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    PTTEP's profit jumps 37% in Q1

Summary

The Thai company said it is committed to driving the LNG value chain with a focus on investments in the upstream and liquefaction plants.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Liquefied Natural Gas (LNG), Security of Supply, Corporate, Exploration & Production, Financials, News By Country, Thailand

PTTEP's profit jumps 37% in Q1

Thai state-run PTTEP booked a net profit of $376mn in the three months ending March 31 (Q1), up 37% year/year owing to higher product prices, it said on April 28.

The company's average realised price was $40.38/boe, up from $36.85/boe in the same quarter of last year. The company also recorded a gain from a non-recurring item of $350mn from the acquisition of the Oman Block 61 project. The average sales volume during the three-month period was at 382,877 boe/day, up from 363,411 boe/day. 

We’d seen a gradual improvement in our first quarter’s performance due to continued recovery of global oil price and several significant achievements,” CEO Phongsthorn Thavisin said. “The completion of the acquisition in Oman Block 61 and the first gas from Malaysia Block H project have been accomplished faster than expected.”

PTTEP said it is committed to driving the LNG value chain with a focus on investments in the upstream and liquefaction plants while developing in-house LNG capabilities. In Q1 it submitted a request for an LNG shipper licence to Thailand's Energy Regulatory Commission.

This is to be ready for the LNG liberalisation in Thailand and expand our business beyond gas exploration and production. The approval is expected by the end of Q2,” it said.