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

Malaysia Offers Nine Exploration Blocks in 2026 Bid Round

Conrad, Empyrean Agree Settlement Framework Over Duyung PSC Interests

MODEC, Eld Energy Partnership Targets Low-Carbon FPSO Power

Samos Energy Buys Suksan Salamander FSO from Altera Infrastructure

Fugro, PTSC G&S Extend Partnership for Vietnam's Offshore Wind Push

Vantris Energy Lands Petronas Job on Malaysia’s Offshore Fields

Murphy Oil Appraisal Well Boosts Resource Outlook at Field off Vietnam

Petrovietnam Agrees First-Ever LNG Term Deal with Shell

ADNOC Takes FID on SARB Deep Gas Project Offshore Abu Dhabi

Saipem Lands $425M Turkish Gas Contract in Sakarya Expansion

Current News

Malaysia Offers Nine Exploration Blocks in 2026 Bid Round

Seatrium Unit Launches Arbitration Against Petrobras over FPSO Contract

Transocean-Valaris Tie-Up to Create $17B Offshore Drilling Major with 73 Rigs

Malaysia Oil and Gas Projects Advance with Petronas' PSC and Farm-Out Deals

Vantage Drilling’s Ultra-Deepwater Drillship Heads to India Under $260M Contract

EnQuest Secures Extension for Vietnam's Offshore Block

Japan's Mitsui in Advanced Talks for Stake in Qatar’s North Field LNG Project

Japan’s JERA Agrees Long-Term LNG Supply from Middle East

QatarEnergy, Petronas Ink 20-Year LNG Supply Agreement

Eni Enlists Shearwater for 3D Seismic Survey in Timor Sea

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