PTTEP plans $29bn expenditure over five years
Thai state-owned energy company PTTEP has earmarked $29bn in expenditure over the next five years to boost exploration and production, it said on December 8.
The funds, to be spent between 2023 and 2027, comprise capital expenditure of $18.1bn and operating expenditure of $10.9bn.
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PTTEP said it wants to strengthen the petroleum exploration and production business, reduce greenhouse gas emissions, and expand beyond E&P businesses, aiming towards sustainable business operations and net zero greenhouse gas emissions target by 2050.
In 2023, the company will allocate $3.1bn in capital expenditure and $2.3bn as operating expenditure. It wants to accelerate projects which are under the development phases such as the Malaysia SK410B project and Mozambique Area 1 project, with a capital expenditure budget of $322mn planned to support these activities.