PTT Exploration and Production Public Company Ltd has raised its sales volume of 318,000 barrels of oil equivalent per day (BOED) to 345,000 barrels, or 8.5 per cent, for 2019 from its natural gas and oil exploration blocks in Thailand and other countries.
After the PTTEP revised its five-year investment plan, it decided to increase the earlier target sales volume for the five years from 2019 to 2023. Now, the PTTEP targets to raise its daily sales volume of 345,000 barrels for 2019, 365,000 barrels for 2020, 380,000 barrels for 2021, 409,000 barrels for 2022 and 437,000 barrels for 2023.
According to the company’s announcement, the PTTEP completed the acquisition of Murphy Oil Corporation in Malaysia in early July, resulting in an increase in petroleum sales by approximately 48,000 BOED for the second half of 2019. This will significantly contribute to the 2019 target sales volume of 345,000 BOED.
Phongsthom Thavisin, Chief Executive Officer of the PTTEP, said the company has had success, not only in Thailand but in other countries, thanks to its business expansion strategy, which includes a plan to accelerate exploration of oil and gas in Myanmar, covering the Zawtika project.
Also, the PTTEP has revised the higher capital expenditure for the five-year period to US$21.354 billion from $16.105 billion.—Than Htike (Translated by Khaing Thanda Lwin)