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 |
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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.
