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Thailand-headquartered oil and gas company PTTEP has approved a $33.3 billion investment plan for 2026–2030 which includes reinforcing output from key Middle Eastern and North African assets, including Oman, Abu Dhabi and Algeria, according to a statement filed with the Stock Exchange of Thailand on Thursday.
The five-year programme is built around three pillars - value maximisation, decarbonisation and diversification - as the state-owned company seeks to strengthen energy security at home while expanding its international exploration and production portfolio, the statement noted.
It said the company expects total spending in 2026 to reach $7.73 billion, including $5.16 billion in capital expenditure (capex) and $2.56 billion in operating expenditure.
PTTEP has allocated a total capex of $3.6 billion next year for its core domestic and international producing assets that include Oman and Algeria along with Myanmar and Malaysia.
In Oman, the focus will be on maximising production from Oman Block 6 and Block 61, whereas in Algeria, the investments will target Algeria 433a & 416b projects, and securing the second phase of Hassi Bir Rekaiz (HBR), which aims to increase production to 60,000 barrels per day (bpd) by 2030, according to PTTEP's November 2025 investor presentation.
In the UAE, according to the stock exchange statement, PTTEP is accelerating development of two flagship concessions - the Ghasha gas project and Abu Dhabi Offshore 2 - both of which fall under the $1.4 billion capex allocated for development activities in 2026. This allocation also covers projects under the development phase in Mozambique, Myanmar and Malaysia.
Abu Dhabi Offshore 2 is approaching Final Investment Decision (FID) following the signing of the Production Concession Agreement in June 2025. The first production is expected in 2027 at 180 MMSCFD [Million Standard Cubic Feet per Day], the investor presentation had noted.
Meanwhile, Ghasha’s first production is expected in 2028. PTTEP had announced the acquisition of a 10 percent participating interest in the Ghasha concession from Wintershall in June 2024.
Both UAE and Algeria feature in PTTEP’s $101 million capex allocation for accelerating exploration activities for existing projects in the exploration, development and production phases in 2026 together with Thailand, Malaysia and Myanmar.
In Algeria, the company intends to carry out exploration activities and development plans for the Reggane II gas field as per the commitment following the contract award in June 2025, according to the November 2025 presentation.
In the UAE, Abu Dhabi Offshore 3, awarded in December 2020 to PTTEP’s consortium with Italy’s Eni, has commenced drilling of exploration wells under the second phase of exploration, the presentation disclosed.
Offshore 1 and Offshore 2 blocks were awarded to the Eni-led consortium in January 2019. The exploration phase of Offshore 1 ended on 11 January 2025 with no petroleum potential discovered and the concession subsequently terminated.
In its stock exchange filing, PTTEP said it expects the five-year investment plan to increase its Average Petroleum Sales Volume from 556,000 Barrels of Oil Equivalent per Day (BOE/D) in 2026 to 621,000 BOE/D by 2029.
The company said it continues to advance its decarbonisation agenda, earmarking $118 million in 2026 for emissions-reduction projects as part of a long-term strategy to reach net-zero greenhouse gas emissions by 2050.
(Writing by Anoop Menon; Editing by SA Kader)
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