Prime Minister Srettha Thavisin of Thailand and Cambodian counterpart Hun Manet have instigated discussions about the potential for joint petroleum exploration and production in the Gulf of Thailand. The overlapping claims area (OCA), an area of 26,000 square kilometres that is believed to be rich in fossil fuels, is the focal point of these negotiations. The OCA is considered a high-potential petrol source due to its proximity to the Erawan and Bongkot gas blocks.
As Thailand strives to fulfil its commitment to promoting renewable energy, the country is also considering the exploration of more fossil fuels to reduce dependence on costly imported liquefied national gas. Currently, gas accounts for roughly 60% of the fuel used for power generation in Thailand.
The OCA discussions are crucial to Thailand’s energy future. With the global trend leaning towards clean energy, Thailand faces a potential obstacle in developing new petroleum projects. The country has committed to join the international fight against global warming, vowing to reach carbon neutrality by 2050 and a net-zero target by 2065, reported Bangkok Post.
A new national energy plan (NEP) is currently being developed by Thai energy officials. This plan is based on Thailand’s promise to reduce carbon dioxide emissions, aiming for renewables to make up almost 50% of the fuel used for power generation by 2037.
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PM Srettha is hopeful about the discussions with Cambodia, with both countries agreeing to strengthen cooperation in the field of energy security. The discussions will also address the delimitation of maritime boundaries along with the exploitation of energy resources.
If the talks succeed, economist Anusorn Thammajai believes that the development of a new exploration and production facility in the OCA should not present significant difficulties. With modern technology and updated geographical information, the process should be expedited compared to previous projects, such as the Erawan platform, which was first explored around 40 years ago.
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