Harness undersea energy resources before it’s too late, Pichai urges

Commerce Minister Pichai Naripthaphan has proposed a solution to the heated issue of the overlapping maritime area between Thailand and Cambodia. He urges swift action to harness the undersea energy resources before it’s too late.

The overlapping maritime area between Thailand and Cambodia has become a pressing issue, poised to challenge the government once again. Observers note that public interest groups are increasingly discussing this topic, with some ready to protest if Prime Minister Paetongtarn Shinawatra negotiates an agreement with Cambodia.

During a meeting with executives from Nation Group, Pichai, who previously served as minister of energy and as an adviser to former prime minister Srettha Thavisin on this issue, suggested separating the negotiation on overlapping areas from the energy discussion. 

He pointed out that if the energy resources aren’t utilised now, they may lose their value, as natural gas will no longer be used by 2050 under the Net Zero agreement. The gas and oil resources in this overlapping area, valued between 10 trillion and 20 trillion baht, could otherwise go untapped.

“If we continue negotiating on the overlapping-area issue without resolution – something that remains unresolved globally for many nations – why not prioritise extracting the energy resources? If this part of the agreement is reached, conflicts may subside, electricity costs would decrease, and the state would gain revenue from concessions,” he said.

“Let’s extract the resources and share them. We should reach an agreement to bring energy resources to both countries without discussing the disputed areas. This seems to be the best solution.” 

Regarding public networks that mobilise immediately against negotiations on the overlapping maritime area between Thailand and Cambodia, Pichai said this is a problem for Thailand. 

“We must not overlook the benefits for the country. If we let political disputes interfere, we risk significant loss. As I mentioned, we could waste trillions of baht.

“Sometimes we need to adjust our mindset. I want Thai people, politicians and activists to prioritise national benefits. Who stands to gain from this? Will the public benefit? Will electricity costs decrease? More investments will come in, generating revenues, and we’ll have petrochemicals and continuous business opportunities.

“And Cambodia will also benefit. They want gas and revenue, but I believe they would likely sell it all to us. If they plan to build a gas separation plant or petrochemical facility, it may not keep pace with the carbon credits that will emerge in the future. Therefore, they are likely to sell to us, allowing us to extract gas and share the benefits,” Pichai said.