Thailand plans to resume negotiations with Cambodia over a disputed offshore oil and gas field, potentially worth $300bn, to address declining gas production and rising energy costs.
Thailand is rekindling discussions with Cambodia over an offshore oil and gas field valued up to $300 billion, a site at the center of an enduring territorial dispute since the 1970s. The new Thai administration, led by Prime Minister Paetongtarn Shinawatra, regards joint exploration as a critical objective to address diminishing gas reserves and rising utility costs.
This 26,000 km² area is estimated to contain around 10 trillion cubic feet of natural gas and 300 million barrels of crude oil. While both nations have historically linked territorial claims to resource development, Thailand’s urgent need for energy may prompt a shift toward resource extraction before resolving the dispute.
Cambodian officials have expressed readiness to resume negotiations, contingent upon Thailand’s commitment. Natural gas plays a vital role in Thailand’s energy strategy, meeting 60% of its electricity needs. With its reserves projected to deplete within the next decade, successful talks could benefit major energy companies stalled by the territorial impasse.
