Boston, MA -- (SBWIRE) -- 03/11/2014 -- Thailand remains driven by a strong demand growth for both oil and gas which far outweigh domestic production. With no scope for the country to become self sufficient, it will be critical to develop the necessary import infrastructures and to maximise the country's below ground potential. With several delays already affecting the planned 21st licensing round, we expect oil production to decline over the long term and gas production to slightly increase or remain stagnant. Despite an uptake in exploration activities throughout 2013, an offshore pipeline oil spill which occurred in late July creates large risks of opposition to offshore exploration by a population already concerned by the risks it creates for the country's tourism industry.

The main trends and developments we highlight in the Thai oil and gas sector are:

- An oil spill in late July from a PTT-owned offshore pipeline near the island of Koh Samet could be a game changer for Thailand. The country has already experienced opposition to further offshore exploration due to the environmental risks it generates for the tourism industry, and we could expect this event to revive such protests in the coming months and further postpone the long-delayed 21st licensing round. Liquid hydrocarbons production has been excessively high compared to the country's proved reserves of 450mn barrels (bbl) in 2012; half oil, half condensate. Crude oil and liquids production is estimated at around 425,710b/d in 2013. We see a small increase in production over 2014-2015, when production from the Manora and Nong Yao fields will boost outputs to around 447,080b/d in 2015. Nonetheless, we keep our position that in view of reserves, current exploration efforts and development projects in the pipeline, we see output slowly falling to 384,440b/d by 2023. This quarter, we have slightly reviewed oil production in Thailand to the upside, following the approval of a FID to development the offshore Nong Yao field in Concession G11/48 in the Gulf of Thailand by Mubadala Petroleum and its co-concessionaire Kris Energy. The field is planned to begin production in the first half of 2015, and will add output of 10,000b/d at peak rates, a few months after first oil flow.

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