PTT Exploration and Production Plc (PTTEP) has announced a five-year investment plan worth US$29 billion to boost national energy security and fight global warming.
The budget, to be spent between 2023 and 2027, comprises capital expenditure of $18.1 billion and operating expenditure of $10.9 billion.
PTTEP aims to increase exploration and production of petroleum, cut greenhouse gas emissions and diversify into new businesses, said Sumrid Sumneing, executive vice-president for finance and accounting.
The company is moving towards sustainable business operations, with a plan to achieve net-zero, a balance between greenhouse gas emissions and absorption, by 2050.
It will spend $3.1 billion in capital expenditure next year and allocate $2.3 billion as operating expenditure.
In 2023, PTTEP plans to maximise petroleum production at its facilities to ensure energy security for Thailand.
Petroleum will be mainly supplied from the Erawan, Bongkot and Arthit gas blocks in the Gulf of Thailand and other sites, including those in Malaysia.
Mr Sumrid said the company is also accelerating work on projects which are currently in the development phase. They include the Malaysia SK410B Project and the Mozambique Area 1 Project. These projects require capital spending of $322 million.
The firm will spend $193 million conducting geological studies and drilling at petroleum exploration and appraisal wells in Thailand, Malaysia and Oman.
PTTEP expects its average petroleum sales between 2023 and 2027 to stand at 470,000, 510,000, 535,000 531,000 and 550,000 barrels of oil equivalent per day, respectively.
The company will also spend $2.6 billion next year on plans to reduce greenhouse gas emissions. The company wants to cut emissions, notably carbon dioxide, by 30% by 2030, and 50% by 2040.
The reduction will be achieved in various ways, including a carbon capture and storage facility project, more use of renewable energy, and installation of equipment to reduce greenhouse gas emissions.
From 2023 to 2027, PTTEP plans to spend $4.8 billion supporting new businesses, including hydrogen fuel development. The objective is to help the government build a low-carbon society.
