Thailand, Cambodia to renegotiate $300 billion offshore gas exploration

According to the South China Morning Post on October 10, earlier this year, Thailand and Cambodia agreed to discuss how to fairly exploit the 26,000 ^km2 gas block, estimated to contain about 283 billion ^m3 of liquefied natural gas (LNG) and 300 million barrels of crude oil.

Thai Prime Minister Paetongtarn Shinawatra attends the 27th ASEAN-Japan Summit in Laos on October 10, 2024

Thai Prime Minister Paetongtarn Shinawatra said joint exploration is one of the government 's top 10 goals. According to the Bangkok Post , Ms. Shinawatra said the joint exploration will help increase energy security and cut high fuel import costs as Thailand seeks to increase its oil and gas reserves.

For its part, Cambodia remains committed to discussing joint development with Thailand. Cambodian government spokesman Pen Bona said: "If the new Thai government is ready, we are happy to continue negotiations."

Talks between the two sides on oil and gas exploration have been stalled since 2001. "We don't need to resolve different views on sovereignty , we just need to discuss with our neighbor and try to utilize resources. That will enhance security as well as cut utility costs," said Thai Finance Minister Pichai Chunhavajira.

Natural gas supplies about 60% of Thailand's electricity needs, with domestic supply accounting for more than half. At current consumption rates, the country could run out of gas within 5-10 years.

“We will need to import more LNG to meet our power generation needs,” warned Kurujit Nakornthap, chief executive of the Thai Petroleum and Energy Institute. Mr. Nakornthap added that Thailand’s untapped reserves could supply the country for at least another 20 years.

Source: https://thanhnien.vn/thai-lan-campuchia-se-dam-phan-lai-ve-tham-do-mo-khi-ngoai-khoi-300-ti-usd-185241010183816252.htm