Thailand's national upstream company, PTTEP, has outlined a five-year investment plan (2026-2030) exceeding $33 billion, anchored on three core strategies: driving value in its exploration and production (E&P) business, decarbonisation, and diversification into new energy transition businesses. The plan aims to ensure energy security for Thailand, expand international operations for sustainable growth, and work towards a net-zero greenhouse gas emissions target by 2050.

Investment and Production Outlook

The company's annual investment is set to begin at $7.726 billion in 2026, comprising $5.164 billion in capital expenditure (Capex) and $2.562 billion in operating expenditure (Opex). Capex is forecast to peak at $5.249 billion in 2028, with total expenditure also reaching its highest that year at $7.676 billion. Based on this budget and planned activities, PTTEP's average petroleum sales volume from existing projects is expected to peak in 2029 at 621,000 barrels of oil equivalent per day (boepd), a significant increase from the 556,000 boepd anticipated for 2026. Output is then projected to decline to 609,000 boepd in 2030.

Strategic Operational Focus for 2026

The 2026 investment plan focuses on maximizing production from key domestic assets in Thailand and from fields offshore Myanmar that supply gas to Thailand, as well as projects in the Malaysia-Thailand Joint Development Area. A substantial portion of the capex, $3.605 billion, is allocated to producing projects in Malaysia, Algeria, and Oman. Furthermore, $1.423 billion is earmarked to accelerate the development of greenfield projects offshore Malaysia and Myanmar to meet their start-up targets. An additional $101 million is planned for exploration and appraisal drilling across Thailand, Malaysia, Myanmar, the United Arab Emirates, and Algeria.

Decarbonisation Roadmap

PTTEP has established a comprehensive greenhouse gas emissions reduction roadmap. Its ultimate goal is to achieve net-zero emissions by 2050, covering both direct (Scope 1) and indirect (Scope 2) emissions from its operated activities. Interim targets include reducing greenhouse gas emissions intensity by at least 30% by 2030 and 50% by 2040, using 2020 as a baseline. For 2026, a specific budget of $118 million has been allocated for emissions reduction activities.