Bangkok, December 16, 2019 – PTT Exploration and Production Public Company Limited (PTTEP) announces its 5-year investment plan (2020-2024) to focus on investing in the legacy assets through ‘Execute’ strategy as well as ensuring seamless transitions of the winning blocks and recently acquired projects to increase production volume and sustain the company’s growth.
Phongsthorn Thavisin, PTTEP President and Chief Executive Officer, said the company has set aside total expenditure for PTTEP and its subsidiaries in 2020 of USD 4,613 million (equivalent to THB 143,012 million), of which USD 2,647 million (equivalent to THB 82,064 million) is Capital Expenditure (CAPEX) and USD 1,966 million (equivalent to THB 60,948 million) is Operating Expenditure (OPEX). For 5-year investment plan (2020-2024), PTTEP allocates budget of USD 24,619 million (equivalent to THB 716,216 million) with details as the followings.
In accordance with the investment plan, the expected compounding annual growth rate (CAGR) during 2020-2024 of average petroleum sales volumes from existing assets in 5-year period is around 6%, as per the details below:
Based on the investment plan in 2020, PTTEP expects an increase of 11% of total petroleum sales volumes comparing to this year’s target, while the expected average volumes in the next 5 years are also growing steadily. The growth is a result from the successful Expand strategy, including the winning blocks and the acquisitions in our strategic areas - Thailand, Malaysia and the Middle East. Most of the 2020 investment budget will be allocated to pursue the Execute strategy in order to maintain volumes in major producing projects, to concentrate on the key development projects so as to start adding new production volumes as planned, and to accelerate exploration activities for future reserves addition and sustainable growth of PTTEP,” said Phongsthorn.
As mentioned above, PTTEP in 2020 will focus on the main business objectives as follows;
PTTEP also focuses on innovation and technology development to support petroleum exploration, development and production activities. AI and Robotics Ventures Limited (ARV), PTTEP’s subsidiary, has been able to commercially launch services for both in E&P industry and non E&P industry such as an inspection drone, swarm drone, and Observation-class Autonomous Underwater Vehicle (OBS-ROV). In 2020, ARV will develop robotics for commercial use such as Inspection-class Autonomous Underwater Vehicle (IAUV), Subsea Flowline Control and Repair Robot (SFCR) and In-pipe Inspection Robot. There are more than 30 development projects planned for commercial purpose in ARV pipeline for the upcoming years.
For more information, please contact Media Management Section