PTTEP plans to reduce investment budget and sales target

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PTTEP has announced plans to reduce its investment budget for 2014 by almost 30 per cent, bringing it to $1.86 billion. This is largely due to the ongoing political unrest in the country. Further, the company has lowered its five-year investment budget by 8 per cent and its 2014 petroleum sales target by 3 per cent, due to the decreased output from an Australian field and a delay in the start-up of a gas field in Myanmar. The company now expects petroleum sales of 325,000 barrels of oil equivalent per day in 2014, instead of the earlier forecast of 337,000 barrels of oil equivalent per day.