Investor Relations

No. PTTEP 13061/00-0201/2017

Investor Relations
Tel. 0-2537-5919, 0-2537-5304, 0-2537-5779, 0-2537-4446                                                                                                                 

10 January 2017

President
The Stock Exchange of Thailand
93 Ratchadaphisek Road, Dindaeng
Bangkok 10400

Dear Sir, 

Subject:           Five - Year Investment Plan (Year 2017 – 2021) 

PTT Exploration and Production Public Company Limited (PTTEP) would like to announce that the estimated total expenditure for PTTEP and its subsidiaries in 2017 is USD 2,903 Million, of which USD 1,260 Million is Operating Expenditure and the remaining USD 1,643 Million is Capital Expenditure. The following provides a breakdown of 2017 Capital Expenditure by region:

1. Projects in Thailand account for 64% of PTTEP’s estimated Capital Expenditures in 2017. Key activity is to maintain the production level of the existing projects, which primarily include the Arthit Project, the S1 Project, the Bongkot Project, the Contract 4 Project and the MTJDA Project
2. Projects in other Southeast Asia account for 24% of PTTEP’s estimated Capital Expenditures in 2017. Major activities in this region are mainly from Myanmar assets which include maintaining production level of the Zawtika Project and the Yadana Project as well as expenditure for exploration activities of the Myanmar MOGE 3 Project and the Myanmar M11 Project
3. Projects in other regions which comprise Australia, Africa, North and South America, account for 12% of PTTEP’s estimated Capital Expenditures in 2017. Major contributions are operational activities in PTTEP Australasia Project and development expenditures for the Mozambique Rovuma Offshore Area 1 Project.

The estimated Exploration Expenditure for PTTEP and its subsidiaries in 2017 is USD 138 Million, mainly including seismic acquisition, geological and geophysical studies, and drilling and appraisal activities. 

PTTEP would also like to announce the investment plan for Year 2017 – 2021 which has already taken into account the Development Expenditures of pre-development projects including the Contract 4 (Ubon) Project, the Mozambique Rovuma Offshore Area 1 Project and the Algeria Hassi Bir Rekaiz Project as per detailed below:

                                                                                                                                                     Unit: USD Million

In correspondence with the aforementioned Five-Year investment plan, the expected average petroleum sales volume per day for Year 2017 – 2021 are as follows:

                                                                                            Unit: Thousand Barrel of Oil Equivalent per day

PTTEP continues to actively seek investment opportunities, accelerate pre-development projects and adopt the advanced technology, in order to enhance petroleum reserves and production growth in the future. In addition, The Company strives to uphold its cost optimization and efficiency improvement initiatives through the “SPEND SMART to Business Sustainability” campaign, with the flexibility to adjust our investment plan according to the changing oil price environment.

Yours sincerely,

Somporn Vongvuthipornchai

Somporn Vongvuthipornchai
President and Chief Executive Officer