Offshore staff
BANGKOK, Thailand – PTT Exploration and Production (PTTEP) does not expect current developments to seriously impact its production this year.
President and CEO Phongsthorn Thavisin said the previously targeted sales volume of 388,000 boe/d would probably decrease by less than 5% as sales of natural gas, which represents much of the company’s output, have already been secured under negotiated agreements.
However, a prolonged low-oil price environment is prolonged would cause more issues for the company in future.
“Another strength of PTTEP is that we are now a low-cost structure oil and gas company when compared with our peers,” Thavisin said, “as we prioritized of our efforts in the past four to five years during the global oil price crisis to streamline our cost structure.
“In addition, the majority of our investments are focused in Thailand, Malaysia, Myanmar and the Middle East, which are considered to be areas with low operating costs compared to other regions…
“However, to ensure we are well-positioned to navigate a possible prolonged low-oil price environment, PTTEP is considering revising its investment plan such as maximizing efficiency of capital management and postponing drilling plans of selected projects.”
One of the company’s main priorities is to ensure no interruptions to Thailand’s energy supply, he added.
PTT’EPs investments in the G1/61 (Erawan field) and G2/61 (Bongkot field) offshore concession will continue as planned with a view to delivering combined gas volumes of 1,500 MMcf/d from 2022-23.
04/15/2020
