By an OGJ correspondent
BANGKOK, Nov 14 -- The appreciation of Thailand's baht against the dollar has enabled PTT Exploration & Production PLC (PTTEP) to slash its capital expenditure in 2007-11 by 10% to 281 billion baht ($8.26 billion).
This year alone, the strong baht helped Thailand's majority state-owned concern to cut investment to 66.73 billion baht from 74.51 billion baht.
PTTEP has revised its projection on the baht to 35/dollar from 38.
About 80% of its costs were in dollars, the currency in which the company booked all its revenues, according to PTTEP Pres. Maroot Mrigadat.
However, the 5-year plan does not include costs that will exceed $1 billion for developing gas-prolific Block M9 in Myanmar's Gulf of Martaban and Blocks 433a and 416b in Algeria.
PTTEP has engaged in 37 oil and gas exploration and development projects in the Middle East, Africa, and Asia, and it anticipates buying new gas and oil assets at home and abroad in a bid to increase reserves and capacity.
The company expects its 2008 petroleum sales to average 241,000 boe/d, up from a target of 188,000 boe/d this year as two major gas fields come on stream: Arthit field in the Gulf of Thailand and Block A-18 in the Malaysia-Thailand Joint Development Area.
