PTTEP ups full year sales volume target
Thai state-owned PTTEP on October 28 reported a higher sales revenue in the first nine months of the year, due to increased sales volumes and higher prices. It has also revised the full-year sales volume target to 417,000 barrels of oil equivalent/day.
In the January-September period, the company generated a revenue of $5.33bn, up 31% year/year. The growth was primarily from the improvement in average sales volume to 414,516 boe/d, a 20% yr/yr increase.
The increase in sales volume was attributed to the acquisition in Oman Block 61 and the gas production from Malaysia Block H, coupled with higher gas nomination from projects in the Gulf of Thailand, PTTEP said. The company’s net profit for the nine-month period was $890mn, up 39% yr/yr.
For the third quarter’s performance, PTTEP posted total revenues of $1.78bn, up 37% yr/yr. Net profit came in at $292mn, a 27% increase from $230mn a year ago. These were also driven by higher sales volumes and prices.
“The energy industry is on the pathway to recovery, driven mainly from easing lockdown and travel restrictions across various areas of the world including the US, many European countries and Thailand, which materially affects overall energy demand and the world’s economic improvement,” PTTEP CEO Montri Rawanchaikul said. “This also sends out a positive signal to many industries, including PTTEP.”
PTTEP acquired a further 24.5% interest in the Hassi Bir Rekaiz project in Algeria from Chinese state-run CNOOC in the third quarter, boosting its total stake to 49%. First oil is expected before year-end at initial rates of between 10,000 and 13,000 b/d.