Thailand's PTT Exploration and Production plans to invest at least $1.7 billion in 2017 to maintain its production at the same level as last year, according to the firm's CEO.
BANGKOK, Oct 3 (Reuters) – PTT Exploration and Production Pcl, Thailand's largest oil and gas explorer, plans to invest at least $1.7 billion in 2017 to maintain its production at the same level as last year, chief executive said.
PTTEP, the upstream exploration business of PTT Pcl , aims to produce around 323,000 barrels of oil equivalent per day next year, the same level as last year, Somporn Vongvuthipornchai told reporters.
Hit by weaker oil prices, PTTEP has focused on cost cutting and expects its cost per unit to fall by more than 10 percent to between $31 to $32 a barrel this year after a decline to $29 to $30 a barrel in the first half, he said.
(Reporting by Khettiya Jittapong; Editing by Christian Schmollinger)
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