Thailand's upstream outlook at risk from fiscal reform
Thailand's ability to sustain domestic oil and gas production is in serious doubt. At current production levels, commercial reserves will be exhausted within 9 years. Recent production growth, coupled with a decade of weak exploration, has meant Thailand has replaced less than 25% of the 2.3 billion boe of reserves produced in the last 10 years. We estimate output will fall to 252,000 boe per day in 2024, a 70% decline from current production levels.