Thai PTTEP allocates $6.72bn budget for 2024

Thai state-owned energy company PTTEP has earmarked a budget of $6.72bn for 2024, emphasising an allocation of $4.32bn for capital expenditure and $2.41bn for operating expenditure, it announced on December 14.

The 5-year budget spanning from 2024 to 2028 amounts to $32.56bn, aiming to boost production volumes from key projects both domestically and overseas.

Key projects in focus include G1/61 (Erawan, Platong, Satun, and Funan fields), G2/61 (Bongkot field), Arthit, S1, Contract 4, and the Malaysia–Thailand Joint Development Area. PTTEP plans to expedite ongoing development initiatives, such as the Lang Lebah field in Malaysia SK410B project, other projects in Malaysia, and the Mozambique Area 1 project. 

PTTEP said it is committed to reducing greenhouse gas (GHG) emissions, setting a target of achieving net-zero GHG emissions by 2050. PTTEP CEO Montri Rawanchaikul outlined the investment plan, anticipating an approximate 9% increase in the average petroleum sales volume for 2024.

Over the next five years, PTTEP's plans include commencing natural gas production from the Abu Dhabi Offshore 2 project in 2025, followed by gas production from the Malaysia SK405B Project in 2027. Additionally, the company aims to initiate gas production from the Lang Lebah field in Malaysia SK410B project, LNG production from the Mozambique Area 1 project, and crude oil production from phase 2 of the Algeria Hassi Bir Rekaiz project by 2028.