PTTEP to focus capex on offshore Thailand, Myanmar projects

PTTEP to focus capex on offshore Thailand, Myanmar projects

PTT Exploration and Production Public Co. (PTTEP) has budgeted $2.9 billion
for E&P operations this year, comprising $1.64 billion in capex and $1.26
billion in opex.

Projects in Thailand account for 64% of the estimated capex, with most
allocated for the offshore Arthit, S1, Bongkot, Contract 4, and MTJDA
developments.

Other Southeast Asia countries account for 24% of capex, mainly on the
company's producing assets off neighboring Myanmar. Priorities include
maintaining production levels from the Zawtika and Yadana fields, and
exploration for the Myanmar MOGE 3 and M11 projects.

Australia, Africa, and North and South America, account for the remaining
12% of capex in 2017, mainly for operational activities in the PTTEP
Australasia project and the pre-development of the Mozambique Rovuma
Offshore Area 1 project.

The company's estimated $138 million exploration expenditure will be used
mainly for seismic acquisition, geological and geophysical studies, and
drilling and appraisal activities.

PTTEP's budget for 2017-2021 is $14.95 billion, taking into account the
recent oil price recovery, and includes expenditure on pre-development
projects such as Rovuma Offshore Area 1.

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Link to Original Article:
http://www.offshore-mag.com/articles/2017/01/pttep-to-focus-capex-on-offshor
e-thailand-myanmar-projects.html?cmpid=enl_offshore_offshoredailynewsletter_
2017-01-16&email_address=johndiecker@gmail.com&eid=287675795&bid=1635706

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com