PTTEP plans $27bn investment in 5 years
PTT Exploration and Production (PTTEP) plans US$27 billion investment during 2014-2018, to further grow its business.
Last year, its production rate rose by 6 per cent from the previous year to 292,000 barrels per day (BPD). The investment sum does not include expenditure to support new business oppportunities.
"PTTEP plans to expand its investment in new projects, both the acquisition and merger in the initial production or in development phase, in order to increase production and proved reserves. Moreover the company attempts to develop capacity of the organization in many areas in technology, procedure, human resource development and funding to achieve the company's strategic plan and goals" said Tevin Vongvanich, president and CEO.
The major of investment allocation will aim to develop PTTEP's exploration and production projects in Thailand and aboard.
In 2014, PTTEP expects to increase sale volume to 337,000 barrels of oil equivalent per day (BOED), 16 per cent up from last year. At the end of 2018, the average petroleum sale volume would be 321,000 BOED.
"Beside the important of petroleum exploration and development to increase PTTEP's reserve, the company will spend 40 per cent of net profit. We also emphasise on technology development and corporate sustainable development as well as environment. This is in line with our corporate strategies that PTTEP will spend 6% of net profit in technology and R&D, 4% in CSR which are also highlighted in our strategies," Tevin said.