Thailand Oil And Gas News

Recent industry report about Thailand Oil And Gas company news, including latest market trends and industry updates in 2024. This sector news is compiled by Mordor Intelligence™ Thailand Oil And Gas Market industry experts.

Thailand Oil And Gas News

  • June 2023: PTT Exploration and Production Public Company Limited (PTTEP) and Domestic Production Asset Group signed Production Sharing Contracts (PSCs) for Block G1/65 and Block G3/65 with the Minister of Energy. PTTEP was awarded the two offshore blocks in the 24th Thailand Petroleum Bidding Round.
  • May 2023: PTT, Thailand's largest oil and gas conglomerate, planned to import up to 6 million tonnes of liquefied natural gas (LNG) this year due to a surge in demand nationwide.
  • May 2022: PTT Exploration and Production Public Company Limited (PTTEP), responsible for developing the business in petroleum exploration, development, and production to support Thailand's energy security nations, decided to shift all of its equity crude production from its Oman location project to domestic Thai refineries rather than trading the barrels in the international market.
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  • January 2023: The Kuwait Petroleum Corporation (KPC) announced the issue of around 15 tenders in the next fiscal year 2023-2024 for global and local firms in sectors including supply of equipment, maintenance of computer systems, operation of oilfield systems, management of technology repair and maintenance services for oil installations in various areas, and other services.
  • October 2022: A Canadian drilling rig contractor, Precision Drilling Corporation, announced that it was recently awarded four contracts in Kuwait, each with a five-year term and an optional one-year renewal. The contract awards were for AC Super Triple 3000 HP drilling rigs, and this was expected to increase the company's active rig count in Kuwait from three rigs to five rigs by the middle of 2023.
  • August 2023, India is poised to purchase a considerable dirty fuels from Russia in years, as a slump in crude flows from the critical producer and looming refinery maintenance threaten supplies. In August, imports of sludgy products from Russia should double from last month to about 269,000 barrels a day. The flows primarily include high-sulfur fuel oil and vacuum gasoil, which can be employed in secondary refining units to improve yields of higher-value products like diesel and gasoline.
  • August 2022: Toyo Engineering India Private Limited, a wholly-owned subsidiary of Toyo Engineering Corporation, was awarded a contract by Indian Oil Corporation Limited for the Engineering, Procurement, Construction, and Commissioning of a 3.6 MMTPA Vacuum Gas Oil Hydrotreater (VGO-HDT) Unit at Panipat in the state of Haryana in India.
  • October 2022: Weatherford International Plc. signed a contract with Saudi Aramco to provide drilling and intervention services for the company's oil and gas operations. The agreement will cover the entire planning and execution by Weatherford that includes product lines and associated services; it will work for 45 wells per year for the entire term of the contract, i.e., three years.
  • August 2022: Abu Dhabi National Oil Company awarded 5 framework agreements valued at USD 1.83 billion to boost drilling activity in the emirate's oilfields as the company emphasizes expanding production capacity to help meet the growing energy demand globally.
  • January 2022: Petrofac secured a five-year contract extension for good management and well-operator services with NEO Energy. As per the contract, Petrofac will provide a five-year framework for Well Management and Well Operator support for 27 wells across the Affleck, Balloch, Dumbarton, Lochranza, and Finlaggan fields in the Central North Sea, United Kingdom.
  • Jun 2022: Vallourec SA won a 10-year contract for providing the supply of Premium Casing and inventory management services and will cover a part of Saudi Aramco's needs for Premium OCTG (Oil Country Tubular Goods) (including drill collars) solutions for its drilling operations. The contract has been signed on a call-off basis, placed every quarter during the term of the agreement. The first two on-call orders have already been received, with delivery scheduled for early 2023.
  • Nov 2021: ADNOC awarded nearly USD 6 billion in contracts for downhole completion equipment, wellheads, and related components. Of the total investment, USD 3.27 billion was allocated for 10-year-long contracts signed with UAE subsidiaries of TechnipFMC and Baker Hughes, Gulf Automation Services & Oilfield Supplies (GASOS), and Al Ghaith Oilfield Supplies & Services Company for the supply of wellheads and related components. The rest of USD 2.34 billion was allocated to contracts signed with Schlumberger Middle East and Weatherford Bin Hamoodah for the downhole completion equipment and related services. These contracts have a length of 5 years with an option of a further 2-year extension.
  • July 2023: Indonesia's Pertamina International Shipping (PIS) agreed to hire four LPG carriers named Gas Walio, Gas Widuri, Gas Arjuna, and Gas Ambalat LPG via its PIS Middle East subsidiary to three companies.
  • April 2023: China delivered the world's largest dual-fuel LPG carrier while highlighting the advanced design feature of the new ships.
  • February 2023: The Government of India announced the launch of E20 fuel across 11 states and union territories at 84 retail outlets in India. The Indian government aims to achieve 20% blending of ethanol with petrol by 2025 in the country. The step was taken to control the environmental emission from conventional fuels and progress towards a greener fuel economy. Oil marketing companies (OMC), including HPCL, have set up plants to accomplish the goal.
  • February 2023: Jio-bp, one of India's leading retail fuel companies, began selling E20 gasoline. Customers with E20 petrol-compatible vehicles will be able to choose this fuel at select Jio-bp locations, and the service will be spread across the network shortly.
  • December 2022: Indian Oil Corporation (IOCL) announced that for five years, Indian Oil Corporation (IOC) had chosen Reliance Jio to connect its 7,200 IOC sites using SD-WAN (Software Defined Wide Area Network). Jio will connect 7,200 IOC sites with an SD-WAN managed service solution, zero-touch provisioning, and real-time monitoring 24 hours a day, seven days a week.
  • June 2023: Var Energi, a Norwegian offshore oil and gas producer, announced a long-term strategic cooperation with Halliburton, a US oilfield services firm, for drilling services to improve drilling and well performance and increase value creation. The partnership includes drilling services for Var Energi relating to exploration and production drilling across the Norwegian Continental Shelf. The contract is for five years with an option for an extra four years.
  • June 2023: Vestigo Petroleum issued a Letter of Award to Malaysian offshore drilling company Velesto Drilling to provide a jack-up drilling rig. The deal is for Velesto's jack-up drilling rig NAGA 2, worth an estimated USD 10.9 million. The NAGA 2 is a high-end independent-leg cantilever jack-up rig with a drilling depth of 30,000 feet (9144 meters) and a rated operational water depth of 350 feet (106.68 meters).
  • June 2023: Var Energi, a Norwegian offshore oil and gas producer, announced a long-term strategic cooperation with Halliburton, a US oilfield services firm, for drilling services to improve drilling, sound performance, and increase value creation. The partnership includes drilling services for Var Energirelating to exploration and production drilling across the Norwegian Continental Shelf. The contract is for five years with an option for an extra four years.
  • May 2023: OdfjellDrilling, a Norwegian offshore drilling business, received a contract with ConocoPhillips for the Deepsea Yantai semi-submersible drilling rig. OdfjellDrilling signed the deal on behalf of the rig owner CIMC Raffles for drilling one firm well in PL 891 in the Norwegian Sea, with the option to drill two additional wells. The firm scope of work is expected to take 72 days to complete and will begin in Q3 2024.
  • September 2023: Pipe Line Development Company (PLIDCO), a manufacturer of leak repair and maintenance fittings for pipelines, announced a new range of products for use with hydrogen pipelines in response to the growing use of hydrogen and other alternative fuels. The products offered by PLIDCO are suitable for high-pressure emergency pipeline repairs and routine pipeline maintenance applications onshore and subsea. They are ideal for hydrogen, oil, gas, water, chemicals, steam, slurry, and other piping systems. Following ASME/ANSI codes and adhering to a strict quality control program, their high-pressure fittings are designed and manufactured to meet the highest quality standards.
  • February 2023: Saipem's Grip & Metal Seal Connector, a patented technology for subsea pipeline repair, has been qualified for use in sour service applications by DNV, the leading independent assurance and risk management company. Saipem's center of excellence for underwater technologies, automation, and digital solutions, Sonsub, has developed the Grip & Metal Seal Connector. This is a unique diver/diverless solution for pipeline repair interventions and for pipeline tie-ins in water depths up to 2,000 meters.
  • August 2022: ONGC Videsh Ltd got the seventh extension to explore oil and gas in a Vietnamese block in the contested waters of the South China Sea.
  • January 2023: the Vietnamese government announced that it is seeking to accelerate preparatory work for two gas projects - Ca Voi Xanh (Blue Whale) and Block B - to diversify the country's energy sources soon.

Thailand Oil and Gas Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)