Oil prices to remain high in Q4: PTTEP
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PTT Exploration and Production expects a better result in the fourth quarter as oil prices should remain at high levels on ongoing geopolitical conflicts between Israel and Iran and the sanction on Iran by the European Union.
The continued US quantitative easing would also spur demand, it said in a statement released today.
The company posted a net profit of Bt17.5 billion in the third quarter on higher sale volume and prices. This more than doubled Bt7.45 billion it posted in the same period last year.
"The downside risks to oil prices are to remain with the ongoing economic concerns in the Eurozone and the United States and the oversupply of global petroleum inventories," the company noted.
Average petroleum sales prices rose to $64 per barrel in the third quarter, compared with $55.37 a year earlier.. Daily sales volume increased to 292,228 barrels of oil equivalent, from 264,961 in the same period last year, it said.
PTTEP is raising capital by Bt98 billion to finance its overseas expansion, under the strategy to triple output from 300,000 to 900,000 barrels of oil a day by 2020.
