The aggressive minimum production levels on Erawan and Bongkot post-expiry may have temporarily reversed the tide of declining domestic gas production in Thailand. Come 2023/2024, Erawan and Bongkot could collectively pump in about 1.5 bcfd of gas into Thailand, causing a relatively significant upward revision on our supply side forecast from the previous update. We expect this to reduce the longer-term growth of LNG demand and cap LNG demand at below 15 mmtpa from 2028 to 2032. PTTEP's aggressive US$1.6 billion investment into maintaining production levels and developing Myanmar's gas resources poses additional downside risk to LNG demand. However, all is not bleak for Thailand's growing LNG market. A draft Power Development Plan sees some coal plants removed with a bigger share for gas. There has also been movements on the third-party regulation on the regas infrastructure front, although formal arrangements are likely to be pending official LNG SPAs.