Reuters: Thailand Approves Draft of Oil Law, No Plans Yet for Bid Round

Thailand's cabinet approved a draft oil law on Tuesday with changes to the deals on offer, after the government delayed a bidding round for concessions earlier this year due to criticism of contract terms from politicians and activists.

Yet the new law continued to draw fire from those who opposed the bidding round and Energy Minister Anantaporn Kanjanarat told reporters it would be extensively reviewed before being sent to parliament.

Opening a round of bidding for petroleum exploration concessions is the next step in the military government's plan for energy reform after it restructured domestic gas prices late last year.

There was no timeframe yet for the new bidding round, Anantaporn said, and no rush given low international oil prices mean revenue from energy production would be relatively low.

Last month, Anantaporn said he expected the bidding to begin in the middle of 2016. MORE