Thailand Oil And Gas Market Size (2024 - 2029)

Thailand Oil And Gas Market Size Summary

The Thailand oil and gas industry is poised for moderate growth over the forecast period, driven by increasing natural gas pipeline capacity and rising demand for petroleum products. However, the country's strategic shift towards renewable energy sources may pose challenges to the market's expansion. Despite these potential hurdles, the discovery of new oil and gas fields presents significant opportunities for growth. The downstream sector, particularly refining, plays a crucial role in the industry, with Thailand's refining capacity being one of the largest in Southeast Asia, second only to Singapore. The expansion of existing refineries and the development of new facilities are expected to slightly boost the country's refining capacity, catering to both domestic and regional demand.

Thailand is also making strides in transitioning to a gas-based economy to meet international clean fuel standards and reduce carbon emissions. The development of liquefied natural gas (LNG) infrastructure, such as the recently completed Nong Fab terminal, underscores this shift. The country's natural gas consumption has been on the rise, supported by the construction of several natural gas power plants. Major industry players, including PTT Public Company Limited and international corporations like Chevron and Exxon Mobil, are actively investing in the sector to enhance energy security and capitalize on emerging opportunities. These developments are expected to drive the oil and gas market in Thailand during the forecast period.