Thailand’s upstream revival picks up speed
The Southeast Asian producer has reversed declining output and is pushing on with a deepwater-focused new bidding round
Thailand’s upstream sector is gathering momentum after the country reversed an almost decade-long decline in oil and gas production in 2024. Policymakers are moving quickly to consolidate those gains, announcing plans for a deepwater-focused 26th oil and gas bid round just weeks after bids closed for the country’s onshore 25th licensing round. At the heart of this resurgence is a state-driven strategy to rebuild capacity in a sector once seen as in structural retreat. Since 2017, Thailand has shifted from a concession-based model to a more flexible licensing regime and placed state-owned PTTEP at the centre of its upstream ambitions. What once seemed like resource nationalism is now translat
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
