PTTEP to spend $24 billion over five years

Thailand’s oil company PTTEP has allocated $24,3 billion for expenditure over the  five-year period from 2015 to 2019.

PTTEP has said that the expenditures (chart below) have been revised to incorporate the latest business strategies and work programs.

The estimated total expenditure for PTTEP in 2015 is around $4.8 billion.

The following are highlights of the key activities by region:

1. Projects in Thailand account for 52% of PTTEP’s estimated total expenditures in 2015. The key activities are maintaining the production level of the existing projects which include the Arthit Project, the S1 Project, the Bongkot Project, the Contract 4 Project and the MTJDA Project.

2. Projects in Southeast Asia account for 20% of PTTEP’s estimated total expenditures in 2015. The major activities in this region are mainly from Myanmar assets which include maintaining the production level of the Zawtika Project, development activities for the Myanmar M3 Project, and exploration activities for the Myanmar PSC G & EP 2 Project, the Myanmar MOGE3 Project, and the Myanmar MD-7 and MD-8 Project.

3. Projects in other regions which comprise Australia, North America and South America, Africa and the Middle East, account for 17% of PTTEP’s estimated total expenditures in 2015. The major activities are development activities in the Mozambique Rovuma Offshore Area 1 Project, the Mariana Oil Sands Project, and the Algeria Hassi Bir Rekaiz Project, as well as exploration activities in the Brazil BM-ES-23 Project and the Barreirinhas AP1 Project.

4. Corporate and related businesses account for 11% of PTTEP’s estimated total expenditures in 2015.

Below is a chart for the five-year period (Unit: USD Million)