Thailand: PTTEP to Spend $24 Bln Over Next Five Years
Thailand’s oil company PTT Exploration and Production Public Company Limited or PTTEP revealed the Capital Expenditure and Operating Expenditure for the Company and its subsidiaries for the five-year period from 2013 to 2017 will be approximately $24.67 billion .
The majority of investment will be used to develop PTTEP’s organic growth projects in Thailand and aboard. The investment plan has not yet included the investment expenditure to support new venture opportunities.
The company has allocated $5,8 billion for 2013. The money will be used for many projects in the following activities:
Producing activities: to maintain plateau production with major projects such as Arthit project, Bongkot project, S1 project, Contract 4 project and MTJDA-B17 project.
Development activities: to increase production through new projects with major projects include PTTEP Australasia project (Montara field) which is expected to start-up within the first quarter in 2013, Zawtika project in Myanmar is expected to produce by the beginning of 2014, Algeria 433a & 416b project will be start-up within 2014, Canada Oil Sands KKD project (the expansion of Leismer and Corner) is expected to produce by 2016 and the Mozambique Rovuma Offshore Area 1 project.
Exploration activities: to find additional potential petroleum resources with major projects comprise Myanmar M3 & M11 project, Algeria Hassi Bir Rekaiz project , and Exploration projects in Australia, Mozambique and Kenya.
“From the success of exploration activities and acquisition of PTTEP in the last few years, these help PTTEP ensure its petroleum potential to be growth base in the long run. Investment plan are in line with our main strategy to develop PTTEP’s organic growth projects to maximize the production volume, to serve the rising of energy demand as well as emphasize exploration plans to increase petroleum potentials with the investment cost control,” said Tevin Vongvanich, the President and CEO of the company.
So far, PTTEP has invested in 44 petroleum exploration and production projects in Thailand, Myanmar, Cambodia, Vietnam, Indonesia, Oman, Algeria, Australia, New Zealand, Canada, Mozambique and Kenya as well as to invest in 5 related businesses.
January 21, 2013