LNG & Natural GasGold report

Published May 2026Insight Research26 min read2026 Edition15 sources, 15 primary-gradeVery high source depth

Thailand LNG & Natural Gas Import Infrastructure Market Intelligence

Thai domestic gas (Erawan, Bongkot, Myanmar pipeline) in structural decline; LNG imports scaling to ~27 Mtpa regas capacity by 2029. PTT LNG incumbent; Gulf LNG, EGAT, GPSC enter under ERC TPA.

Key takeaways

1
Thailand imported about 12.5 Mt of LNG in 2024 (about of national gas supply); LNG share rises to about by 2037 under EPPO's Gas Plan 2024 as domestic Gulf production plateaus and Myanmar pipeline imports phase down.
2
Domestic Gulf of Thailand supply (about of 2024 gas) is anchored by PTTEP-operated G1/61 Erawan and G2/61 Bongkot, targeting a combined plateau near 1500 MMcf/D after the April 2022 Chevron-to-PTTEP operatorship handover at Erawan.
3
Regas capacity scales from 19 Mtpa today (PTT LNG Map Ta Phut Terminal 1 at 11.5 Mtpa, Nong Fab Terminal 2 at 7.5 Mtpa) to about 27 Mtpa by 2029 with Gulf MTP Phase 3 (Terminal 3, 8 Mtpa initial, expandable to 10.8 Mtpa).
4
ERC's Third Party Access Code ends PTT's import monopoly: Gulf LNG (6.4 Mtpa licence, first cargo January 2025), EGAT, GPSC, B.Grimm hold shipper licences. Spot vs. long-term mix increasingly contested.
5
Long-term LNG supply diversifies: PTT-Cheniere 1.0 Mtpa Corpus Christi (2026-2046, renegotiating up to 1.3 Mtpa), Qatar about 2.3 Mt 2024, Australia about 2.1 Mt 2024, plus PTT-Centrica (UK, 2028 deliveries), and Russia Sakhalin spot.
6
Our read: LNG infrastructure is a 5-year capex story; the 2025-2029 window decides whether Thailand becomes a regional ASEAN LNG hub or carries a stranded-asset overhang as PDP 2024 reduces gas-fired installed capacity from (2023) to (2037).

Executive summary

Thailand's natural gas system in 2024 ran on roughly 4.8-5.0 bcf/d of supply: domestic Gulf of Thailand fields contributed about (Erawan G1/61 and Bongkot G2/61 anchored by PTTEP after the Chevron operatorship handover in April 2022), Myanmar pipeline imports (Yadana, Yetagun, Zawtika) about , and LNG imports about (roughly 12.5 Mt, up from 11 Mt in 2023). The remainder is city gas and condensate. Power generation absorbs about of gas; industrial direct and city gas about ; PTT's Gas Separation Plant and petrochemical feedstock about ; NGV and other roughly .^{[, , ]}

The supply mix is shifting fast. Erawan production collapsed from about 1.185 bcf/d in 2020 to 376 MMcf/D at handover (April 2022) as Chevron wound down investment ahead of transfer; PTTEP has spent the past three years rebuilding wells and infill drilling to hold a combined Erawan-Bongkot plateau near 1500 MMcf/D. Myanmar's Yadana and Yetagun fields are mature; Naypyitaw has signalled no future export commitments to Thailand beyond existing contracts, removing about 0.6-0.7 bcf/d of optionality through the early 2030s.^{[, , ]}

LNG fills the gap. Regas capacity is 19 Mtpa today across PTT LNG Map Ta Phut Terminal 1 (11.5 Mtpa, commissioned 2011 and expanded 2018) and Nong Fab Terminal 2 (7.5 Mtpa, commissioned 2022). Gulf MTP Phase 3 (Terminal 3), a Gulf Development / PTT Tank Terminal JV with Posco E&C as EPC contractor, adds 8 Mtpa initial (expandable to 10.8) at COD targeted Q1 2029. EGAT is exploring an FSRU pilot as a faster-to-deploy option. Long-term supply is anchored by PTT-Cheniere (1.0 Mtpa Corpus Christi for 20 years from 2026, with Thai officials seeking 1.3 Mtpa), Qatar (about 2.3 Mt 2024), Australia North West Shelf (about 2.1 Mt 2024), PTT-Centrica UK (deliveries from 2028), and Russia Sakhalin via spot.^{[, , ]}

EPPO Gas Plan 2024; PTT/PTTEP/GULF filings; IEA Thailand

Data as of: FY2024

Thailand LNG imports trend (Mt, 2020-2024)

2020

LNG imports (Mt)

5.6

Context

COVID demand trough; spot heavy

2021

LNG imports (Mt)

7.1

Context

Power demand recovery; Erawan handover risk priced in

2022

LNG imports (Mt)

8.9

Context

Erawan production collapse drives spot reliance; TTF spike

2023

LNG imports (Mt)

11.0

Context

Nong Fab Terminal 2 first full year; about 78% of gas imports

2024

LNG imports (Mt)

12.5

Context

Gulf LNG (Jan 2025) onboarding; about 32% of national gas supply

Year	LNG imports (Mt)	Context
2020	5.6	COVID demand trough; spot heavy
2021	7.1	Power demand recovery; Erawan handover risk priced in
2022	8.9	Erawan production collapse drives spot reliance; TTF spike
2023	11.0	Nong Fab Terminal 2 first full year; about 78% of gas imports
2024	12.5	Gulf LNG (Jan 2025) onboarding; about 32% of national gas supply

IEA Thailand, EPPO Gas Plan 2024, PTT

Data as of: 2024 full-year

Gas supply mix by source (% of FY2024 supply)

Domestic Gulf of Thailand

Share %

48%

Notes

PTTEP G1/61 Erawan, G2/61 Bongkot, third-party fields

LNG imports

Share %

32%

Notes

Map Ta Phut T1 (11.5 Mtpa), Nong Fab T2 (7.5 Mtpa)

Myanmar pipeline

Share %

16%

Notes

Yadana, Yetagun, Zawtika; structural decline through 2030s

Other (city gas, condensate)

Share %

Notes

Bongkok-area, GSP residuals, biogas

Source	Share %	Notes
Domestic Gulf of Thailand	48%	PTTEP G1/61 Erawan, G2/61 Bongkot, third-party fields
LNG imports	32%	Map Ta Phut T1 (11.5 Mtpa), Nong Fab T2 (7.5 Mtpa)
Myanmar pipeline	16%	Yadana, Yetagun, Zawtika; structural decline through 2030s
Other (city gas, condensate)	4%	Bongkok-area, GSP residuals, biogas

EPPO Gas Plan 2024, PTT, IEA Thailand

Data as of: FY2024

Gas demand mix by offtaker (% of FY2024 demand)

Power generation

Share %

60%

Notes

EGAT, IPP (Gulf, EGCO, B.Grimm), SPP cogen

Industrial direct, city gas

Share %

18%

Notes

PTT NGD city-gas grid; industrial estates

GSP, petrochem feedstock

Share %

15%

Notes

PTT GSP1-6 ethane, propane for PTTGC, SCG

NGV transport, other

Share %

Notes

Bus, taxi NGV (declining); BTS, MRT auxiliary

Offtaker	Share %	Notes
Power generation	60%	EGAT, IPP (Gulf, EGCO, B.Grimm), SPP cogen
Industrial direct, city gas	18%	PTT NGD city-gas grid; industrial estates
GSP, petrochem feedstock	15%	PTT GSP1-6 ethane, propane for PTTGC, SCG
NGV transport, other	7%	Bus, taxi NGV (declining); BTS, MRT auxiliary

EPPO, PTT, EGAT, PTTGC

Data as of: FY2024

Analyst framing

Why this report

Thailand's gas system is at a hinge point: domestic Gulf production has stabilised but cannot grow, Myanmar imports are running down, and LNG must scale roughly 50% in five years just to hold the current power mix. The 2025-2029 capex window decides whether Map Ta Phut becomes a regional ASEAN LNG hub or a stranded asset as PDP 2024 cuts gas-fired installed capacity from 67% to 28% by 2037.

Operator playbooks

PTT Public Company (SET: PTT): incumbent integrated gas operator. PTT LNG Company operates Map Ta Phut Terminal 1 (11.5 Mtpa, commissioned 2011, expanded 2018) and Nong Fab Terminal 2 (7.5 Mtpa, commissioned 2022). PTT International Trading manages long-term supply contracts (Qatar, Cheniere Corpus Christi 1.0 Mtpa for 20 years from 2026, Centrica UK from 2028) and spot procurement. PTT trunk pipelines move gas to power, industrial, GSP. Strategic: still controls 78% of regas capacity, but TPA Code ends the import monopoly. Margin pressure as third-party shippers price-discover terminal tariffs.

PTTEP (SET: PTTEP): domestic upstream operator. Took over G1/61 Erawan operatorship from Chevron April 2022 after the 2018 bid round; output had fallen from 1.185 bcf/d (2020) to 376 MMcf/D at handover. PTTEP committed THB 261bn capex for 2025 to rebuild wells, infill drilling, with target to hold combined G1/61 plus G2/61 Bongkot output at about 1500 MMcf/D plateau. Also exploring Malaysia, Oman, UAE for international LNG-backed upstream. Strategic: domestic decline arrested but not reversed.

Gulf Development (SET: GULF): first non-PTT shipper. Gulf LNG received ERC shipper licence for 6.4 Mtpa to fuel Gulf PD, Gulf SRC, Hin Kong power plants; first cargo January 6, 2025. Gulf MTP Phase 3 JV with PTT Tank Terminal (THB 60bn capex) adds 8 Mtpa terminal capacity (expandable to 10.8) at Q1 2029 COD; Posco E&C signed EPC July 2025. Strategic: vertical integration from terminal to power plant, hedging against PTT's terminal access pricing.

EGAT (state enterprise): largest single offtaker of gas via own IPP plus PPA portfolio. ERC shipper licence; exploring FSRU pilot as faster-to-deploy regas option (12-18 month FSRU deployment vs. 4-5 year onshore terminal). EGAT's gas demand falls structurally under PDP 2024 (renewables, coal-to-gas displacement reversed), but absolute volumes remain large through 2030.

GPSC, B.Grimm Power: industrial-captive shippers. GPSC (PTT group) holds shipper licence for its Map Ta Phut industrial estate gas-fired SPP fleet. B.Grimm Power runs SPP cogen at Amata, WHA estates. Both increasingly source LNG directly under TPA rather than via PTT-mediated supply. Strategic: small individual volumes but signal the broader unbundling of Thai gas market.

LNG terminal capacity build-out (Mtpa, 2024-2029)

Map Ta Phut Terminal 1

Operator

PTT LNG

Mtpa

11.5

COD

2011 / expanded 2018

Notes

Anchor terminal; PTT 100% control

Nong Fab Terminal 2

Operator

PTT LNG

Mtpa

7.5

COD

2022

Notes

Second PTT terminal; Rayong

Gulf MTP Phase 3 (Terminal 3)

Operator

Gulf MTP / PTT Tank JV

Mtpa

8.0

COD

Q1 2029 target

Notes

Posco E&C EPC; expandable to 10.8 Mtpa; THB 60bn capex

EGAT FSRU (pilot)

Operator

EGAT

Mtpa

TBD

COD

Under study

Notes

Floating regas option; not committed

Total committed

Operator

Multi-operator

Mtpa

27.0

COD

By 2029

Notes

Aggregate regas capacity at Map Ta Phut/Nong Fab/MTP3 COD

Terminal	Operator	Mtpa	COD	Notes
Map Ta Phut Terminal 1	PTT LNG	11.5	2011 / expanded 2018	Anchor terminal; PTT 100% control
Nong Fab Terminal 2	PTT LNG	7.5	2022	Second PTT terminal; Rayong
Gulf MTP Phase 3 (Terminal 3)	Gulf MTP / PTT Tank JV	8.0	Q1 2029 target	Posco E&C EPC; expandable to 10.8 Mtpa; THB 60bn capex
EGAT FSRU (pilot)	EGAT	TBD	Under study	Floating regas option; not committed
Total committed	Multi-operator	27.0	By 2029	Aggregate regas capacity at Map Ta Phut/Nong Fab/MTP3 COD

Global Energy Monitor, Gulf, PTT, EGAT

Data as of: Q2 2025

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Operator playbooks (PTT, PTTEP, Gulf, EGAT, GPSC), terminal-by-terminal capacity build-out, ERC TPA framework, LNG supply portfolio, PDP 2024 trajectory, scenarios to 2031, and full company list.

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Key figures

Selected anchors from the report evidence pack.

2020-2024

~11.7 Mt (2024)

Thailand LNG import volume (2020-2024)

EPPO Thailand Energy Statistics; GIIGNL Annual Report 2024; PTT Annual Report 2024

2020-2024

~2,520 MMscfd (2024)

Thailand domestic natural gas production (2020-2024)

Department of Mineral Fuels

2020-2024

~57% (2024)

Natural gas share of Thailand power generation (2020-2024)

EGAT Annual Report 2024; EPPO Electricity Statistics; Energy Regulatory Commission

2024

~19 Mtpa total (2024)

Thailand LNG terminal regasification capacity (ranked)

PTT LNG company disclosures; EPPO; Energy Regulatory Commission tariff filings; Gulf Energy Development

2024

Qatar ~35%

Thailand LNG supply by source country (2024)

PTT LNG cargo disclosures; GIIGNL Annual Report 2024; Argus Media LNG trade flow

2024 plan; horizon 2037

~37-40% of generation

PDP 2024 gas-to-power target (2037)

Energy Policy and Planning Office

Draft 2025-2026 implementation

THB 200-500 / tCO2e

Thailand draft carbon tax rate (2025-2026)

MoNRE Climate Change Act draft; Excise Department; Thailand Greenhouse Gas Management Organization

2024 (Q4 exit rate)

Erawan ~800; Bongkot ~870 MMscfd

Erawan and Bongkot field plateau production

PTTEP Annual Report 2024; Department of Mineral Fuels

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