PTTEP revises expenditure

PTTEP revises expenditure

PTT Exploration and Production Plc has revised its expenditure for this year. (PTTEP photo)
PTT Exploration and Production Plc has revised its expenditure for this year. (PTTEP photo)

SET-listed PTT Exploration and Production Plc (PTTEP) has revised its 2019 expenditure for PTTEP and its subsidiaries.

The estimated total expenditure 2019 is US$ 3.58 billion, of which $1.95 billion is capital expenditure and the remaining $1.63 billion is operating expenditure, Phongsthorn Thavisin, president and chief executive, said in a statement released on Friday.

The revised plan includes the acquisition of Murphy Oil Corporation's Interests in  Malaysia, the acquisition of 33.8% interests in APICO LLC's and the signing of production sharing contracts for exploration blocks offshore the Gulf of Thailand — Erawan and Bongkot fields.

He added the total five-year investment plan ending in 2023 stands at $21.36 billion, of which $12.66 billion is capital expenditure and the remaining $8.7 billion is operating expenditure.

"PTTEP has its additional budget for acquisition plans $2.09 billion," said Mr Phongsthorn.

"The $21.36 budget is to maintain production level of existing producing projects, support key development projects and accelerate exploration activities to enhance contingent resources for long term growth."

The majority of the expenditure remains in Thailand and Southeast Asia, he said. 



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