Boston, MA -- (SBWIRE) -- 06/10/2014 -- BMI View: Thailand remains driven by a strong oil and gas demand which far outweigh domestic production. With no scope for the country to become self sufficient, it will be critical to develop the necessary gas import infrastructures and to maximise the country's below ground potential. With declining oil and gas reserves and with several delays already affecting the planned 21st licensing round, we expect while oil and gas production will increase slightly in the medium-term, the long-term trend remains one of stagnation or decline.

The main trends and developments we highlight in the Thai oil and gas sector are:

- An oil spill in late July from a PTT-owned offshore pipeline near the island of Koh Samet could be a game changer for Thailand. The country has already experienced opposition to further offshore exploration due to the environmental risks it generates for the tourism industry, and we could expect this event to revive such protests and further postpone the long-delayed 21st licensing round.
- Liquid hydrocarbons production has been excessively high compared to the country's proved reserves of 450mn barrels (bbl) in 2013; half oil, half condensate. With plans to maintain plateau production in key Thai oil fields and with two field developments coming online (Manora and Nong Yao), we expect Thai production to rise slightly until 2015/2016. Nevertheless, in view of reserves, current exploration and development projects in the pipeline, Thai production will likely plateau in 2015/2016, and stagnate or slightly decline thereafter. We expect output to fall slightly to 385,200b/d by 2023.
- The government has been trying to shift transportation, power generation and industrial consumption away from oil to gas or coal, and could implement potential fuel subsidy cuts in the medium term. In line with these developments, we expect oil consumption to grow at a much slower pace than GDP growth, increasing at an average rate of 1% per annum between 2014 and...

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The Thailand Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'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.

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