Thailand's largest oil and gas explorer, PTT Exploration and Production (PTTEP), said on Friday it has cut its 2016 capital expenditure budget to $1.4 billion from $1.7 billion, citing cost cuts and the postponement of high - risk projects ( IOD Jul.29'16 ). The company planned to spend most of its $3.7 billion cash on acquisitions of oil and gas assets in Southeast Asia, Yongyos Krongphanich, senior vice president for finance, said during an earnings presentation, without identifying specific targets.
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