Market Size of Thailand Oil and Gas Upstream Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 Industry Segmentation
The Thai oil and gas upstream market report includes:
Thailand Oil and Gas Upstream Market Size Summary
The Thai oil and gas upstream market is poised for growth, driven by increasing investments and new projects, particularly in the offshore sector. Despite the challenges posed by the COVID-19 pandemic, which led to CAPEX cuts and project delays, the market is expected to recover and expand. The offshore segment dominates the market, accounting for the majority of Thailand's oil and gas production, with significant contributions from fields such as Erawan, Tantawan, Jasmine, and Bualuang. The government's focus on exploration and production projects, along with policy revisions to attract foreign investments, is anticipated to further bolster the market's growth trajectory.
Thailand's upstream oil and gas industry is characterized by substantial investments from key players like PTT Exploration and Production (PTTEP) and international corporations such as Exxon Mobil and Chevron. These companies are actively involved in expanding their operations both domestically and internationally, with significant capital allocated for exploration and production activities. The market's moderate consolidation is evident with major players continuing to invest in offshore projects and securing contract extensions to maintain production levels. As the country seeks to reduce its dependency on oil and gas imports, the strategic investments and policy initiatives are expected to drive the market forward over the forecast period.
Thailand Oil and Gas Upstream Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Crude Oil Production and Consumption Forecast in thousand barrels per day, till 2027
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1.3 Natural Gas Production and Consumption Forecast in billion cubic feet per day, till 2027
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1.4 Proven and Probable Oil and Gas Reserves in Thailand
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1.5 Import and Export of Crude Oil (2011 - 2020)
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1.6 Import of Natural Gas (2011 - 2020)
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1.7 Government Policies and Regulations
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1.8 Market Dynamics
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1.8.1 Drivers
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1.8.2 Restraints
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1.9 Supply Chain Analysis
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1.10 PESTLE Analysis
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2. MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT
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2.1 Onshore
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2.2 Offshore
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Thailand Oil and Gas Upstream Market Size 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.
