By THE NATION
PTTEP president and chief executive officer Phongsthorn Thavisin said the company has set aside approximately Bt143 billion ($4.61 billion) for PTTEP and its subsidiaries in 2020, of which Bt82 billion is capital expenditure and Bt60.94 billion operating expenditure.
The company is allocating Bt716.2 billion under its five-year investment plan running from 2020 to 2024.
The expected compound annual growth rate during the 2020-2024 period of average petroleum sales from existing assets is around 6 per cent.
“Based on the investment plan in 2020, PTTEP expects an increase of 11 per cent of total petroleum sales compared to this year’s target,” Phongsthorn said.
The growth is the result of its Expand strategy, which includes acquisitions in Thailand, Malaysia and the Middle East.
“Most of the 2020 investment budget will be allocated to pursue its Execute strategy in order to maintain production volumes and concentrate on key development projects, besides accelerating exploration activities to add to future reserves and for the sustainable growth of PTTEP,” Phongsthorn said.
PTTEP in 2020 will focus on “maintaining its production plateau of existing projects, increase future petroleum production volumes from major development projects in Malaysia, Mozambique and Algeria, and accelerate exploration activities mainly in Malaysia and Myanmar, to enhance contingent resources for supporting long-term growth”.
The company is also focusing on innovation and technology development to support petroleum exploration, development and production activities.
PTTEP subsidiary AI and Robotics Ventures Limited (ARV) has been able to commercially launch services for both the petroleum exploration and production (E&P) industry and the non-E&P industry by employing inspection drones, swarm drones, and an Observation-class Autonomous Underwater Vehicle.
In 2020, ARV will develop robotics for commercial use, such as the Inspection-class Autonomous Underwater Vehicle, the Subsea Flowline Control and Repair Robot and the In-pipe Inspection Robot. ARV plans more than 30 development projects for upcoming years.