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Thailand's upstream outlook at risk from fiscal reform

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25 September 2014

Thailand's upstream outlook at risk from fiscal reform

Report summary

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.

Table of contents

  • Executive Summary
    • Thailand's fiscal regime
    • Mature province with poor exploration performance
    • Launch the 21st licencing round and provide clarity on contract extensions
    • Keep fiscal terms attractive
    • Minimise bureaucratic burden

Tables and charts

This report includes 5 images and tables including:

  • Government take increases with gas prices
  • Thailand government take < SE Asia average
  • Thailand's upstream outlook at risk from fiscal reform: Image 3
  • Commercialised reserves
  • South-Eastern Asia exploration performance