The Oil industry in Thailand is dominated by PTT formerly the Petroleum Authority of Thailand. PTT Exploration and Production (PTTEP) is the main Upstream subsidiary of PTT.  Thai Oil the countrys largest refiner is also controlled by PTT. The company underwent a partial privatization in November 2001 in which 32 percent of its equity was sold through the Bangkok Stock Exchange. The Thai government still owns a 68 percent stake in PTT and does not plan to sell its controlling interest in the near future.
Despite the industrys financial problems there have been a number of significant recent Thai oil discoveries most notably offshore in the Gulf of Thailand. ChevronTexaco is investing heavily in developing Block B8/32 in the Gulf of Thailand. ChevronTexaco also reported a new find in July 2004 in Block G4/43 which is adjacent to B8/32.  ChevronTexaco also acquired significant assets in Thailand as a result of their acquisition of Unocal in August 2005. Unocal had been investing in offshore oilfield development and reported a significant new find in October 2000.  Unocal production in the Gulf of Thailand had reached 40000 bbl/d by mid-2005. Seven new exploration blocks including both onshore and offshore acreage were awarded in May 2003 as a result of the most recent licensing round. Companies receiving exploration rights included ChevronTexaco and China s CNPC.