Thailand Oil & Gas Upstream Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Thailand is an oil and natural gas producer. However, the country increasingly relies on hydrocarbon imports to sustain its rising fuel demand. The primary energy consumption in Thailand grew at a CAGR of 2.53% during the period 2011-18 and is expected to maintain a similar growth rate over the forecast period. With various upstream projects expected to come online during the forecast period, the oil and gas upstream market is slated to increase over the forecast period. However, crude oil reserves are declining in Thailand, and the country has to depend on the imports to meet the increasing primary consumptions. The political crisis, massive flooding, and indecision about revisions to the Petroleum Act have stalled government projects which are expected to restrain the growth of the market.
Key HighlightsThe Thailand oil & gas upstream market is moderately consolidated. The key players in this market are Chevron Corporation, PTT Public Company Limited, Exxon Mobil Corporation, PT Pertamina, Schlumberger Limited, and others.
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