PCS not better than concession: Energy Minister

At the forum hosted by the government ahead of the 21st petroleum bidding round, he said that the law governing the activities has been adjusted five times in the past years, to best reflect Thailand's geographical condition and provide the best return to the country. 

He insisted that PCS would not yield a more satisfactory return than the current concession system. At best, both approaches could be equally good. 

Given depleting resources and the length of time required for the exploration, the concession system is necessary, he said. 

He also attacked Abhisit's claim that domestic oil prices have not fallen in line with global prices. He noted that while gasoline prices have sharply declined, a drop in diesel price is small due to the "unfair" waiver of excise tax first imposed by the Abhisit administration. For now, the tax structure is being adjusted to make it fairer. Meanwhile, gas prices remain high because they have been frozen for a long time. 

While noting that the forum should feed only accurate facts to the public, he said the Energy Ministry will proceed with the bidding round within March 16.