PTTEP soars on output hike

Pointing up: PTTEP chief executive Tevin Vongvanich

Higher production drove a significant increase in net profit at Thailand’s PTTEP in the second quarter.

The state player also boosted its revenues and is looking for output growth of no less than 10% this year.

Net profit for the three months to the end of June was $560 million, a whopping 55% increase on the $362 million taken in the comparable period a year earlier.

Revenues soared from $1.85 billion to $2.11 billion as average petroleum sales volumes shot to 315,810 barrels of oil equivalent per day.

PTTEP is aiming for average full-year production of at least 320,000 boepd, it said. Around three quarters of this will come from domestic production with the other 25% from international plays.

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