PTTEP establishes a five-year investment budget of $29 billion to support 3 business plans

PTT Exploration and Production Public Company Limited (PTTEP) announced its 2023 Investment Plan and Five-Year Investment Plan (2023-2027), emphasizing investments in line with operational strategies. With the aim of strengthening the activity of oil exploration and production Along with the development of various projects to reduce carbon dioxide emissions. as well as moving forward to invest in new businesses Support the global energy transition create sustainable growth

Mr. Montri Lawanchaikul Managing Director PTTEP or PTTEP. revealed that from the challenges of the energy transition and the determination to play a role in solving the global warming problem, PTTEP has therefore changed its strategic plan so that the company can grow sustainably

Focusing on 3 areas of operation (Pillar) namely driving and increasing the value of the oil exploration and production business (Drive Value), including increasing production from projects in Thailand to create energy security for the country. And accelerate the development of major projects in both Southeast Asia and the Middle East.

At the same time, the company also focuses on reducing greenhouse gas emissions. (Decarbonize) to support the goal of net zero greenhouse gas emissions in 2050 by accelerating the development of Carbon Capture & Storage (CCS) projects, zero emissions from excess emissions from oil production processes. Flare routines)

To increase the use of clean, renewable energy in our operations, including offsetting emissions through land and mangrove plantation projects, as well as implementing our Ocean for Life strategy to add abundance to the ocean. It is a highly efficient natural carbon sink.

In addition, the company also focuses on building new growth business (diversify) on advanced technology. Robots and artificial intelligence, but also companies that reduce greenhouse gas emissions. and a new energy business for the future

In doing so, PTTEP has allocated an annual expenditure budget for the year 2023 of 5,481 million US dollars (equivalent to 191,818 million baht), divided into

– Capital expenditure or CAPEX in the amount of 3,152 million US dollars (equivalent to 110,296 million baht).

– Operational or OPEX expenses in the amount of US$2,329 million (equivalent to 81,522 million baht) in support of the following operational plans:

1. Increased oil production Including acceleration of exploration activities Developed and produced in addition to major production projects. Building energy security in Thailand, including G1/61 project (Erawan, Platong, Satun and Funan fields), G2/61 project (Bongkot field), Arthit project. Project Contract 4, Project S1 and Production Project in Malaysia Investments of 2,655 million US dollars (equivalent to 92,925 million baht) have been allocated to support these activities. Activities are also planned to reduce greenhouse gas emissions from various manufacturing projects as planned. Aiming for net zero greenhouse gas emissions in 2050, such as the CCS project, the use of renewable energy. Installation of equipment to reduce greenhouse gas emissions and compensation for greenhouse gas emissions, etc., by allocating capital expenditures in the amount of US $53 million (equivalent to 1,855 million baht).

2. Accelerate the development of major projects such as the Malaysia SK 410B project and the Mozambique Area 1 project to start production as planned. The company has allocated capital expenditures in the amount of US$322 million (equivalent to 11,270 million baht).

3. Accelerate Exploration in Various Projects to Support Long-Term Growth An investment of US$193 million (equivalent to 6,755 million baht) was earmarked for geological studies and the drilling of exploration and appraisal wells for projects in Thailand, Malaysia and Oman.

In addition to the above budget allocation, PTTEP has reserved a budget of US$4,800 million (equivalent to 166,052 million baht) for the year 2023-2027 for the expansion of investments in new businesses. Renewable Energy Business CCS Business Study on carbon capture and utilization (CCU) on clean hydrogen by extending the company’s existing technology to commercial business and other enterprises to support the energy transition.

In addition to allocating the budget to create growth for the oil exploration and production business which is the core business Including operations to reduce carbon dioxide emissions to become a low-carbon enterprise in the future.

PTTEP also prepares additional budgets for investments in new businesses according to strategic plans. We seek investment opportunities in activities other than oil exploration and production. The goal is to increase the share of investment in new businesses. to create strong long-term growth

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