PTTEP cuts 2013 investment

By Josh Lewis & news wires

11 July 2013 05:45 GMT

 

Thailand’s PTT Exploration & Production has cut its 2013 investment budget by 46% in response to slower-than-expected global economic growth.

The state-run company will now invest 54.6 billion baht ($1.75 billion) this year, down from 100.9 billion baht, with the majority of the cutbacks involving the company’s planned foreign investment, Reuters reported.

The news agency also quoted PTTEP chairman Parnpree Bahiddha-Nukara as saying some of the company’s planned projects this year had also been delayed because it will take time to complete mandatory environmental and health impact assessments.

Earlier this year, PTTEP unveiled a five-year investment plan which will see it spend nearly $25 billion by the end of 2017.

Parnpree told reporters on Thursday that the company’s five-year investment budget currently remained unchanged, but added that it would be reviewed by the board at a meeting on 3 August.

http://www.upstreamonline.com/live/article1332015.ece

Previously:

PTTEP to invest $24.6bn over five years

 

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About artidj

I started working as a field engineer in Oil & Gas industry back in 1996. I do this news clipping of the industry and the geography I am interested in, mainly for my own information. I'm glad you find it useful.
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