Abstract:

Thailand is experiencing a period of significant economic growth which is expected to continue well into the future The demand for energy, including oil and gas, IS also increasing and is expected to keep pace with the growth of the economy The current-petroleum demand is about 500,000 barrels per day of oil equivalent compared with domestic petroleum production of 141,500 barrels per day of 011 equivalent or 28% of demand The petroleum demand IS expected to reach 860,000 barrels per day oil equivalent by the year 2000 To deal with the growing demand, Thailand is entering a new phase of enhanced exploration and development activity The Gulf of Thailand provides all of the offshore petroleum production and is made up of a series of graben and half grabens, primarily non-marine Tertiary filled basins oil has also been found in the pre-Tertiary in the gulf The Andaman Sea is a transtensional Tertiary marine filled basin and only minor shows of petroleum have been encountered in the lightly explored basin Offshore, in the Gulf of Thailand, 582 exploratory, development and appraisal wells have been drilled Discoveries were made in Tertiary sediments by Unocal In the Pattanl Trough and by Texas Pacific In the northern extension of the Malaysian Basin Shell discovered oil in the pre-Tertiary In the Chumphon Basin In August, 1989, the government made Into law several amendments to the Petroleum Act of 1971 Royalty IS on a sliding scale and counted as expense, and the Minister of Industry now has authority to reduce the royalty rates under certain conditions New acreage blocks are being offered The new amendments are expected to encourage new investment in petroleum exploration activity. Unocal has made discoveries In its Third Contract Area and are actively engaged in developing the reserves.

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