PTTEP commits $33 billion through 2030 to advance Thailand’s energy strategy

PTT Exploration and Production (PTTEP) has approved a five-year investment program totaling $33.3 billion (2026–2030) as the company ramps up efforts to strengthen Thailand’s long-term energy security while expanding its international upstream portfolio. The plan includes $7.7 billion in spending for 2026, with an expected 8% increase in petroleum sales volumes next year.

CEO Montri Rawanchaikul said the spending strategy aligns with PTTEP’s three core priorities: maximizing value from its E&P assets, decarbonizing operations, and diversifying into future energy businesses. For 2026, PTTEP earmarked $5.2 billion in capital expenditures and $2.6 billion in operating costs across domestic and international assets.

A major portion of next year’s budget—$3.6 billion—will go toward sustaining production from Thailand’s key fields, including G1/61, G2/61, Arthit, S1, Contract 4, and the Malaysia–Thailand Joint Development Area. International contributions from Malaysia, Oman, and Algeria will further support stable output.

PTTEP also plans to accelerate progress on several global developments, including Mozambique Area 1, Ghasha, Abu Dhabi Offshore 2, and multiple Malaysia greenfield projects. Around $1.4 billion is dedicated to advancing these assets toward first production.

Exploration remains a priority, with $101 million allocated for drilling in Thailand, Malaysia, Myanmar, and the UAE to support long-term reserves growth.

The company is also progressing its net-zero roadmap, targeting a 50% reduction in emissions intensity by 2040 and net-zero Scope 1 and 2 emissions by 2050. PTTEP plans to invest $118 million in decarbonization initiatives next year, including its flagship CCS project at the Arthit field.

PTTEP expects petroleum sales to average 556,000 boed in 2026 and rise to more than 620,000 boed by 2029, with several international projects scheduled to begin production over the next five years.