Thai state-run energy company PTT Exploration and Production Public Company Limited (PTTEP) has revealed plans to invest USD 27 billion over the 2022-2026 period, with primary focuses on maintaining production volumes and increasing petroleum reserves from major assets, developing key projects adding to future production volume, as well as capturing new business opportunities to foster sustainable growth during the energy transition.
The key business objectives are as follows;
- Maintaining production plateau of the existing projects including the Bongkot Project, the Arthit Project, the S1 Project, the Malaysia Project, the Oman Block 61 Project, the Zawtika Project, as well as carrying out final preparations for operations of the G1/61 (Erawan field) and G2/61 Projects (Bongkot field).
- Increasing future production volume by advancing the development of three major projects including the Mozambique Area 1 Project, the Sarawak SK410B Project, a successful petroleum discovery with Lang Lebah appraisal well earlier this year, and the Algeria Hassi Bir Rekaiz Project (Phase 2) to achieve planned production start-up timelines.
- Accelerating exploration activities to enhance contingent resources for supporting long-term growth. Main activities include the drilling of exploration and appraisal wells in Malaysia, the United Arab Emirates and Mexico.
Key new businesses cover renewable energy, the commercialization of in-house technologies, new forms of energy (Future Energy) such as hydrogen, carbon capture and utilization (CCU), AI & Robotics as well as the study and development of Gas to Power.
(Sources: PTTEP; Natural Gas World)