Thailand’s national upstream company has boosted its net profit and revenues on the back of higher production and again increased its 2021 target sales volume to 417,000 barrels of oil equivalent per day.
PTTEP’s revenues for the nine months to 30 September were $5.331 billion, up 31% from the comparable period last year, on the back of an average sales volume of 414,516 boepd — itself a 20% rise from 2020.
The output increase came from gas produced from Block 61 in Oman and Block H offshore Malaysia, where Petronas’ floating liquefied natural gas vessel PFLNG Dua is producing on PTTEP’s Rotan field.
The Thai operator has also driven down its unit cost from $30.29 to $28.18 per barrel of oil equivalent.
“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,” said chief executive Montri Rawanchaikul.
“This also sends out a positive signal to many industries, including PTTEP.
“To date, the successful results from our ‘Execute and Expand’ strategy implementation [have] led us to revise the target sales volume once again to 417,000 boepd from 412,000 boepd, announced in the previous quarter.”
PTTEP acquired a further 24.5% interest in the Hassi Bir Rekaiz project in Algeria from CNOOC Limited 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 barrels per day.
PTTEP posted a net profit of $292 million on revenues of $1.784 billion in the third quarter.
