Thailand has officially announced a significant rise in its crude reserves as of end-2012, with its probable and possible reserves jumping 10% and 32% year on year to 421 million barrels and 277 million barrels respectively, data released recently by the Department of Mineral Fuels under the Ministry of Energy showed.
Proved crude oil reserves rose 8% to 232 million barrels, following offshore discoveries in the Gulf of Thailand, Platts reported previously. This brings the country's proved, probable and possible crude reserves to nearly 930 million barrels, up 15% year on year.
In line with the fall of 10% in proved natural gas reserves, Thailand's probable gas reserves were 11% lower, at 9.57 Tcf while possible reserves fell 29% year on year to 4.67 Tcf at the end of 2012.
With proved reserves at 9.04 Tcf, Thailand's 3P natural gas reserves stood at 23.28 Tcf, down 15% from 2011.
Condensate reserves were also lower, with probable reserves falling 7% to 284 million barrels and possible reserves plunging 21% to almost 100 million barrels. Along with proved reserves of 217 million barrels, 3P condensate reserves were 600 million barrels as of end-2012, down 11% year on year.
The declines in Thailand's natural gas and condensates reserves figures were due to a change in reporting procedures rather than depletion, as the new report was its first to adhere to the international Petroleum Resources Management System.
