Thailand LNG & Natural Gas Market Intelligence
Thai gas: domestic decline, LNG imports rising. Map Ta Phut, Nong Fab, Gulf LNG terminals. PTTLNG, Gulf, EGAT third-party importers. PTTEP, Mubadala upstream.
Key takeaways
- 1
Thai natural gas demand ~50 BCM/year β of power generation, significant industrial, petrochemical feedstock. Domestic Gulf of Thailand production declining; LNG imports rising sharply to fill gap.
- 2
LNG import terminals: PTTLNG Map Ta Phut (11.5 MTPA, expanding to 19 MTPA Phase 2 by 2027), new Nong Fab terminal (PTTLNG/Gulf JV), Gulf LNG (under construction Map Ta Phut).
- 3
Third-party access: ERC opened LNG market β Gulf Energy, EGAT, GPSC, Banpu Power can import alongside PTT. New competitive dynamic in formerly PTT-monopoly market.
- 4
Upstream: PTTEP (SET: PTTEP) is the listed Thai E&P with Gulf of Thailand, global gas. Chevron Thailand sold its Gulf assets to Mubadala Energy 2022. Domestic gas declining ~ per year as legacy fields deplete.
- 5
Strategic: gas vs decarbonisation tension. PDP 2024 keeps gas at of generation through 2037; renewable, storage, nuclear (small modular reactor under study) compete for share. Carbon pricing under ETS development.
Executive summary
Thailand consumes approximately 50 BCM (billion cubic metres) of natural gas per year. Gas is of power generation (per PDP 2024 and EPPO data) β the country's single largest power source β and a major industrial, petrochemical feedstock. Historical supply was dominated by domestic Gulf of Thailand offshore production, Myanmar pipeline imports, small Malaysian, Vietnamese pipelines. Both domestic Gulf production and Myanmar imports are now declining, creating a structural import gap that LNG fills.[, , ]
LNG imports are rising sharply. PTTLNG operates Map Ta Phut LNG Terminal (11.5 MTPA capacity, with Phase 2 expansion to 19 MTPA targeted 2027). New terminals: Nong Fab LNG (PTTLNG, Gulf Energy JV) under development; Gulf LNG (Gulf Energy independent project at Map Ta Phut) under construction. ERC has opened the LNG market under third-party access (TPA) rules β Gulf Energy, EGAT, GPSC, and Banpu Power can now import LNG independent of PTT, breaking the historical PTT monopoly.[, , , ]
Upstream: PTTEP (SET: PTTEP) is the listed Thai exploration, production champion with Gulf of Thailand, global (Algeria, Mexico, UAE, Mozambique, Malaysia, Australia) operations. Chevron Thailand sold its Gulf of Thailand legacy assets to Mubadala Energy (UAE state) in 2022 β Mubadala now operates with PTTEP. Strategic gas-vs-decarbonisation tension: PDP 2024 keeps gas at of generation through 2037; renewable, storage, small modular nuclear under study compete for share long-term. Carbon pricing under Thailand ETS framework in development.[, , ]
Thai LNG import trend (MTPA, 2020-2024)
2020
LNG imports (MTPA)
6
Drivers
COVID demand low
2021
LNG imports (MTPA)
7
Drivers
Recovery
2022
LNG imports (MTPA)
9
Drivers
Russia-Ukraine, global LNG spike
2023
LNG imports (MTPA)
11
Drivers
Domestic Gulf decline, winter demand
2024
LNG imports (MTPA)
13
Drivers
Continued domestic decline, ERC TPA
| Year | LNG imports (MTPA) | Drivers |
|---|---|---|
| 2020 | 6 | COVID demand low |
| 2021 | 7 | Recovery |
| 2022 | 9 | Russia-Ukraine, global LNG spike |
| 2023 | 11 | Domestic Gulf decline, winter demand |
| 2024 | 13 | Continued domestic decline, ERC TPA |
Gas supply mix (% FY2024)
Imported LNG
Share %
Notes
Map Ta Phut, Nong Fab
Myanmar pipeline
Share %
Notes
Yetagun, Yadana; declining
Other (Malaysia, Vietnam)
Share %
5%
Notes
Small pipeline cross-border
| Source | Share % | Notes |
|---|---|---|
| Domestic Gulf of Thailand | 35% | PTTEP, Mubadala; declining |
| Imported LNG | 50% | Map Ta Phut, Nong Fab |
| Myanmar pipeline | 10% | Yetagun, Yadana; declining |
| Other (Malaysia, Vietnam) | 5% | Small pipeline cross-border |
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