Thailand’s PTTEP plans to invest $5.81bn in 2013

21 January 2013 11:12  [Source: ICIS news]

SINGAPORE (ICIS)--Thailand’s PTT Exploration and Production Co Ltd (PTTEP) said on Monday it plans to invest a total of $5.81bn (€4.36bn) this year, partly to fund new projects that will boost its production.

These include a project in Australia that is due to start up in the first quarter of 2013 and one in Myanmar that is due to start production in the beginning of 2014, it said in a filing to the Thailand Stock Exchange.

The company’s project in Algeria that will start up in 2016, as well as its project in Mozambique, would also partake of the total investment this year, it said.

PTTEP said expects its average petroleum sales volume in 2013 to reach 310,000 barrels of oil equivalent per day (bopd).

Over the next five years, the company estimates its total investments will reach $24.7bn.

“At present, the company has a total of 44 projects, consisting of 19 projects that are under production, 3 [three] projects under development and 22 projects under exploration,” PTTEP said.

($1 = €0.75)

By: Pearl Bantillo
+65 6780 4359

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