Exploration in Thailand is expected to revive the next 6 years as a result of recent licensing round awards.
That's the conclusion of a report by County Natwest Woodmac. The analyst noted exploration activity in Thailand fell sharply in 1991, with only two wells completed.
EXPLORATION FORECAST
During the next 6 years County Natwest expects 55 exploratory wells to be drilled in Thailand, with 16 in the peak year 1994.
This new burst of drilling will concentrate mainly on the Gulf of Thailand and the relatively unexplored onshore Khorat Plateau. Limited exploration is expected in the Andaman Sea.
County Natwest does not expect much action in Central Thailand, where drilling activity was high in the 1980s.
The decline reflects the lack of success in this area.
The analyst said the slide in exploratory drilling from 13 wells in 1990 was due mainly to completion of work commitments on existing licenses and the lack of new contracts in the 2-3 years prior to the announcement of the 1991 licensing round.
PRODUCTION OUTLOOK
County Natwest forecasts an increase in Thai oil production to 51,000 b/d in 1992 from 45,000 b/d in 1991. Thereafter will come a gentle decline, but the analyst sees a new peak in 1999 of about 70,000 b/d as new fields go on stream.
Sales gas production is expected to rise to 1.19 bcfd in 1997 from 700 MMcfd in 1991. And if future exploration is successful, that level could reach 1.8 bcfd in 2000.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
