Session two, “The State of International Trade & Multipolarity,” of “Symposium on ASEAN and Geoeconomics: Energy, Security, and Trade” in Bangkok, on September 25. (SEA Daily/Puttipat Sawatdee)
With surging energy demand, exposure to global markets and growing competition among major powers, ASEAN faces an increasingly complex challenge in securing a reliable and sustainable energy future. These challenges were discussed at the ASEAN & Geoeconomics: Energy Security and Trade symposium in Bangkok on September 25, where policymakers and regional experts examined the region’s evolving energy and geopolitical landscape.
Delegates and speakers attend the “ASEAN & Geoeconomics: Energy Security and Trade symposium in Bangkok,” on September 25. (SEA Daily/Puttipat Sawatdee)
Addressing the first keynote speech, Narongchai Akarasenee, Chairman of the Institute of Strategic Policy and former Energy and Commerce Minister of Thailand, discussed the key dimensions of energy security Southeast Asia is facing. Akarasenee noted that while the population may have access to and obtain certain energy sources, affordability remains a major concern. If the cost of energy becomes too high for the majority of the population to afford, then its availability and accessibility ultimately become meaningless. This highlights the importance of ensuring that the region’s transition towards alternative energy sources remains affordable and accessible, rather than focusing solely on increasing energy supply and reducing dependence on conventional sources.
Echoing Akarasenee’s point, Kurujit Nakornthap, Executive Director of the Petroleum Institute of Thailand, gave a brief presentation on Thailand’s petroleum exploration and production situation, where he highlighted the country’s declining domestic gas reserves and production. He noted that Thailand has not recorded a new commercial gas discovery since 2005, while rising liquefied natural gas (LNG) imports and higher prices have placed additional pressure on the country’s energy security. Crucially, the decline in domestic production has also affected government revenue, taxation and the wider energy-service industry, with international oil companies reducing their investments in Thailand.
Speakers (from left to right: moderator and CEO of FACTS asia Julio Amador III, Deryk Baladjay, Benjarong Suwankiri and Kurujit Nakornthap) participate in a panel discussion on ASEAN’s energy security and economic outlook. (SEA Daily/Puttipat Sawatdee)
On the financial and economic perspective, Benjarong Suwankiri, former Deputy Finance Minister and now Advisor to the Deputy Prime Minister, gave an insightful overview of Thailand’s readiness for investment, particularly as the country seeks to develop its energy sector. His discussion highlighted the importance of investment in supporting the transition towards alternative energy sources, while ensuring that Thailand remains economically competitive and capable of adapting to changing regional and global conditions.
Shifting the lens from Thailand, Deryk Baladjay, lecturer at De La Salle University Manila, offered his perspective on how the Philippines’ energy situation is closely connected to its wider foreign relations, particularly as the country navigates its energy needs alongside its strategic interests and relationships with other states. This indicates that the matter of energy security extends well beyond domestic supply, and is becoming increasingly intertwined with the geopolitical decisions.
The discussions further highlight the wider hurdles for ASEAN member states in securing its energy future. While each country has different situations and challenges, their energy security remains connected through affordability, availability, investment and geopolitical relations. Ultimately, as ASEAN continues to transition towards renewable and alternative sources of energy, the region will face the challenge of balancing its own interests with its partnerships, while also ensuring that its energy development does not affect the economic and political stability of the region. The ASEAN Centre for Energy’s Renewable Energy Long-term Roadmap highlights that deeper regional cooperation, including through the ASEAN Power Grid, will be important in supporting this transition. Moreover, as renewable energy continues to expand across the region, ASEAN will therefore need to balance national interests with regional cooperation while ensuring that its energy transition supports long-term economic stability and energy security.
Participants attend a session during the ASEAN & Geoeconomics: Energy Security and Trade symposium. (SEA Daily/Puttipat Sawatdee)
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