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PTTEP plans $3bn spend.

Thai oil company PTT Exploration and Production said it was planning total expenditure of $3.1 billion in 2018, up a touch from the $2.9 billion it earlier estimated for expenditure in 2017.

That comes after the company, part of the energy giant PTT Group, in November reported a $264 million loss for its third quarter after writing down its investment in Canada.

Capital expenditure will account for $1.77 billion of the 2018 total, with operating expenditure making up the other $1.33 billion, PTTEP said in a statement.

Nearly 60 per cent of capital expenditure will come in Thailand, the firm said, where it will maintain production levels at existing projects including the Bongkot, Arthit and S1 developments.

PTTEP said that projects in other Southeast Asia countries would account for 32 per cent of next year's capital expenditure, with a focus on its Myanmar assets, where it will also look to maintain production levels.

Projects in Australia, Africa and the Americas will account for 9 per cent of capital expenditure. These include the PTTEP Australasia project and Mozambique Rovuma Offshore Area 1, where a final investment decision is under consideration.

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Publication:Oil & Gas News
Date:Dec 25, 2017
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