Thailand Oil and Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Thailand oil and gas market is segmented by Sector (Upstream, Midstream, and Downstream).

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Thailand Oil & Gas Market Size

thailand oil and gas market
Study Period: 2019 - 2028
CAGR: > 3 %

Major Players

oil and gas marketing

*Disclaimer: Major Players sorted in no particular order
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Thailand Oil & Gas Market Analysis

The Thailand oil and gas 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, project delays, and supply chain disruptions. Moreover, the lower crude oil demand led to a significant dip in the crude oil prices in the first half of 2020, which further pushed the oil and gas companies to change their investment plans in 2020. Factors such as the country's energy transition from coal to natural gas is expected to drive the market during the forecast period. However, declining crude oil reserves along with lack of investments in upstream sector are expected to restrain the market growth.

  • The downstream sector is expected to witness a significant growth in Thailand oil and gas market, owing to increasing country's demand for petroleum products and growing investments.
  • Considering the global carbon emission reduction goals, the LNG demand is expected to increase over the forecast period, which, in turn, is expected to increase the demand for natural gas for power generation. Furthermore, the government is considering huge investments in various LNG projects, which can create opportunities for market growth in the near future.
  • Thailand's increasing transition in energy sector from being coal powered to natural gas powered country. This factor is expected to drive the country's oil and gas market during the forecast period.

Thailand Oil & Gas Industry Segmentation

The Thailand oil and gas market report includes:

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Thailand Oil & Gas Market Trends

This section covers the major market trends shaping the Thailand Oil & Gas Market according to our research experts:

Downstream Segment Expected to Witness Significant Growth

  • The refinery sector of Thailand is the second largest in the Southeast Asia region (in refining capacity and throughput), just after Singapore.​ In Thailand, the refineries' capacity has remained relatively stable during the 2009 – 2019 period, at around 1235 thousand barrels per day. On the other hand, the refinery throughput has been increasing in recent years. The country currently has six refinery complexes, the majority of which are owned partially or fully by the country’s national oil and gas conglomerate PTT.
  • The refinery throughput grew in recent years due to rising domestic petroleum demand, rising petroleum prices, healthy growth in the tourism sector, and stable and high refinery margins.​
  • The country is a net exporter of refined petroleum products i.e., 185,958 barrels per day of refined petroleum products were exported in 2020. The majority of petroleum products export from the country includes Gasoline and Diesel.
  • The country has been actively trying to increase its refining capacity in order to meet its growing domestic and regional demand. In 2018, Hyundai Engineering won a USD 273 million EPC contract from Bangchak Corporation for a refinery expansion in Thailand. New facilities would allow the production of premium high-octane petrol at the refinery and old hydrocracking units at the oil refinery to boost the daily capacity from 25,000 barrels to 27,500 barrels.
  • In 2019, ThaiOil, a unit of the Petroleum Authority of Thailand (PTT) Public Co., awarded an onshore engineering and construction contract to a Saipem-Petrofac-Samsung consortium for the expansion of its Sriracha refinery. It is expected to increase the refinery’s capacity from 275,000 to 400,000.
  • The expansion project of Thai Oil’s Sriracha refinery, a part of the company’s Clean Fuel Project (CFP), is expected to have a total capacity of 400,000 b/d when completed. In addition, the expansion will also see the addition of a residue hydrocracker, a vacuum gas oil hydrocracker, a hydrogen manufacturing unit, a diesel hydrodesulfurization unit, a naphtha hydrotreater, a sulfur recovery unit, and an electric power plant fueled by residue pitch.​
  • In December 2020, Chevron Thailand announced that it would be investing USD 200 million to expand and improve its retail fuel business. The Caltex Growth Project of Chevron Corporation is projected to develop 100 new petrol stations in Thailand and refurbishing other sites.
  • Therefore, owing to the above points, downstream sector is expected to witness a significant growth during the forecast period.
oil companies thailand

Energy Transition from Coal to Natural Gas Expected to Drive the Market

  • Thailand established its National Economic and Social Development Board in 1960s to prepare development plans for the country's economic growth. Industrial sector growth with R&D facilities was promoted, thus increasing the quality of the Thai people.
  • With the growth in the industrial sector, GHG emission increased, which compelled the government to emphasize GHG emissions in its eleven-development plan (2012-2016). Moreover, in its twelve-development plan, the government has set targets to reduce GHG emissions. The GHG emissions reduction target set by the National Committee on Climate Change Policy is around 115.6 Mt of CO2 or 20% from BAU (business-as-usual) levels by 2030.
  • In alignment with the GHG target, the government plans to reduce coal and increase natural gas consumption for electricity generation. With decreased domestic natural gas production, Thailand is continuously increasing natural gas imports. In 2020, Thailand imported 1437 MMSCFD (Million Standard Cubic Feet per Day) of natural gas, an increase of around 3% from the previous year. Combined with domestic production, Thailand consumed nearly 4699 MMSCFD of natural gas in 2020. Out of the total consumption, almost 65% of the natural gas consumed was for electricity generation.
  • The country has few under-construction and planned natural gas power plants, such as the Gulf Sriracha power plant (2.5 GW), Hin Kong Power Project (1.4 GW), Chonburi Ng Project power station (2.6 GW), and two other power plants in Surat Thani with 700 MW each. Commissioning of these power plants is expected to increase natural gas demand in Thailand.
  • To cater to the increasing demand for natural gas, Thailand plans to increase its natural gas import capacity by constructing new LNG regasification terminals. As of 2020, Thailand had only one LNG regasification terminal with a capacity of around 11.4 MTPA at Map Ta Phut. However, with the completion of the LNG terminal in Nong Fab by 2022, the country is expected to have a total capacity of around 18.9 MTPA. Further, Thailand's existing LNG terminal is under-utilized. As of 2019, the utilization rate of the Map Ta Phut terminal was 45%, which indicates enough opportunity for natural gas importers to import LNG from countries like Qatar, Malaysia, and African countries.
  • Therefore, owing to the above points, the increasing energy transition in the country is expected to drive the country's oil and gas market during the forecast period.
oil and gas industry

Thailand Oil & Gas Industry Overview

  • The Thailand oil and gas market is moderately consolidated. Some of the major companies operating in the market include PTT Public Company Limited, Chevron Corporation, Exxon Mobil Corporation, TotalEnergies SE, and MedcoEnergi.

Thailand Oil & Gas Market Leaders

  1. PTT Public Company Limited

  2. Chevron Corporation

  3. Exxon Mobil Corporation

  4. TotalEnergies SE

  5. MedcoEnergi

*Disclaimer: Major Players sorted in no particular order

PTT Public Company Limited, Chevron Corporation, MedcoEnergi, Bangchak Corporation PCL, Pan Orient Energy (Siam) Ltd, Sea Oil Energy Limited, Royal Dutch Shell PLC

Thailand Oil & Gas Market News

  • In February 2021, Thailand's state-controlled oil firm, PTT, announced that it is planning an investment of USD 28.3 billion across all its operations for 2021-2025. It focuses on developing the country's LNG and natural gas industry while seeking future energy opportunities.
  • In September 2020, AI and Robotics Ventures (ARV), a subsidiary of PTT Exploration and Production, and Mermaid Subsea Services (Thailand) formed a joint venture called ZeaQuest to develop subsea AI and robotic technologies. The aim is to provide underwater IRM services to oil and gas and renewable energy sectors in Asia and globally. ZeaQuest has a registered capital of USD 5 million and a 50-50 ownership ratio in the joint venture between the companies.

Thailand Oil & Gas Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Oil and Gas Production Forecast, till 2027

    3. 4.3 Oil and Gas Consumption Forecast, till 2027

    4. 4.4 Refinery Installed Capacity and Forecast in thousands barrels per day, till 2027

    5. 4.5 Recent Trends and Developments

    6. 4.6 Government Policies and Regulations

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

      2. 4.7.2 Restraints

    8. 4.8 Supply Chain Analysis

    9. 4.9 PESTLE Analysis

  5. 5. MARKET SEGMENTATION - BY SECTOR

    1. 5.1 Upstream

    2. 5.2 Midstream

    3. 5.3 Downstream

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 PTT Public Company Limited

      2. 6.3.2 Chevron Corporation

      3. 6.3.3 MedcoEnergi

      4. 6.3.4 Bangchak Corporation PCL

      5. 6.3.5 Pan Orient Energy (Siam) Ltd

      6. 6.3.6 Sea Oil Energy Limited

      7. 6.3.7 Royal Dutch Shell PLC

      8. 6.3.8 Mitsui Oil Exploration Co. Ltd

      9. 6.3.9 TotalEnergies SE

      10. 6.3.10 Exxon Mobil Corporation

      4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Thailand Oil & Gas Market Research FAQs

The Thailand Oil and Gas Market is studied from 2019 - 2028.

The Thailand Oil and Gas Market is growing at a CAGR of >3% over the next 5 years.

PTT Public Company Limited, Chevron Corporation, Exxon Mobil Corporation, TotalEnergies SE, MedcoEnergi are the major companies operating in Thailand Oil and Gas Market.

Thailand Oil and Gas Industry Report

Statistics for the 2023 Thailand Oil and Gas market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Oil and Gas analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Thailand Oil and Gas Report Snapshots

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