<article><p class="lead">Thai state-controlled upstream firm PTTEP is targeting average sales as high as 466,000 b/d of oil equivalent (boe/d) during the next five years, despite largely restrained spending plans.</p><p>Production growing at a compound average rate of around 5pc over the next five years will see PTTEP's sales at 375,000 boe/d next year, rising to 466,000 boe/d by 2024 before dropping back to 462,000 boe/d in 2025.</p><p>PTTEP will maintain plateau production at existing projects, budgeting $1.94bn of spending next year for this and for planned operations at the <a href="https://direct.argusmedia.com/newsandanalysis/article/1831070">Erawan and Bongkot</a> fields in the Gulf of Thailand. PTTEP had committed to pumping a combined 1.5bn ft³/d (15.5bn m³/yr) of gas when it takes over from Chevron these expiring production-sharing contracts in 2022 and 2023. Future production is earmarked from PTTEP's developments in Mozambique, Algeria and Malaysia.</p><p>The company has budgeted $23.6bn for its activities in 2021-25, split between $14bn on capital expenditure and $9.6bn on operating expenditure. PTTEP slashed its 2020 spending and production targets in response to the Covid-19 pandemic and the subsequent collapse in oil prices, with capital and operating expenses <a href="https://direct.argusmedia.com/newsandanalysis/article/2103575">cut by 15-20pc</a> to a combined $4.61bn. Planned spending rises to $5.6bn in 2022 from $4.2bn next year but drops back to $4.1bn by 2025.</p><p class="bylines">By Richard Davies</p></article>
