SET-listed Sea Oil Plc, a Bangkok-based fuel supplier, expects revenue growth of 20% this year as its exploration business expands.
The existing housekeeping service for oil and gas barges and platforms also continues to grow.
Managing director Neeracha Panboonhom yesterday said rising revenue from existing businesses had encouraged the company to expand into oil and gas exploration.
The company has opted to invest in the exploration business in Singapore and is interested in bidding on a new concession in the 21st round if the Thai government gives the nod.
"An increase in our revenue should be realised in the first quarter, and that will help the company to grow continuously," Ms Neeracha said.
"We're mulling a plan to bid on the 21st round concession. We will join the project if the government shows a clear sign that the project will definitely start."
Prime Minister Prayut Chan-o-cha has delayed for three months a new round of bidding on concessions for oil and gas exploration until relevant laws have been amended.
The delay came after the new round was strongly opposed by activists over inconclusive rules related to profit-sharing between the state and petroleum companies.
Sea Oil expects substantial growth from its exploring unit after acquiring Canada's Pan Orient Energy (Siam) last year for US$42.5 million.
Pan Orient holds a concession for exploring and operating the onshore L53/48 block spanning 963 square kilometres in Nakhon Pathom's Kamphaeng Saen district.
The firm has three appraisal wells and another is in the exploration and drilling stage under the concession, scheduled to begin operating this year.
The concession is expected to produce an average of 700-800 barrels of oil equivalent per day in the first half of this year.
The block includes three wells — L53 A, L53 B and L53 G — with proven petroleum reserves of 10-12 million barrels.
SEAOIL shares closed yesterday on the SET at 11 baht, down 60 satang, in trade worth 44.3 million baht.