UPDATE 1-Thai PTTEP cuts 5-year investment budget, sales forecast

Wed Mar 5, 2014 1:43am EST
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* PTT sees 2014 revenue up 4 percent

* PTTEP to invest $25 billion in next 5 years

* Aims to list refinery SPRC, power unit in H2

* PTTEP petroleum sales seen at 325,000 BOEPD, up 10 pct on year

By Pisit Changplayngam

BANGKOK, March 5 (Reuters) - Thailand's PTT Exploration and Production Pcl said it has cut its five-year investment budget by 8 percent and 2014 petroleum sales target by 3 percent due to lower output from an Australian field and a delay in the startup of a gas field in Myanmar.

The country's top oil and gas explorer aimed to spend $25 billion during 2014-2018, lower than the previously announced $27.5 billion after an asset swap in the Canadian KKD oilsands project with Norway's Statoil.

"We don't have to invest more after the restructuring in the KKD project. That will affect sales volume too," Yongyos Krongphanich, senior vice president for finance, told reporters.

Norway's Statoil is stepping up its exposure to Canadian oilsands, paying about $200 million to take full control of some assets it had previously shared with the Thai explorer.   Continued...