PTTEP to focus capex on offshore Thailand, Myanmar projects
PTT Exploration and Production Public Co. has budgeted $2.9 billion for E&P operations this year, comprising $1.64 billion in capex and $1.26 billion in opex.
BANGKOK, Thailand–PTT Exploration and Production Public Co. (PTTEP) has budgeted $2.9 billion for E&P operations this year, comprising $1.64 billion in capex and $1.26 billion in opex.
Projects in Thailand account for 64% of the estimated capex, with most allocated for the offshore Arthit, S1, Bongkot,Contract 4, and MTJDA developments.
Other Southeast Asia countries account for 24% of capex, mainly on the company’s producing assets off neighboringMyanmar. Priorities include maintaining production levels from the Zawtika and Yadana fields, and exploration for the Myanmar MOGE 3 and M11 projects.
Australia, Africa, and North and South America, account for the remaining 12% of capex in 2017, mainly for operational activities in the PTTEP Australasia project and the pre-development of theMozambique Rovuma Offshore Area 1 project.
The company’s estimated $138 million exploration expenditure will be used mainly for seismic acquisition, geological and geophysical studies, and drilling and appraisal activities.
PTTEP’s budget for 2017-2021 is $14.95 billion, taking into account the recent oil price recovery, and includes expenditure on pre-development projects such asRovuma Offshore Area 1.