PTTEP's 2019 Profit Soars

OE Staff
Thursday, January 30, 2020

Thai oil company PTTEP reported a 40 percent rise in the full-year net profit, boosted by increased sales volumes from acquired assets and an increased stake in the Bongkot offshore field.

Its 2019 net profit was 1,569 million, increasing by 40% from 2018, with revenue reaching USD 6,413 million, increasing 17% from USD 5,459 million in 2018.

PTTEP said the result was due to mainly the acquisitions of Murphy Oil Corporation’s assets in Malaysia and Partex Holding B.V. 

The average sales volume in 2019 reached 350,651 barrels of oil equivalent per day (BOED) or a 15% increase from 305,522 BOED in 2018. The average selling price also improved from USD 46.66 per barrel of oil equivalent (BOE) in 2018 to USD 47.24 BOE in 2019. 

Looking ahead, PTTEP said that in 2020, it would focus on the smooth transitions of the newly acquired projects, especially the G1/61 (Erawan) and G2/61 (Bongkot) to be ready to deliver petroleum as stated in the Profit Sharing Contracts.

PTTEP in late 2018 outbid Chevron for operatorship over Bongkot and Erawan offshore fields in Thailand. PTTEP remained the operator of Bongkot, and will officially take over Erawan in 2022.


Categories: Industry News Activity Asia Thailand

Related Stories

ADES’ Fourth Suspended Jack-Up Rig Gets Work Offshore Thailand

ABS Approves Hanwha Ocean’s FPSO Design

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

Valeura Boosts Production at Jasmine Field with Five New Wells Now Onstream

Velesto’s Drilling Rigs Up for Automatization Overhaul Under New Tech Alliance

Yinson Production Concludes Minority Stake Sale in FPSO Anna Nery

CNOOC Starts Production at Another Oil Field in South China Sea

Eni Strengthens LNG Ties with Japan

Nong Yao C Development Bolsters Valeura’s Production Rates Off Thailand

ABS Gives Its Blessing to SHI’s Ammonia FPSO Design

Current News

EnQuest to Acquire Harbour Energy's Vietnamese Assets

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

Petronas to Retain National Authority After Sarawak Gas Deal

Yinson Production Scoops $1B Investment to Upscale FPSO Business

Petronas Greenlights Hidayah Field Development Off Indonesia

Abu Dhabi's NMDC Group Gets $1.1B Subsea Gas Pipeline Job in Taiwan

BP Targets 44% Oil, 89% Gas Increase from India’s Mumbai High Field

US Operator Finds Oil Offshore Vietnam

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com