PTTEP Reveals 5-Year Plan, Expecting Petroleum Selling Vol. to Reach 462KBOED in 2025

PTT Exploration and Production Public Company Limited (PTTEP) has announced that the estimated total expenditures of PTTEP and its subsidiaries for 2021 is USD 4,196 million, of which USD 2,588 million are Capital Expenditures and the remaining USD 1,608 million are Operating Expenditure.

PTTEP stated that it will operate under its sustainable development framework comprising three main components namely: High Performance Organization (HPO); Governance, Risk Management and Compliance (GRC); and Stakeholder Value Creation (SVC).

The 2021 Capital Expenditures can be categorized under the following key business objectives:

1) Maintain production plateau: A Capital Expenditure budget of USD 1,943 Million will be used to maintain the production level of the existing projects including the S1 Project, the Bongkot Project, the Arthit Project, the Malaysia Project, the Zawtika Project, as well as to carryout preparations for planned operations of the G1/61 (Erawan field) and G2/61 Projects (Bongkot field).

2) Increase future production volume: A Capital Expenditure budget of USD 493 Million will be used to support two development projects – the Mozambique Area 1 Project and the Algeria Hassi Bir Rekaiz Project – to ensure planned production start timelines, as well as to accelerate development plans for the Sarawak SK 410B Project in Malaysia, which made a successful petroleum discovery, in order to reach the Final Investment Decision (FID).

3) Accelerate exploration activities: A Capital Expenditure budget of USD 152 Million will be used to expedite exploration activities to enhance contingent resources for supporting long term growth. The main activities include the drilling of exploration and appraisal wells in Malaysia and Mexico.

 

The company expected the total expenditure from 2021-2025 at $23,637 million, whereas the expected average petroleum selling volume would reach 462 thousand barrels of oil equivalent per day (KBOED) in 2025, increasing from 375KBOED in 2021.

 

Furthermore, aiming to be resilient in the evolving E&P landscape, PTTEP also evaluates new business opportunities in the Gas-to-Power value chain in Myanmar where PTTEP can add value to its existing natural gas fields, as well as opportunities to scale-up the AI & Robotics Venture (ARV), and seek for investment opportunities in renewable energy. PTTEP’s investment plans are carried out under the principles of sustainable development in order to ensure sustainable value creation to all stakeholders.