Thailand's PTTEP Cuts 2016 Investment Budget 15% To $1.7B

Reuters

BANGKOK, Aug 23 (Reuters) - Thailand's largest oil and gas explorer, PTT Exploration and Production Pcl has cut its 2016 investment budget to $1.7 billion from $2 billion due to a cost reduction measure, an executive said on Tuesday.

Hit by lower global oil prices, PTTEP cut its unit costs to $29 a barrel in the first half of 2016, versus $38 in 2015, Yongyos Krongphanich, senior vice president for finance, told reporters. For the full year, the company is aiming for a unit cost of $31 a barrel, he said.

PTTEP expects the average selling prices of its petroleum products in the second half to be stable to be similar to first-half levels at $35-36 a barrel, Yongyos also said.

(Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Tom Hogue)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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