Thailand Moves Forward with Onshore Oil Exploration Auctions
The country announces a major initiative to develop nine new petroleum fields, marking its first auction in 17 years.
Authorities in Thailand have announced the initiation of an auction for onshore petroleum exploration and production licenses, aiming to develop nine new petroleum fields.
This significant step is expected to enhance the long-term energy supply in the country and increase investment opportunities, with an estimated 2 billion baht in potential investment value during the exploration phase, as stated by Warakorn Brahmopala, director-general of the Department of Mineral Fuels.
The Department opened a data room at the Energy Ministry to accommodate energy companies interested in the exploration of new onshore petroleum fields located primarily in the northeast and central regions of the country.
Interested companies can access detailed information about the nine targeted areas, which cover a total of 33,444.64 square kilometers.
The Round 25 auction, which is the first of its kind in 17 years, has already attracted interest from six to seven companies engaging with the data room.
The nine areas available for auction are positioned predominantly in northeastern provinces, including Nong Bua Lam Phu, Udon Thani, Khon Kaen, Sakon Nakhon, Kalasin, Maha Sarakham, Yasothon, Amnat Charoen, Chaiyaphum, Nakhon Ratchasima, Buri Ram, Roi Et, and Surin.
The remaining two blocks are situated in the central plains, specifically in Phetchabun, Lop Buri, Ratchaburi, Kanchanaburi, Nakhon Pathom, and Suphan Buri.
Experts estimate the potential discovery of up to 7 trillion cubic feet of petroleum within these areas.
Chatchapol Prasopchok, president and chief executive of UAC Global Plc, noted that the northeastern regions are highly prospective for gas discoveries.
He emphasized the importance of government support for establishing gas-fired power plants near gas production sites, facilitating sales of the produced fuel to these plants as a means to encourage further investment in the designated areas.
UAC Global currently operates two onshore petroleum blocks in Sukhothai, producing crude oil and natural gas liquids (NGLs) that are sold to PTT Plc and used at its associated power plants.
Another major operator in the sector is PTT Exploration and Production Plc, which is also engaged in onshore petroleum activities.
This significant step is expected to enhance the long-term energy supply in the country and increase investment opportunities, with an estimated 2 billion baht in potential investment value during the exploration phase, as stated by Warakorn Brahmopala, director-general of the Department of Mineral Fuels.
The Department opened a data room at the Energy Ministry to accommodate energy companies interested in the exploration of new onshore petroleum fields located primarily in the northeast and central regions of the country.
Interested companies can access detailed information about the nine targeted areas, which cover a total of 33,444.64 square kilometers.
The Round 25 auction, which is the first of its kind in 17 years, has already attracted interest from six to seven companies engaging with the data room.
The nine areas available for auction are positioned predominantly in northeastern provinces, including Nong Bua Lam Phu, Udon Thani, Khon Kaen, Sakon Nakhon, Kalasin, Maha Sarakham, Yasothon, Amnat Charoen, Chaiyaphum, Nakhon Ratchasima, Buri Ram, Roi Et, and Surin.
The remaining two blocks are situated in the central plains, specifically in Phetchabun, Lop Buri, Ratchaburi, Kanchanaburi, Nakhon Pathom, and Suphan Buri.
Experts estimate the potential discovery of up to 7 trillion cubic feet of petroleum within these areas.
Chatchapol Prasopchok, president and chief executive of UAC Global Plc, noted that the northeastern regions are highly prospective for gas discoveries.
He emphasized the importance of government support for establishing gas-fired power plants near gas production sites, facilitating sales of the produced fuel to these plants as a means to encourage further investment in the designated areas.
UAC Global currently operates two onshore petroleum blocks in Sukhothai, producing crude oil and natural gas liquids (NGLs) that are sold to PTT Plc and used at its associated power plants.
Another major operator in the sector is PTT Exploration and Production Plc, which is also engaged in onshore petroleum activities.
