Thai Pttep Q3 Profit Jumps

Thai state-run PTT Exploration and Production (Pttep) October 30 reported a net profit of $358mn for the three months to September 30 (Q3 2019), an increase of 14% compared with the same quarter last year.

For the nine months to September 30 (9M 2019) net profit was $1.18bn, up 39% yr/yr due to higher average sales volume thanks to recent acqusitions, Pttep said.

The company generated total revenue of $4.57bn in 9M, increasing by 15% from $3.96bn in the same period last year as a result of an increase in average sales volume by 12% to 335,696 barrels of oil equivalent/day compared to 300,338 boe/d.

The increase in average sales volume was mainly due to the acquisition of the additional stake in the Bongkot field which was completed in mid-2018 and the acquisition of Murphy Oil Corporation’s business in Malaysia which was completed in July 2019, Pttep said.

Pttep CEO Phongsthorn Thavisin said once the acquisition of Partex Holding is completed, sales volume will further increase. “In addition, the acceleration exploration activities in Malaysia such as Block SK410B will potentially increase the company’s petroleum reserves and production volumes in the future,” he added.

Earlier in June this year, Pttep made its largest gas discovery from the first well in Block SK410B offshore Malaysia. According to Pttep, the project is currently preparing for an appraisal well to confirm upside petroleum potential, along with a study for the development plan. In 2020-2021, the company plans to accelerate exploration activities in the nearby areas to assess overall petroleum potential and evaluate appropriate development plan.