Thailand's PTT Exploration and Production has revised its investment plan for 2007 and the five-year plan for 2007-2011, which it made at the beginning of this year.
A factor that necessitated the revision included the appreciation of the baht from THB38 per US dollar to THB35 per US dollar. The revision also enabled the company to cut some of its costs and it managed to reduce its investment budget for 2007 by 10%, from THB74.5 billion to THB66.7 billion.
The revised five-year plan managed to cut costs by THB4 billion and brought down the investment budget from THB285 billion to THB281 billion. The plan, however, does not include the development costs for Blocks M9 in Myanmar and 433a and 416b in Algeria. PTT Exploration and Production Public Company Limited (PTTEP) has already laid down a development plan for M9 that calls for an investment of at least $1 billion.