Recently published research from Business Monitor International, "Thailand Oil & Gas Report Q2 2016", is now available at Fast Market Research
[ClickPress, Fri Apr 01 2016] Above ground risks continue to weigh on the outlook for investment in the exploration and production necessary to reverse the current trend of declining reserves and production of both oil and gas. Despite untapped offshore potential, Thailand's dependence on imports is expected to grow as consumption, particularly of natural gas, accelerates and domestic output stagnates.
Latest Updates And Key Forecasts
The 21st licensing round is now expected to kick off in mid-2016, having being delayed repeatedly since 2008. Political and regulatory uncertainty will hinder upstream investments into Thailand which wants shore up its declining oil and gas reserves. The licensing round will offer 23 onshore and six offshore blocks to tap an estimated volume of 28.3bn to 151.6bcm of natural gas and 20-50mn barrels of crude oil.
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We forecast Thailand's crude oil production to peak at 479,100b/d in 2016 as peak production at the Nong Yao and Wassana oilfields adds to the country's production. Although we expect domestic crude production to be on a downtrend and net crude oil imports to be on an uptrend thereafter, exploration could pick up when the oil price recovers, and together with the 21 st licensing round, pose upside risks to our forecast of the country's domestic crude output.
We have revised down our natural gas production forecast. PTT is substituting some of the gas purchases from domestic sources with LNG imports, as LNG spot prices have fallen below the contractual price of natural gas for some domestic fields. Domestic production decline will also exacerbate the need for natural gas imports.
Thailand is currently a net refined fuels exporter. As there are no new refinery projects, the rising domestic consumption of refined fuels will reduce the amount of refined fuels for net exports.
The Thailand Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Thailand including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI's Thailand Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Thai oil and gas industry.
Benchmark BMI's independent oil and gas industry forecasts for Thailand to test consensus views - a key input for successful budgeting and strategic business planning in the Thai oil and gas market.
Target business opportunities and risks in the Thai oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Thailand.
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