Seems like PTT's goals align with Hession's. No mention of PNG, but they don't have to.
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15 August 2013 11:11 GMT
The company is also looking to boost its production base through its presence in projects such as Canadian oil sands and the gas rich province of offshore Mozambique.
The state player said on Thursday that it has its sights set on sales volumes of up to 600,000 barrels of oil equivalent per day by 2020 and has set aside $24.67 billion on capital and operating expenditure in its five-year investment plan from 2013 to 2017.
Apart from maintaining plateau production at domestic projects such as S1, Bongkot and Arthit, the company is looking to hit the target by accelerating exploration and production abroad.
This includes the like of the Zawtika gas field development off Burma, the Montara oilfield off Western Australia, the Cash-Maple floating liquefied natural gas project - also in Australia –Canada Oil Sands KKD and Area-1 in the Rovuma basin off Mozambique.
PTTEP is aiming to increase “proved reserves for more than 10 years of reserve-per-production ratio by accelerating exploration in parallel with partnering with prudent partners”, it also said on Thursday.
Part of this will involving investing in what it calls “star” assets in the likes of Thailand, Burma, North America and East Africa “while focusing investments on projects which are in production or are nearing production.
President and chief executive Tevin Vongvanich said: “We have considered that a goal to achieve sale volume up to 600,000 boepd by the year 2020 is (a) realistic and possible goal.”