NAKHON RATCHASIMA : PTT Exploration and Production Plc (PTTEP) has revised up its petroleum output target by 50% to 900,000 barrels of oil equivalent per day (BOED) by 2020 from 600,000 BOED forecast earlier.
Thailand's sole petroleum explorer said since its existing projects will have produced 600,000 BOED by 2020, it will need to make another 300,000 BOED to meet the new goal, according to president and CEO Tevin Vongvanich.
The previous projection was based on the operating wells in Australia, Myanmar, Canada and African countries.
This year, it projected total output of 340,000 BOED, compared to 275,600 at the end of last year.
"To achieve the output target, we have planned a capital expenditure of US$25 billion from this year to 2017," said Mr Tevin.
The investments involve sustaining the current output and investing in new oil and gas resources but exclude mergers and acquisitions.
Currently, the projects in the pipeline are Myanmar's Zawtika field, which will be operational by the end of next year at the rate of 300 million cubic feet per day (MMSCFD).
In Myanmar, PTTEP also won the exploration rights for both offshore and onshore fields, of which production will begin the next few years.
In Australia, the long-delayed Montara field will start pumping 20,000 BOED of oil next month before rising to 35,000 in the next few years.
PTTEP is also designing facility for floating liquefied natural gas (FLNG) for Cash and Maple field, with production around 2 million tonnes a year.
It also plans to start producing 20,000 BOED from Algeria's Bir Seba block in the second half of next year.
In Canada, PTTEP plans to increase the oil volume to 20,000 barrels per day from KKD Oil Sand by the end of this year from 16,000 currently. It also planned to produce 80,000 more BOED from Leismer and Corner blocks in 2017.
In Mozambique's Rovuma Offshore Area 1, PTTEP is conducting a report of gas reserves.
Shares of PTTEP rose 4 baht to close at 149.50 baht yesterday in trade worth 1.03 billion baht.