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


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 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Cost Accountant
Expertise: Accounting
Location: Houston, 
Civil Construction Supervisor
Expertise: Budget / Cost Control|Civil Construction|Construction Manager
Location: North Dakota, United States, ND
Sr. Turnaround Planner
Expertise: Planner / Scheduler|Project Controls
Location: Ferndale, WA
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours