PTTEP Ups 2020 Planned Expenditure

Thai state-owned PTT Exploration and Production Public Company (PTTEP) December 16 announced planned expenditure for 2020 of $4.61bn, up from $3.25bn for 2019.

Out of the $4.61bn, $2.6bn is capital expenditure and the remaining $1.97 billion is operating expenditure. PTTEP has announced planned expenditure of $5,01bn for 2021; $5.33bn for 2022; $5.33bn for 2023; and $4.23bn for 2024.  

“Most of the 2020 investment budget will be allocated to pursue the execute strategy in order to maintain volumes in major producing projects, to concentrate on the key development projects so as to start adding new production volumes as planned, and to accelerate exploration activities for future reserves addition and sustainable growth of PTTEP,” CEO Phongsthorn Thavisin said.

Next year, PTTEP will work on maintaining production plateau of the existing projects, including the S1, Bongkot, Arthit, MTJDA and Zawtika. Also, the company will be looking to maintain the planned production volumes of recently acquired projects in Malaysia, projects under Partex Holdings, and G1/61 project (Erawan) and G2/61 project (Bongkot).

PTTEP said it will also be increasing future petroleum production volumes from development projects including Block H in Malaysia, the Mozambique Area 1, and Hassi Bir Rekaiz in Algeria. PTTEP is also accelerating the development of the Sarawak SK 410B in Malaysia after a successful discovery in 2019, aiming to reach a final investment decision.

The expected average petroleum sales volume from existing assets in 2020 will be at 388,000 barrels of oil equivalent/day, an 11% rise from the 2019 target. In 2024, the petroleum sales volume will reach 467,000 boe/day, PTTEP said.