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Energy security will be a priority for the new chief of the country's national oil and gas conglomerate.

However, Tevin Vongvanich, the incoming chief executive of PTT Plc, said security should come with an appropriate level of capital expenditure that must be compatible with declining global oil prices.

PTT Plc has earmarked 208.5 billion baht for natural gas operations over the next six years.

Pailin Chuchottaworn, chief executive of the national energy conglomerate, said the money was aimed at enhancing the country's energy security amid depletion of domestic gas resources and frequent outages of gas supplies from Myanmar and the Gulf of Thailand.

Energy demand in Myanmar is rising fast. The country is abundantly rich in natural energy resources, but the investment of capital and technology will not be able to unlock these resources in time to fulfill the growing need for power.

Myanma Petrochemical Enterprise (MPE) has invited local and foreign companies to submit proposals for a further slate of joint ventures, according to an announcement on May 25.

“In 2016, we will announce bidding rounds for 26 oil and gas blocks including onshore and offshore. The future bidding rounds are aiming to supply sufficient energy for domestic use,” reported Myanma Alinn on 2 June, citing an MOGE official.