PTTEP to Invest $33 Billion on New and Existing Projects
Thailand’s national upstream company PTTEP is looking to invest more than $33 billion over the next five years, a plan based on three main strategies: Driving value, decarbonisation and diversification.
PTTEP said these strategies aim to drive and enhance the value of its core E&P business, while working toward the goal of achieving net-zero greenhouse gas emissions by 2050.
The 2026-2030 plan also includes expanding investments into new businesses to support energy transition.
Next year, the operator estimates investments of $7.726 billion, comprising $5.164 billion of capital expenditure (Capex) and $2.562 billion for operating expenditure (Opex).
The 2026 investment plan remains focused on ensuring energy security for Thailand, while also strengthening and expanding investments in international operations to foster long-term sustainable growth.
PTTEP’s main focus next year will involve maximising production from existing domestic assets including G1/61, G2/61, Arthit and S1; the Yadana and Zawtika fields offshore Myanmar — which deliver pipeline gas to Thailand; and projects in the Malaysia-Thailand Joint Development Area.
Some $3.605 billion of the 2026 capex is allocated to the operator’s producing projects in Malaysia, Algeria and Oman.
The company too is keen to accelerate projects under development including the SK 405B, SK 417 and SK 438 projects offshore Malaysia and M3 offshore Myanmar to meet their respective start-up targets, with total expenditure of $1.423 billion earmarked for such greenfield project.
Also in 2026, PTTEP plans to invest $101 million to drill exploration and appraisal wells in Thailand, Malaysia, Myanmar, the United Arab Emirates and Algeria.
Under its latest five-year plan, the company’s Capex is forecast to peak at $5.249 billion in 2028, when total expenditure too will be its highest at $7.676 billion.
Based on the allocated budget and planned activities, PTTEP’s expected average petroleum sales volume from existing projects is set to peak in 2029 at 621,000 barrels of oil equivalent per day — a considerable increase from the 556,000 boepd anticipated next year. However, output is expected to subsequently slide to 609,000 boepd in 2030.
The company on Thursday confirmed it is prioritising sustainable business growth by focusing on investments in its upstream business while ensuring the company’s readiness to thrive during the energy transition and progress toward becoming a low-carbon organisation in the future.
PTTEP has in place a comprehensive roadmap for greenhouse gas emissions reduction, with the goal of achieving net-zero greenhouse gas emissions by 2050. This target includes both direct (Scope 1) and indirect (Scope 2) emissions from its operated E&P activities.
Interim targets have been set to reduce greenhouse gas emissions intensity by at least 30% by 2030 and 50% by 2040, relative to the 2020 baseline. A total budget of $118 million has been allocated for emissions reduction activities in 2026.