Thailand’s PTTEP Launches US$21.2 Billion Five-Year Plan to Strengthen Gas Supply and Energy Security
National oil and gas firm pledges substantial investment in domestic gas fields and energy-transition projects between 2025–2029
Thailand’s state-owned energy company PTT Exploration and Production (PTTEP) has unveiled a comprehensive five-year investment plan worth US$21.2 billion aimed at boosting domestic natural-gas output and securing long-term energy stability.
The funding — earmarked for the period 2025 to 2029 — will target core production assets in the Gulf of Thailand, offshore developments abroad and new ventures in cleaner energy.
Under the plan, PTTEP will prioritise maximising output from existing gas blocks, notably the shallow-water fields operated under G1/61 (including Erawan and associated satellite fields) and G2/61 (Bongkot), as well as other producing assets such as Arthit, S1, and Contract 4, and projects within the Malaysia–Thailand Joint Development Area.
These fields currently supply a significant share of Thailand’s domestic gas demand, which underpins power generation, industrial consumption and national energy security.
In 2025 alone, PTTEP intends to spend around US$5.3 billion on capital expenditures and development projects under this plan.
The company also projects that its average petroleum sales volume will rise from about 507,000 barrels of oil equivalent per day (boed) in 2025 to 581,000 boed by 2029, reflecting a steady increase in output as new fields come online and production is optimised.
Beyond traditional hydrocarbon production, the investment pledge includes significant funding for energy transition initiatives: offshore wind, carbon capture and storage (CCS), hydrogen projects and other clean-energy ventures.
This dual focus on boosting production and supporting decarbonisation aligns with PTTEP’s declared target of reaching net-zero greenhouse gas emissions by 2050.
Analysts say the expanded commitment is shaped by rising domestic demand for natural gas, as well as the need to reduce Thailand’s reliance on imported liquefied natural gas, thereby lowering electricity generation costs and strengthening energy sovereignty.
As new gas-fired power plants and industrial clients come online, PTTEP’s increased output could support stable energy supply and price stability for consumers.
The plan also signals the company’s broader ambition to blend traditional energy security with future-oriented investments — positioning PTTEP as a central actor in Thailand’s evolving energy landscape during a period of regional demand growth and global pressure for cleaner energy sources.
The funding — earmarked for the period 2025 to 2029 — will target core production assets in the Gulf of Thailand, offshore developments abroad and new ventures in cleaner energy.
Under the plan, PTTEP will prioritise maximising output from existing gas blocks, notably the shallow-water fields operated under G1/61 (including Erawan and associated satellite fields) and G2/61 (Bongkot), as well as other producing assets such as Arthit, S1, and Contract 4, and projects within the Malaysia–Thailand Joint Development Area.
These fields currently supply a significant share of Thailand’s domestic gas demand, which underpins power generation, industrial consumption and national energy security.
In 2025 alone, PTTEP intends to spend around US$5.3 billion on capital expenditures and development projects under this plan.
The company also projects that its average petroleum sales volume will rise from about 507,000 barrels of oil equivalent per day (boed) in 2025 to 581,000 boed by 2029, reflecting a steady increase in output as new fields come online and production is optimised.
Beyond traditional hydrocarbon production, the investment pledge includes significant funding for energy transition initiatives: offshore wind, carbon capture and storage (CCS), hydrogen projects and other clean-energy ventures.
This dual focus on boosting production and supporting decarbonisation aligns with PTTEP’s declared target of reaching net-zero greenhouse gas emissions by 2050.
Analysts say the expanded commitment is shaped by rising domestic demand for natural gas, as well as the need to reduce Thailand’s reliance on imported liquefied natural gas, thereby lowering electricity generation costs and strengthening energy sovereignty.
As new gas-fired power plants and industrial clients come online, PTTEP’s increased output could support stable energy supply and price stability for consumers.
The plan also signals the company’s broader ambition to blend traditional energy security with future-oriented investments — positioning PTTEP as a central actor in Thailand’s evolving energy landscape during a period of regional demand growth and global pressure for cleaner energy sources.