Thailand’s oil and gas company PTT has decided to cut its 2020 investments by 10% to 15% and to defer non-priority investments (such as a US$1bn petrochemical project), due to quarterly losses in a context of falling oil prices and weak demand for petrochemicals. The group will reduce jet fuel production to reflect the lower demand from airlines and will rather produce diesel, whose demand has slightly increased. PTT EP, which had a target of 388,000 boe/d of oil and gas sales, expects to miss its target by 7%.
In January 2020, PTT unveiled plans to invest THB180.8bn (US$5.6bn) between 2020 and 2025, with 68% of the amount allocated to joint ventures and subsidiaries, 17% to transmission infrastructures, 7% to technology and engineering, 6% in gas and 1% each in downstream and other businesses. In addition, the company had provisionally set aside THB203.5bn (US$6.3bn) over the next five years to foster cooperation among PTT Group, most notably on LNG value chain, gas-to-power projects, and new energy-related businesses.