Oil Diplomacy Editor
LOS ANGELES, Dec. 29 -- Thailand's PTT PCL has approved a 5-year investment budget of $6.6 billion, with more than half of the funding earmarked for the natural gas industry.
Overall, the company plans to spend $2.2 billion in 2009, $2.36 billion in 2010, $1.03 billion in 2011, $712,446 in 2012, and $433,476 in 2013.
Of the total, PTT said that 58% will be used for investment in the gas industry, including its gas pipeline network, a gas separation plant, an ethane plant, and construction of compressed natural gas service stations.
Mindful of the current global economic situation, PTT said it "will closely monitor the economic situation and business plan and may adjust the investment plan as necessary, in view of material changes in the market environment."
Earlier this month, PTT's exploration and production subsidiary PTTEP secured exploration rights on Block Semai-II, off southwestern West Papua.
During the first 3 years of that project, PTTEP and partners plan a 3D seismic survey and three exploration wells. PTTEP holds a 33.33% stake in the Semai-II Block. Partners are operator Murphy Oil, holding 33.33% interest, and Inpex of Japan 33.33%.
In addition to the Semai-II Block, PTTEP also holds interests in Indonesia's offshore Merangin-1 and Bangara-1 blocks.
Contact Eric Watkins at email@example.com.