Montri Lawanchaikul Mr Chief Executive Officer, PTT Exploration and Production Public Company Limited or PTTEP revealing that of the challenges of the energy transition and a determination to play a part in solving the global warming problem, PTTEP has therefore adapted its strategic plan so that the business can grow sustainably By focusing on 3 areas of action (Pillar), namely Drive and increase the value of the petroleum exploration and production business (Drive Value) Including increased production of projects in Thailand to create energy security for the country. and accelerate the development of major projects in South East Asia and the Middle East.reduce greenhouse gas emissions (Decarbonisation) Support the goal of net zero greenhouse gas emissions in 2050 by accelerating the development of Carbon Capture and Storage (CCS) projects and Zero Regular Flare projects Increase the use of renewable and clean energy in the company’s operating areas. This includes offsetting greenhouse gas emissions through terrestrial and mangrove planting projects, as well as implementing the Ocean for Life strategy to increase the abundance of the seas. which is a highly efficient natural carbon reservoir. Robots and artificial intelligence, as well as businesses that reduce greenhouse gas emissions. and new energy business for the future
in doing so PTTEP Therefore, the annual expenditure budget for 2023 has been allocated at 5,481 million US dollars (equivalent to 191,818 million baht), divided into capital expenditure (CAPEX) in the amount of 3,152 million US dollars (equivalent to 110,296 million baht) and Operating Expenditure or OPEX in the amount of 2,329 million US dollars (equivalent to 81,522 million baht) to support the following operational plans:
1. Increase petroleum production Including accelerated exploration activities Developed and manufactured in addition to key production projects. Creating energy security in Thailand, including the G1/61 project (Erawan, Platong, Satun and Funan fields), G2/61 project (Bongkot field), Arthit project. Contract 4 Project, S1 Project and Production Project in Malaysia Capital expenditure of 2,655 million US dollars (equivalent to 92,925 million baht) was allocated to support such activities.
There is also an activity plan to reduce greenhouse gas emissions from various production projects as planned. Aiming for net zero greenhouse gas emissions in 2050, such as the CCS project, the use of renewable energy. Install equipment to reduce greenhouse gas emissions and offset greenhouse gas emissions, etc., by allocating capital expenditure in the amount of 53 million US dollars (equivalent to 1,855 million baht).
- Accelerating major projects under development namely the Malaysia SK 410B project and the Mozambique Area 1 project to start production as planned. The company has allocated capital expenditure in the amount of 322 million US dollars (equivalent to 11,270 million baht).
- Accelerate exploration in various projects to support long-term growth An investment of 193 million US dollars (equivalent to 6,755 million baht) has been allocated for geological studies and the drilling of exploration and evaluation wells for projects in Thailand, Malaysia and Oman.
For the 5-year investment plan (2023-2027), the company has allocated a total budget of 29,100 million US dollars (equivalent to 1,006,676 million baht), divided into capital expenditure of 18,123 million dollars and operating expenditure of 10,977 million dollars.
In addition to the budget allocation above PTTEP It has also reserved a budget for the expansion of investment in new businesses for the years 2023-2027 in the amount of 4,800 million US dollars (equivalent to 166,052 million baht) in the study and development of the power business. Renewable Energy Business Clean Hydrogen Business Study CCS Business for Capture and Use (CCU). extending the company’s existing technology to commercial and other businesses to support the energy transition.
From the said plan, PTTEP anticipates the average petroleum sales per day from the current project in 2023 at 470,000 BOED, in 2024 at 510,000 BOED, in 2025 at 535,000 years 2026 at 531,000 barrels of oil equivalent at 50,000, and 5000 barrels of oil equivalent per day and 50002 barrels per day. equivalent to oil per day.
“In addition to a budget allocation to grow the petroleum exploration and production business which is the main business Including operations aimed at reducing carbon dioxide emissions in order to become a low carbon organization in the future, PTTEP is also preparing additional budgets for investing in new businesses according to the strategic plan. We are looking for investment opportunities in businesses other than petroleum exploration and production. The aim is to increase the proportion of investment in new businesses. to create strong growth in the long term,” said Mr Montri.
