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

Floating LNG Conversion Job Slips Out of Seatrium’s Hands

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

Velesto Completes Removal of Wrecked Naga 7 Jack-Up Rig Off Malaysia

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

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

New Partner Joins Timor-Leste Offshore Gas Development

Transocean Scoops $123M Drillship Deal in India

CNOOC Brings Online Another South China Sea Field

Current News

Offshore Service Vessels: What’s in Store in 2025

ABS Approves Hanwha Ocean’s FPSO Design

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Floating LNG Conversion Job Slips Out of Seatrium’s Hands

Transocean’s Drillship to Stay in India Under New $111M Deal

INEOS Picks Up CNOOC’s US Assets in $2B Deal

Sunda Energy, Timor-Leste Gov Plan Accelerated Chuditch Gas Development

RINA to Conduct Pre-FEED Study for Petronas’ CCS Project in Malaysia

TotalEnergies Wraps Up Acquisition of SapuraOMV’s Gas Assets

Kuwaiti Oil and Gas Firm Exploring More Opportunities in Indonesia's Natuna 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