Thai PTTEP Reports Big Jump in 1Q Profit

Thai state-owned PTT Exploration & Production (PTTEP) said April 26 its 1Q2018 net profit was $423mn, up 21% year on year primarily owing to continuous recovery of the global oil prices and better cost management.

Revenue in the quarter was $1.24bn compared with $1.09bn in the same period last year. Average realised price was $44.1/barrel of oil equivalent against $38/boe during the year ago period. However, the unit cost in 1Q2018 slightly increased to $29.20/boe from $27.54/boe in 1Q2017.

PTTEP said it will continue to seek investment opportunities in southeast Asia and the Middle East as well as push forward the final investment decision of key pre-development projects, particularly the Mozambique Rovuma Offshore Area 1. The project has recently secured a long-term LNG SPA with EDF to supply 1.2mn mt/yr of LNG.

In addition, PTTEP is gearing up for the the upcoming bidding of the Bongkot and the Erawan fields. “With expertise and experience in operating the Bongkot project for 20 years, the company is confident that it will be able to continue the operatorship effectively with competitive operating cost and ultimately deliver greater benefits to the country. The company stands firm to its commitment to creating the energy security for Thailand,” PTTEP said.