Thailand LNG market outlook Report

Commodity Market Report 31 July 2024

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Report summary

In 2023, Thailand hit a new high in LNG imports, becoming the top importer in Southeast Asia. The Erawan field’s production surged to 800 mmscfd after PTTEP took over. Despite this, Thailand’s falling domestic gas production is a persistent issue. The nation’s reliance on LNG is projected to grow, with imports increasing from 30% in 2024 to 50% by 2030 due to rising gas demand. This report presents Wood Mackenzie's view of Thailand's LNG market. Understand the key risks and opportunities in Thailand's LNG market with our latest supply-demand balance analysis, views on key infrastructure developments, and latest trends in LNG trade.

Strong GDP per capita growth drives incremental power demand over the next three decades and reliance on gas and LNG continues.
Share of LNG demand in the gas mix is expected to increase to 50% by 2030 as domestic gas production faces significant risk.
Regasification capacity expansion and new long-term LNG contracts boost Thailand’s readiness for higher reliance on LNG.
Market liberalisation and LNG affordability could become key to enabling demand growth.