Thai oil and gas firm PTTEP has unveiled its 2024 investment plan and a total budget of around $6.72 billion. Of the total budget, around $4.3 billion is allocated for Capital Expenditure (CAPEX) and around $2.4 billion for Operating Expenditure (OPEX). PTTEP is aiming to maximise production volume from existing assets in Thailand and Malaysia-Thailand Joint Development Area, and other overseas projects to boost Thailand’s energy security. For this, the company has set aside ~$3.2 billion. 

For exploration activities, PTTEP has allocated $220 million. The funds will be used for geological studies and the drilling of exploration as well as appraisal wells in Thailand, Malaysia, Oman, and the United Arab Emirates. 

The company is also accelerating key projects’ activities that are in the development phase, such as Lang Lebah field in Malaysia, other development projects in Malaysia, and Mozambique Area 1 Project, to achieve production start-up timelines as planned, with the allocated budget of $762 million for 2024. In 2024, PTTEP plans to invest $109 million in activities aimed at reducing greenhouse gas emissions. 

PTTEP also unveiled a five-year investment plan of $32.57 billion. For the next five years, PTTEP plans to start gas production from Abu Dhabi Offshore 2 Project in 2025 and gas production from Malaysia SK405B Project in 2027. Also, PTTEP expects to start gas production from Lang Lebah field in Malaysia SK410B Project, Liquefied Natural Gas (LNG) production from Mozambique Area 1 Project and crude oil production from phase 2 of Algeria Hassi Bir Rekaiz project by 2028. 

KeyFacts Energy: PTTEP Thailand country profile   l   KeyFacts Energy: CapEx news