Thailand's upstream outlook at risk from fiscal reform

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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.

What's included

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  • Document

    Thailand's upstream outlook at risk from fiscal reform

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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

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