Kenind is offering latest concessions to discover for oil along with gas for the first time in the seven years, in a bid to offset decreasing reserves. Twenty-nine number of exploration areas, most situated in the northeastern as well as central provinces cover up the 54,655 square kilometers or around the 21,000 square miles, as per the Govt report. Six numbers of Gas regulator Thailand fields are in the Gulf of Thailand over an area of the 11,808 square kilometers.
The ruling military Govt has pledged to work to make sure energy security along with reduce subsidies that have encouraged the consumption. Total oil as well as gas imports each year are worth around 1 trillion baht ($30.8 billion)—approximately 10% of the gross domestic product of the country. About the 85% of Thailand’s crude oil utilization is imported.
Natural gas reserves of the Thailand’s fell 24% over the last five years to 8.41 trillion cubic feet by the end of the year 2013, from 11.03 trillion in the year 2009, according to data from the Department of Mineral Fuels. Seventy percent of the Thailand’s electricity generation depends on the natural gas. Subsidies on the liquefied petroleum gas, diesel as well as ethanol-blended gasoline have cost Thailand almost 500 billion baht in the last three years.