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PTTEP is E&P company in Thailand, exploring for sustainable sources of petroleum for the countries we operate
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Investor Relations
SET Notification
Five – Year Investment Plan (Year 2021 – 2025)
2 December 2020
PTTEP 13061/00-9012/2020
Investor Relations
Tel. +66(0) 2537 4259, +66(0) 2537 5843
2 December 2020
President
The Stock Exchange of Thailand
93 Ratchadapisek Road, Din Daeng
Bangkok 10400
Dear Sir,
Subject: Five – Year Investment Plan (Year 2021 – 2025)
PTT Exploration and Production Public Company Limited (PTTEP) would like to announce that the estimated total expenditures of PTTEP and its subsidiaries for 2021 is
USD 4,196 Million, of which USD 2,588 Million are Capital Expenditures and the remaining USD 1,608 Million are Operating Expenditure. PTTEP will operate under its sustainable development framework comprising three main components namely: High Performance Organization (HPO); Governance, Risk Management and Compliance (GRC); and Stakeholder Value Creation (SVC).
USD 4,196 Million, of which USD 2,588 Million are Capital Expenditures and the remaining USD 1,608 Million are Operating Expenditure. PTTEP will operate under its sustainable development framework comprising three main components namely: High Performance Organization (HPO); Governance, Risk Management and Compliance (GRC); and Stakeholder Value Creation (SVC).
The 2021 Capital Expenditures can be categorized under the following key business objectives:
- Maintain production plateau: A Capital Expenditure budget of USD 1,943 Million will be used to maintain the production level of the existing projects including the S1 Project, the Bongkot Project, the Arthit Project, the Malaysia Project, the Zawtika Project, as well as to carryout preparations for planned operations of the G1/61 (Erawan field) and G2/61 Projects (Bongkot field).
- Increase future production volume: A Capital Expenditure budget of USD 493 Million will be used to support two development projects - the Mozambique Area 1 Project and the Algeria Hassi Bir Rekaiz Project - to ensure planned production start timelines, as well as to accelerate development plans for the Sarawak SK 410B Project in Malaysia, which made a successful petroleum discovery, in order to reach the Final Investment Decision (FID).
- Accelerate exploration activities: A Capital Expenditure budget of USD 152 Million will be used to expedite exploration activities to enhance contingent resources for supporting long term growth. The main activities include the drilling of exploration and appraisal wells in Malaysia and Mexico.
In order to achieve above plan, PTTEP would also like to announce its Five-Year Investment Plan (2021 – 2025) per the table below:
Unit: USD Million
|
|
2021 |
2022 |
2023 |
2024 |
2025 |
2021-2025 |
|
Capital Expenditure |
2,588 |
3,035 |
2,975 |
3,083 |
2,339 |
14,020 |
|
Operating Expenditure |
1,608 |
2,582 |
1,804 |
1,851 |
1,772 |
9,617 |
|
Total Expenditure |
4,196 |
5,617 |
4,779 |
4,934 |
4,111 |
23,637 |
PTTEP expects its Five-Year Investment plan to support a 5-year Compounded Annual Growth Rate (CAGR) for sales volume of 6%, per the details below:
Unit: Thousand Barrels of Oil Equivalent per Day (KBOED)
|
|
2021 |
2022 |
2023 |
2024 |
2025 |
|
Expected Average Petroleum Sales Volume |
375 |
436 |
446 |
466 |
462 |
Furthermore, aiming to be resilient in the evolving E&P landscape, PTTEP also evaluates new business opportunities in the Gas-to-Power value chain in Myanmar where PTTEP can add value to its existing natural gas fields, as well as opportunities to scale-up the AI & Robotics Venture (ARV), and seek for investment opportunities in renewable energy. PTTEP’s investment plans are carried out under the principles of sustainable development in order to ensure sustainable value creation to all stakeholders.
Sincerely yours,
Phongsthorn Thavisin
Phongsthorn Thavisin
Chief Executive Officer
PTT Exploration and Production Public Company Limited
555/1 Energy Complex Building A, Floors 19-36th
Vibhavadi-Rangsit Rd., Chatuchak, Chatuchak, Bangkok 10900
Vibhavadi-Rangsit Rd., Chatuchak, Chatuchak, Bangkok 10900
Phone : 66 (0) 2537-4000
Fax : 66 (0) 2537-4444
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Copyright © PTT Exploration and Production Plc. All Rights Reserved.