PTTEP details offshore E&P investment goals

Offshore staff

BANGKOK, Thailand – PTTEP has unveiled its investment plan for next year and its five-year program for 2022-2026.

The company will allocate $3.217 billion for capex and $2.449 billion for opex in 2022.

The main targets include:

• Maintaining the production plateau at the Bongkot and Arthit gas field complexes offshore Thailand; Zawtika offshore Myanmar; the Malaysia project; and final preparations for assuming operatorship of the G1/61 (Erawan field) and G2/61 projects (Bongkot field offshore Thailand.
• Advancing development of the Mozambique offshore Area 1 gas project and the Sarawak offshore SK410B project, following the successful Lang Lebah appraisal well earlier this year.
• $262 million for exploration, with drilling of exploration and appraisal wells offshore Malaysia, Mexico, and in the UAE.

In a separate development, PTTEP has filed a Notice of Appeal following a class action lawsuit brought against its subsidiary PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEP AAA) in the Federal Court of Australia.

A group of Indonesian seaweed farmers are claiming damages to their seaweed crops caused by the 2009 Montara well blowout offshore northwest Australia. Jadestone Energy now operates the Montara field.

12/23/2021