Thailand to Boost Gas Production in Bid to Avoid New Price Shock

(Bloomberg) — Thailand’s largest natural gas producer is ramping up output to avoid a renewed power crisis. 

State-controlled PTT Exploration & Production Pcl plans to double gas production at Erawan, its biggest field, to 800 million cubic feet a day in early 2024, said Chief Executive Officer Montri Rawanchaikul. Output at Bongkok, its second-largest, will be raised by about 10% next year, he said.

That comes after PTTEP was among companies criticized for last year’s jump in domestic electricity bills by failing to sufficiently boost domestic gas extraction. Production from Erawan plummeted by 64% in 2022 after the company, the exploration unit of PTT Pcl, took over the field from US energy major Chevron Corp. and power producers were forced to buy more expensive LNG on…