PTTEP's profit jumps 65% in 2022
Thai state-owned energy company PTTEP’s net profit in 2022 came in at $1.99bn, up 64.5% year/year owing to higher realised oil, LNG and gas prices, it said on January 30.
The company last year generated total revenue of $9.66bn, up 32% yr/yr. PTTEP realised a price of $53.39/boe in 2022, up from $43.49/boe in the previous year.
PTTEP has set the 2023 budget at $5.48bn to support key business activities. It is looking to maximise production volume from existing assets in Thailand, Malaysia, Mozambique and Oman.
The company has set aside a provisional budget of about $4.8bn for 2023 – 2027, aimed at expanding into beyond E&P businesses, including the study and development of power and renewables, CCS initiatives, carbon capture and utilisation (CCU), and clean hydrogen business.
PTTEP said its carbon capture and storage (CCS) project at Arthit field has progressed well. The company has completed the preliminary front-end engineering and design (pre-FEED) and is now conducting FEED. The company expects to make the final investment decision (FID) by the end of 2023 and plans to implement CCS in 2026.
PTTEP had last June announced its plans to develop the Arthit CCS project. The state-owned energy company is aiming to be net zero emissions by 2050. One of its key strategic enablers to reduce carbon dioxide emitted from the company’s petroleum production process is the adoption of CCS technology.
Honeywell has been selected as the carbon capture technology provider for the Arthit project.