By Tracy Qu
Thai oil-and-gas giant PTT Exploration & Production plans to invest $5.3 billion to boost key assets and speed up overseas development projects in 2025, part of a $21.2 billion capital-expenditure target over the next five years that includes forging new businesses to support a transition to cleaner energy.
The state-run company said in a filing to the local market Friday that it will focus capex next year on maximizing production from assets in Thailand and overseas markets including Myanmar, Oman and Malaysia. It also plans to accelerate the development of projects in Abu Dhabi, Mozambique and other locations.
In addition, it targets $2.52 billion in operating expenses, taking total spending for the year to $7.82 billion. Over the next five years, it said it plans on combined investment and operating expenditure of $33.6 billion.
PTTEP said it expects an average petroleum sales volume of 507,000 barrels of oil equivalent a day in 2025, rising to 541,000 barrels of oil equivalent a day in 2026.
It said it will allocate a provisional budget of $1.75 billion over five years for projects in wind, carbon capture and storage as a service, hydrogen, and corporate venture capital.
Its shares were 0.4% higher in recent trading, bucking a 0.8% decline in Thailand's benchmark index.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
12-20-24 0034ET
