Oil & Gas Upstream Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Crude Oil Production and Consumption Forecast in thousand barrels per day, till 2027
4.3 Natural Gas Production and Consumption Forecast in billion cubic feet per day, till 2027
4.4 Proven and Probable Oil and Gas Reserves in Thailand
4.5 Import and Export of Crude Oil (2011 - 2020)
4.6 Import of Natural Gas (2011 - 2020)
4.7 Government Policies and Regulations
4.8 Market Dynamics
4.8.1 Drivers
4.8.2 Restraints
4.9 Supply Chain Analysis
4.10 PESTLE Analysis
5. MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT
5.1 Onshore
5.2 Offshore
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Chevron Corporation
6.3.2 PTT Public Company Limited
6.3.3 Exxon Mobil Corporation
6.3.4 PT Pertamina
6.3.5 Schlumberger Limited
6.3.6 TotalEnergies SE
6.3.7 Bangchak Corporation Public Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Thailand Oil & Gas Upstream Industry Segmentation
The Thai oil and gas upstream market report includes:
Thailand Oil & Gas Upstream Market Research FAQs
What is the current Thailand Oil and Gas Upstream Market size?
The Thailand Oil and Gas Upstream Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Thailand Oil and Gas Upstream Market?
Bangchak Corporation Public Company Limited, Exxon Mobil Corporation, Chevron Corporation, TotalEnergies SE and PTT Public Company Limited are the major companies operating in the Thailand Oil and Gas Upstream Market.
What years does this Thailand Oil and Gas Upstream Market cover?
The report covers the Thailand Oil and Gas Upstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Thailand Oil and Gas Upstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thailand Oil & Gas Upstream Industry Report
Statistics for the 2024 Thailand Oil & Gas Upstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Oil & Gas Upstream analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
