Thailand-based PTT Exploration and Production (PTTEP) has increased its planned capital investment for upstream oil and gas projects for the next five years to USD16.5 billion. Through 2026, PTTEP will invest an additional USD4.4 billion in expanding Thailand’s new energy sector, which includes hydrogen, wind, and solar. Yearly capital spending will rise to USD3.3 billion over the next five years, up from USD2.8 billion in previous guidance. The new plan shows increased output growth and a lower free cash flow (FCF) yield. However, no new development projects have been announced for the period.
PTTEP is also diversifying its operations into new energy, with a capital investment and operational cost allocation of USD4.4 billion till 2027. The key new businesses covers solar and wind energy, hydrogen, carbon capture and utilisation (CCU), the commercialisation of in-house technologies, as well as the exploring opportunities for gas/LNG-to-Power in Thailand.
