Thailand Oil and Gas Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)
The Thai oil and gas market is expected to register a CAGR of more than 3% during the forecast period. The COVID-19 pandemic negatively impacted the market in terms of CAPEX cuts by the national and international oil companies operating in Thailand, project delays, and supply chain disruptions. Moreover, the lower crude oil demand led to a significant dip in the crude oil prices in the first half of 2020, which further pushed the oil and gas companies to change their investment plans in 2020. However, the situation is expected to change in the coming years, as the investments in the upstream and downstream sectors are expected to increase during the forecast period. However, crude oil reserves are declining in Thailand, and the country has to depend on imports to meet the increasing primary consumption. The political crisis, massive flooding, and indecision about revisions to the Petroleum Act stalled government projects are expected to restrain the market growth.
Key HighlightsThe Thai oil and gas market is moderately consolidated. Some of the major companies operating in the market include PTT Public Company Limited, Chevron Corporation, Schlumberger Ltd, Halliburton Company, and CAZ (Thailand) Public Company Limited.
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