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Thai PTTEP to Invest at Least $1.7B in 2017 to Maintain Output

Source: Reuters 10/3/2016, Location: Asia

PTT Exploration and Production Pcl, Thailand's largest oil and gas explorer, plans to invest at least $1.7 billion in 2017 to maintain its production at the same level as last year, chief executive said.

PTTEP, the upstream exploration business of PTT Pcl , aims to produce around 323,000 barrels of oil equivalent per day next year, the same level as last year, Somporn Vongvuthipornchai told reporters.

Hit by weaker oil prices, PTTEP has focused on cost cutting and expects its cost per unit to fall by more than 10 percent to between $31 to $32 a barrel this year after a decline to $29 to $30 a barrel in the first half, he said.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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