PTTEP announces $27bn five-year investment plan
Thai state-run energy company PTTEP plans to invest $27.1bn over the coming five years with an aim of maintaining production volumes and increasing petroleum reserves, developing key projects and capturing new business opportunities, it said on December 1.
In 2022, the company plans to invest $5.66bn with a capital expenditure of $2.5bn allocated to the Bongkot project, the Arthit project, the S1 project, the Malaysia project, the Oman Block 61 project, the Zawtika project, the G1/61 (Erawan field) and G2/61 projects (Bongkot field).
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PTTEP plans to allocate $457mn next year to advance Lang Lebah project on Block SK 410B offshore Sarawak, Malaysia, the Mozambique Area 1 project and phase two of the Hassi Bir Rekaiz field development in Algeria. The company in 2022 plans to invest $262mn to accelerate exploration activities in Malaysia, the UAE and Mexico.
“With regards to 2022 investment budget allocation, PTTEP aims to maintain production volumes from the major assets as well as raising outputs from Bongkot and Arthit fields to serve domestic demand of the country,” said PTTEP CEO Montri Rawanchaikul.
“For the 5-year plan, we will focus on accelerating the development of oil and gas fields in Malaysia after series of successful petroleum discoveries. Based on the investment plan over 5 years, the company expects CAGR at around 5%,” he added.
PTTEP said it will also focus on new businesses such as renewable energy, hydrogen, carbon capture and utilisation, AI and robotics and gas to power.