PTT plans to massively expand its LNG import capacity and ramp up overseas development again, CEO Tevin Vongvanich told The Nikkei, as the state-run Thai oil company seeks alternatives to dwindling domestic resources.

PTT plans to more than double the capacity of its only liquefied natural gas terminal, located in Rayong Province, from 5 million tons to 11.5 million tonnes. It also intends to build a second terminal nearby that can handle 7.5 million tonnes a year, bringing the total to 19 million tonnes, nearly four times PTT’s current capacity.

The project has been approved by the government, and an environmental assessment is underway. "We aim to break ground in three years and bring it online in 2023," Tevin said.

PTT recently signed a 15-year contract to buy 1.2 million tonnes of LNG annually from Malaysia’s Petronas, alongside existing agreements with Qatargas, Royal Dutch Shell and BP. It is looking for long-term suppliers in Australia, North America and Africa as well. The company also plans to step up spot procurement, which accounts for a third of its imports. Tevin aims to use all 19 million tonnes of PTT’s planned capacity in 2030.

The state-run enterprise is the sole LNG importer in Thailand, Southeast Asia’s largest buyer of the fuel. The country boosted LNG imports by 50 per cent last year to 3 million tonnes to substitute for domestic production–its proven natural gas reserves are on course to run out in seven years at current output levels. Tevin’s 2030 target of 19 million tonnes is a quarter of what Japan, the world’s top LNG buyer, currently imports annually.

In addition to supply contracts, PTT is eyeing production of its own outside Thailand. Subsidiary PTT Exploration and Production holds an 8.5 per cent interest in the Rovuma Offshore Area 1 project in Mozambique. The block is among the world’s richest gas fields, with annual output projected at 12 million tonnes.