PTTEP Revises the Five-Year Plan to Hike the Expenditure to $21bn, CAGR to Grow 7%!

PTT Exploration and Production Public Company Limited (PTTEP) has announced the revised 2019 expenditure for PTTEP and its subsidiaries that was previously announced on December 18, 2018. The revised plan includes the acquisition of Murphy Oil Corporation’s Interests in Malaysia, the acquisition of 33.8% interests in APICO LLC’s and the Signing of Production Sharing Contracts for Exploration Blocks offshore the Gulf of Thailand No. G1/61 (Erawan field) and G2/61 (Bongkot field).

The estimated total expenditure 2019 is USD 3,577 million, of which USD 1,948 million is Capital Expenditure and the remaining USD 1,629 million is Operating Expenditure. After the revision, the total expenditure for five years plan has increased by USD 5,249 million. The estimated Five-Year Investment Plan (2019 – 2023) are as per the table below:

 

In accordance with the Five-Year Investment Plan, the expected average petroleum sales volume per day from existing assets during 2019-2023 are as follows:

 

PTTEP has also informed that the result of Thailand Petroleum Bidding Round 2018 for offshore Exploration Blocks in the Gulf of Thailand No. G1/61 (Erawan field) and G2/61 (Bongkot field), announced on December 13, 2018, is not yet incorporated in the above Five-Year Investment Plan and expected average petroleum sales volume.

PTTEP commits to maintain cost competitiveness, maximize the value of existing assets, ensure production continuity in natural gas supply and capture new investment opportunities in prolific areas. Furthermore, to be agile amidst the new industry landscape, PTTEP has transformed its organization and adopted technology and innovation to enhance its efficiency. PTTEP also evaluates new business opportunities such as Gas Value Chain business and renewable energy for sustainable growth.