Commodity Market Report
Thailand LNG market outlook
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Report summary
LNG imports grew in 2022 despite record prices in the spot LNG market, driven by strong gas demand and a decline in domestic production. LNG demand expected to stay strong until 2024 when the Erawan field is expected to ramp up production. However, demand growth will continue in the long-term as other fields start to decline. The start of Map Ta Phut 2 means there is sufficient regas capacity to meet demand growth. However, emerging players buyers have not yet started self-procuring LNG as PTT's blended price remain competitive against global spot prices. 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.
Table of contents
- Strong GDP per capita growth drives incremental power demand over the next three decades .
- LNG demand rises as domestic gas production is at significant risk .
- Regas capacity expansion and new long-term LNG contracts boost Thailand’s readiness for higher reliance on LNG.
- Market liberalisation progresses slowly.
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