PTT Exploration and Production Plc (PTTEP) is preparing to allocate a budget of US$21.2 billion to fuel its core business and support decarbonisation plans over the next five years.
The money, set to be spent from 2025 to 2029, will drive and enhance the value of its petroleum exploration and production business and help the company work towards the goal of achieving a net-zero target, a balance between greenhouse gas emissions and absorption, by 2050, said Chanamas Sasnanand, PTTEP's executive vice-president for finance and accounting.
Part of the budget will also be allocated for a plan to venture into new businesses related to the transition to clean energy.
PTTEP plans to initially spend $7.82 billion next year.
"Our investment plan next year remains focused on ensuring energy security for Thailand, while also strengthening and expanding investment in the exploration and production business abroad to foster long-term sustainable growth," said Ms Chanamas.
In Thailand, PTTEP wants to maximise production from its key gas blocks in the Gulf of Thailand, including Erawan, Bongkot and Arthit.
An increase in domestic gas supply helps the country depend less on the import of costly liquefied natural gas (LNG), which will result in cheaper electricity bills.
Gas from domestic sources and LNG imports makes up 60% of the fuels used to generate power in Thailand.
PTTEP also sees the potential to increase production from Sirikit, the country's largest onshore oil field.
Overseas, the company continues its financial support of petroleum projects in Malaysia and Oman.
Based on the planned activities, average petroleum sales during 2025 to 2029 should increase from an estimated 507 kilo barrels of oil equivalent per day (KBOED) in 2025 to 581 KBOED in 2029, said Ms Chanamas.
PTTEP has set a goal to reduce greenhouse gas emissions by at least 30% by 2030 and has increased the target to 50% by 2040.
A total budget of $77 million will be allocated for emission reduction activities in 2025, said Ms Chanamas.
From 2025 to 2029, PTTEP will support investment opportunities in offshore wind farms, carbon capture and storage as a service, hydrogen fuel development and corporate venture capital.
