Mordor Intelligence has published a new report on the Thailand Oil And Gas Market, offering a comprehensive analysis of trends, growth drivers, and future projections.
Thailand’s oil and gas industry is poised for steady growth, with the market projected to expand from 244.29 thousand barrels per day in 2025 to 274.11 thousand barrels per day by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 2.33% during the forecast period. This growth trajectory is underpinned by significant investments in refining capacity, a surge in liquefied natural gas (LNG) imports, and proactive upstream exploration activities. As Southeast Asia’s second-largest oil consumer and third-largest producer, Thailand’s energy sector plays a pivotal role in the region’s economic landscape.
Key Trends
1. Downstream Sector Expansion
Thailand’s downstream sector is experiencing substantial growth, driven by rising domestic demand for petroleum products and strategic investments in refining infrastructure. The country boasts six refinery complexes, many of which are partially or fully owned by the national oil and gas conglomerate PTT. In 2022, Thailand exported approximately 191.3 thousand barrels per day of petroleum products, with diesel fuel being the most exported product. The expansion of refining capacity aims to meet both domestic consumption needs and regional export demands.
2. Surge in LNG Imports
To address the growing energy demand, Thailand has significantly increased its LNG imports. In 2023, PTT, the country’s largest energy firm, planned to import up to 6 million tonnes of LNG to meet nationwide demand. Furthermore, in September 2024, PTT signed a five-year agreement to purchase 300,000 metric tons of LNG annually from Oman LNG, starting in 2025. Negotiations are also underway for a subsequent nine-year contract to acquire 800,000 tons annually commencing in 2026. These developments underscore Thailand’s commitment to diversifying its energy sources and enhancing energy security.
3. Upstream Exploration and Production Initiatives
Thailand’s upstream sector is witnessing renewed activity, particularly in offshore exploration. The offshore segment accounts for approximately 90% of the country’s oil and gas production, with major fields like Erawan, Tantawan, Jasmine, and Bualuang located in the Gulf of Thailand. In June 2023, PTT Exploration and Production Public Company Limited (PTTEP) signed Production Sharing Contracts for Blocks G1/65 and G3/65, awarded during the 24th Thailand Petroleum Bidding Round. These initiatives aim to bolster domestic production and reduce reliance on imports.
Market Segmentation
The Thailand oil and gas market is segmented by sector and application:
By Sector:
Upstream: Exploration and production activities, primarily offshore.
Midstream: Transportation and storage infrastructure, including pipelines and LNG terminals.
Downstream: Refining and distribution of petroleum products to end-users.
By Application:
Power Generation: Utilization of oil and gas for electricity production.
Industrial Use: Supply of energy and feedstock for various industrial processes.
Transportation: Provision of fuels for vehicles and other transport means.
Residential and Commercial: Meeting the energy requirements of households and businesses.
Get a Customized Report Tailored to Your Requirements. – https://www.mordorintelligence.com/market-analysis/oil-and-gas
Key Players
Thailand’s oil and gas market features a mix of domestic and international players:
PTT Public Company Limited: The state-owned enterprise operates across the entire oil and gas value chain, including exploration, production, refining, and distribution. PTT also owns extensive submarine gas pipelines and a network of LPG terminals throughout the country. Chevron Corporation: A major U.S.-based multinational energy corporation with significant upstream operations in Thailand, focusing on offshore exploration and production.
Exxon Mobil Corporation: Engaged in both upstream and downstream activities, ExxonMobil has a notable presence in Thailand’s energy sector.
TotalEnergies SE: The French multinational is involved in upstream exploration and production, contributing to Thailand’s energy supply.
MedcoEnergi: An Indonesian energy company with growing operations in Thailand, focusing on exploration and production activities.
Bangchak Corporation PCL: A Thai public company engaged in refining, retail, and alternative energy, Bangchak operates multiple refineries and has invested in sustainable energy initiatives.
Conclusion
Thailand’s oil and gas market is on a steady growth path, driven by strategic investments in refining capacity, increased LNG imports to meet rising energy demand, and proactive upstream exploration efforts. The country’s focus on enhancing energy security and diversifying its energy mix positions it well to navigate the evolving global energy landscape. As Thailand continues to balance economic growth with sustainability goals, the oil and gas sector will play a crucial role in shaping its energy future.
Industry Related Reports
India Oil and Gas Market :The report covers oil and gas companies in India and segments the market by sector, including upstream, midstream, and downstream.
AI in Oil and Gas Market: The AI in oil and gas market report is segmented by operation, type, and geography. By operation, the market includes upstream, midstream, and downstream segments. By type, it is categorized into platform and services. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
U.S. Oil and Gas Market: The report covers U.S. oil and gas market trends and provides an industry overview, segmented by sector into upstream, midstream, and downstream.
About Mordor Intelligence:
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
For any inquiries or to access the full report, please contact:
media@mordorintelligence.com
https://www.mordorintelligence.com/