Thailand’s PTT Exploration and Production Pcl (PTTEP) said on Tuesday it had earmarked about $19.6 billion for investment through 2016, excluding investment expenditure to support new venture opportunities.
The investment plan was flagged by PTTEP Chief Executive Anon Sirisaengtaksin last week to reporters.
The country’s top oil and gas explorer told the Bangkok stock exchange in a regulatory filing that it would spend about $5.17 billion this year to maintain plateau production at major projects including S1, Bongkot, Arthit, and Canada Oil Sands KKD and to develop new projects and exploration activities.
PTTEP, a subsidiary of PTT Pcl, Thailand’s biggest energy firm, has a total of 41 projects now, of which 20 are under production, two under development and 19 under exploration, it said.
Average petroleum sales volume this year is expected to reach 284,000 barrels of oil equivalent per day (BOE/D), before rising to 330,000 BOE/D in 2013 and 345,000 BOE/D in 2014.
By 0300 GMT, PTTEP shares were up 0.3 percent at 179.50 baht, while the main stock index was 0.3 percent higher.