PTTEP plans to invest Bt330 bn
Play
PTT Exploration and Production (PTTEP) will invest about Bt330 billion during the next five years, while operating expenses will be Bt210 billion in the period.
Penchun Jarikasem, executive vice president, Finance and Accounting Group, said operating expenses from 2012 to 2016 would be higher than during the previous five years, as the firm has more projects to keep running now.
PTTEP will invest more in the Bongkot and Montara oilfields over the next two years. Its five-year investment budget of Bt330 billion is roughly the same as that of the previous five-year period, which ends this year.
The company needs to explore new business opportunities, she added.
Sales volume is expected to total 265,000 barrels per day this year, and to grow 7 per cent next year to 280,000bpd, down from the initial target of 290,000bpd.
In a research note, Kiatnakin Securities said additional contracts in Burma would boost PTTEP’s long-term outlook but have no impact on the company’s 2012 earnings forecast or target share price.
It noted that it takes eight to 12 years to start commercial operations.
