Thai PTTEP Ups 2019 Capex Target

The Thai state-owned PTT Exploration and Production Public Company (PTTEP) said December 18 that it will spend $1.84bn on capital expenditure in 2019, up from its 2018 capex target of $1.77bn.

The company also aims to reach an average petroleum sales volume of 0.318mn barrels of oil equivalent/day next year, up from the 2018 target of 0.301mn boe/d. 

PTTEP has divided 2019 capex into three parts. The first one is to maintain the production plateau of its existing projects in Thailand and Myanmar, with a capex of $1.16bn; these projects include S1, Bongkot, Arthit, MTJDAp and Zawtika.

Secondly, it is to increase its petroleum reserves and future production, PTTEP plans capex of $490mn to support the final investment decision (FID) of key development projects including the Mozambique Rovuma Offshore Area 1, Algeria's Hassi Bir Rekaiz, Vietnam's B & 48/95 and 52/97, plus Contract 4 (Ubon).

Finally, the company has allocated $191mn for exploration activities in Myanmar and Malaysia to enhance contingent resources that support long term growth, it said.

PTTEP has also allocated a capex of $9.3bn for the five year period 2019-2023.