According to NewsBase, Thailand’s upstream growth prospects appear dimmer by the month, with a long-planned exploration auction still in limbo, state-run PTT warning of more capital expenditure cuts and a privately drilled exploration well in an established offshore field being abandoned as uneconomical.
In comments to NewsBase, Lawrence Chong, CEO of Consulus shared that it is natural that Thailand should be cautious, bearing in mind that Iran [oil exports are] coming on line, too, and global sentiment remains weak for the sector.
Noting that China’s slowing economic growth was adding to uncertainty, Chong said: “[The delay] has less to do with Thai authorities and more to do with the confidence of global players in the sector. Why push for a [bid round] if globally sentiment improves, they will open the door for the bidding again.”
Full article is available here.