PTT Exploration and Production (PTTEP), Thailand’s national oil and gas (O&G) production company, plans to spend nearly USD30 billion till 2027 to boost oil and gas production as well as to decarbonise operations. Over the next five years, the company will focus on improving exploration and production at existing projects including Bongkot, Erawan and Arthit, reducing its greenhouse gas (GHG) emissions and diversification.
Out of the total, around USD5.48 billion has been earmarked for 2023, of which USD193 million will be used to finance geological studies and the drilling of exploration and appraisal wells in Thailand, Malaysia and Oman.
Additionally, around USD2.8 billion will be invested between 2023 and 2027 to develop gas-to-power, renewables, carbon capture and storage and hydrogen projects as a part of its low-carbon initiative.
PTTEP has also set targets to reduce GHG from its operations. By 2030, the company plans to reduce emissions intensity by at least 30 per cent, and by 50 per cent by 2040.