Thai PTTEP Cuts 2016 Capex To $1.4B, Looks For M&A
BANGKOK, Nov 18 (Reuters) - Thailand's largest oil and gas explorer, PTT Exploration and Production Pcl, said on Friday it has cut its 2016 capital expenditure budget to $1.4 billion from $1.7 billion, citing cost cuts and the postponement of high-risk projects.
The company planned to spend most of its $3.7 billion cash on acquisitions of oil and gas assets in Southeast Asia, Yongyos Krongphanich, senior vice president for finance, said during earnings presentation, without identifying specific targets.
The company expected 2016 average gas price at about $5.5/million British thermal unit, based on average Dubai crude oil price in fourth quarter of $45 a barrel, he said.
(Reporting by Khettiya Jittapong and Manunphattr Dhanananphorn; Editing by Kenneth Maxwell)
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