PTTEP Allocates $27B for Capital, Operating Expenditures for 2014-2018
Thailand's PTT Exploration and Production Public Company Limited (PTTEP) indicated Tuesday that capital and operating expenditures for the company and its subsidiaries under an investment plan for the 2014-2018 period will amount to $27.28 billion, the upstream petroleum firm said in an announcement on the Stock Exchange of Thailand.
PTTEP revealed that the expenditures have been revised to incorporate the latest business strategies and work programs. Capital expenditure for this period is projected at $17.53 billion, while $9.75 billion will be allocated for operating expenditure. The 5-year plan does not include expenditure for new investment opportunities.
In 2014, PTTEP has set aside $3.46 billion and $2.05 billion for capital expenditure and operating expenditure, respectively. The estimated total expenditure of around $5.5 billion will be spent on production, development and exploration activities.
PTTEP indicated that production activities will focus on maintaining the production level of existing domestic and oversea assets, including the Zawtika project in Myanmar, which is due to start-up in the first quarter of 2014.
As for development activities, PTTEP expects the expenditure to be spent on projects such as Algeria 433a & 416b Project which is expected to begin production in late 2014 and the Mozambique Rovuma Offshore Area 1 Project.
On exploration activities, the Thai firm said it will focus on finding additional petroleum resources at its projects in Myanmar, Algeria, Australia, Mozambique, and Kenya.
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