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

Oil Executives Flag Long-Term Impact of Iran Conflict

China’s Sinopec Plans to Skip Iranian Oil, Tap Strategic State Reserves

US Oil Shield Starts Showing Cracks as Iran War Drives Prices Higher

IEA Unleashes Record 400M Barrel Oil Stockpile Release Amid Iran War Disruptions

Oil Drops 7% After Trump Predicts War Could End Soon

Governments Move to Shield Economies as Oil Jumps 25%

Lamprell Secures ONGC Deal for Subsea Pipeline Replacement Project

Velesto Lands Jack-Up Drilling Deal with Jadestone off Malaysia

Inpex Eyes Mid-Year Bids for $21B Indonesia LNG Project

Eni Nears FID for Indonesia’s Offshore Gas Projects

Current News

Oil Executives Flag Long-Term Impact of Iran Conflict

Oil Rises as Iran Denies US Talks, Supply Risks Persist

CNOOC Names New CEO

Qatar LNG Exports Cut 17% After Missile Strikes, $20B Revenue Loss Expected

China’s Sinopec Plans to Skip Iranian Oil, Tap Strategic State Reserves

IEA Weighs Further Oil Stock Releases as War on Iran Continues

ADNOC Gas Adjusts LNG Output Amid Hormuz Disruptions

US Oil Shield Starts Showing Cracks as Iran War Drives Prices Higher

US to Deploy Amphibious Assault Ship, Marines to Middle East

Indian Gas Tankers Prepare to Sail Through Strait of Hormuz

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