PTT Exploration and Production Plc (PTTEP) expects to see its sales rise by 6-7% in 2022, up from an average sales volume of 417 kilo barrels of oil equivalent per day this year.
Montri Rawanchaikul, president and chief executive of PTTEP, said the increase will mainly result from a full-year operation of new assets the company acquired earlier this year, as well as additional production from existing oil and gas blocks.
The company earlier acquired Sabah Block H Project, a natural gas field which commenced production in February. The production will increase to a target of 270 metric million standard cubic feet per day (MMSCFD).
PTTEP also bought a 20% stake in Oman's Block 61 from BP Exploration (Epsilon). It is an onshore gas block situated in central Oman.
This project has daily production capacity of 1,500 MMSCFD.
"These assets started to generate sales for us in the second quarter of this year and they will come to full-year production in 2022," said Mr Montri.
PTTEP is also planning to increase gas production in the Bongkot gas field to 850 MMSCFD, from 700 MMSCFD at present, in order to offset a decline in gas production at the Erawan gas block.
The company won an auction to be the successor to US-based Chevron Corp, whose concession at Erawan expires in April next year, but it is unable to enter the site because of an unsettled dispute between Chevron and the Department of Mineral Fuels over who will pay for transferable asset decommissioning.
PTTEP also plans to increase gas production in the Arthit gas block to 330 MMSCFD, from 220 MMSCFD at present.
The three gas fields are located in the Gulf of Thailand.
PTTEP has also diversified into robotic and artificial intelligence businesses since 2018, and will scale up the businesses this year to serve growing demand for AI and robotic services for infrastructure development, especially projects in oil and gas industry, as well as agricultural purposes.
Mr Montri said the new businesses are expected to make up 20% of the company's net profit by 2035.
