Thailand is set to offer new licenses to explore oil and gas. These will be the first in seven years, as the net oil importer seeks to outweigh the decline in supplies from fields in the Gulf of Thailand.
This is an important step for the country as securing new supplies of oil and gas will help energy security, as existing reserves in the gulf may only last for another decade.
The country’s proven natural gas reserves plunged 43% over the past decade, to 8.41 trillion cubic feet, from 14.75 trillion in 2003, according to data from the Department of Mineral Fuels.
This new round of licenses allows more exploration and production permits, ultimately resulting in a more secure supply from local sources, reducing the amount of imports necessary.
The government plans to offer concessions for 29 exploration areas offshore and in the central and northeast provinces.