PTTEP, the Exploration and Production arm of Thai oil and gas company PTT, has unveiled its 2013 results and investment plans for the 2014-2018 period. In 2013, the group increased its production volume by 6%, to 292,000 boe/d. Montara Field started up its first crude oil production at 10,000 boe/d while Zawtika Project is under the commissioning process which is expected to produce natural gas in the first quarter of 2014. For exploration, PTTEP found petroleum in Algeria Hassi Bir Rekaiz Project and natural gas in Myanmar m3 Project. For investment expansion, PTTEP and Pertamina jointly signed Share Purchase Agreements (SPAs) to acquire the subsidiaries of Hess Corporation in Indonesia. The transaction of Natuna Sea A has been accomplished by end of 2013.
PTTEP adjusted its previous 2020 production aspiration of 900,000 boe/d down to a more realistic target of 600,000 boe/d. However, the company has accelerated exploration and production in order to maintain capacity, as well as explore more reserve in overseas projects. The capital expenditure and operating expenditure of the company and its subsidiaries from 2014 to 2018 will be approximately US$27,282m. The major of investment allocation will aim to develop PTTEP’s exploration and production projects in Thailand and abroad. In 2014, PTTEP expects to increase sales volume to 337,000 boe/d, a 16% increase from year 2013.