Thailand's PTT Exploration and Production (PTTEP) has said it will invest $24.67 billion in exploration and development between now and 2017.
The updated five-year investment plan represents an increase of around 25% on the $19.6 billion spend budgeted last year for 2012-2016.
Chief executive Tevin Vongvanich said the boosted investment aimed to “develop PTTEP’s organic growth projects to maximize the production volume, to serve the rising of energy demand as well as emphasize exploration plans to increase petroleum potentials with the investment cost control”.
PTTEP said it would sink the majority of the funds into organic growth projects both domestically and internationally.
Although the overall five-year budget is up, capital expenditure is forecast to decrease after 2014.
PTTEP plans a capital spend of: $3.9 billion this year; $3.13 billion in 2014, $2.96 billion in 2015; $2.31 billion in 2016; and $2.41 billion in 2017.
Over the same five years operating expenditures are forecast at $1.86 billion, $1.85 billion, $1.83 billion, $1.98 billion and $2.37 billion respectively.
Key exploration projects this year include Burma’s M3 and M11 and Algeria’s Hassi Bir Rekaiz as well as plays in Australia, Mozambique and Kenya, the company said.
Development funds will be invested in a number of new projects including Australia’s Montara field, Burma’s Zawtika, Algeria’s 433a & 416b, Canada Oil Sands KKD and Mozambique’s Rovuma Offshore Area 1.
The company will also invest in maintaining plateau production on existing fields closer to home including Arthit, Bongkot, S1, Contract 4 and MTJDA-B17.
It is forecasting average sales of 310,000 barrels of oil equivalent (boe) per day this year, targeting output in the following four years of 340,000, 335,000, 325,000 and 339,000 boe per day respectively.