BANGKOK, Thailand — PTTEP is budgeting $5.8 billion for its E&P activities this year.
Priorities include maximizing production from the offshore Thailand G1/61, G2/61 and Arthit projects; work on other producing fields offshore Malaysia; and developments such as Malaysia SK410B and Mozambique Area 1.
In addition, the company will provisionally set aside a further $4.8 billion from 2023 to 2027 for new initiatives such as studies and development of power and renewable energy, carbon capture and storage (CCS), carbon capture and utilization, clean hydrogen, and commercialization of PTTEP’s technologies.
Pre-FEED has finished for a CCS study concerning the Arthit gas field, with the FEED phase now underway. PTTEP plans to take a final investment decision by the end of this year and to implement CCS—the first such venture in Thailand—during 2026.
It expects to reduce its carbon emissions by 700,000 to 1,000,000 MMt per year, and it is conducting further CCS feasibility studies for other areas in Thailand and for its Malaysian-operated interests.
At the same time, PTTEP is deploying technology to recover and monetize flared gas; solar energy at Arthit and S1 and at its Petroleum Development Support Base in Songkla; and wind turbines at Arthit.