PTTEP announces Bt3 dividend as Q2 net jumps 44.4% to Bt10.6 bn

The company posted an increase of 44.4 per cent in second-quarter net profit to US$361 million or about Bt10.6 billion from the same quarter of last year, said Tevin Vongvanich president and CEO of PTTEP.

Net profit comprised a recurring net profit of $535 million and a loss from non-recurring items of $74 million.

Second-quarter consolidated revenue rose 11 per cent to $1.85 billion on an increase in sales volume to 292,721 barrels of oil equivalent per day from 263,441BOED in the first quarter of 2012. 

This increase was the result of the Bongkot project’s increasing sales volume that has higher nomination against the second quarter of 2012, together with increased crude oil sales volume from the S1 project. 

The average petroleum sales price rose to $65.16 per barrel of oil equivalent from $64.17 in the second quarter of 2012.

The Myanmar M3 Project completed drilling three of the four appraisal wells planned this year. 

 

Pipelines in Myanmar 

The Myanmar Zawtika Project is installing intra-field gas pipelines and the main offshore gas export pipeline, constructing the central production platform and the onshore and offshore gas export and distribution system and drilling a production well. Commercial production is expected to commence in the first quarter of next year. 

Production from the Montara field in the PTTEP Australasia Project began through the introduction of hydrocarbons to the Montara Venture FPSO. Steady production was achieved on June 12. The company expects production to ramp up to 21,000 barrels per day before achieving 30,000BPD following the completion an additional production well, which is scheduled for the second half of this year. The first crude oil sales take off is expected next month. 

The S1 Project can maintain its crude oil production rate from the first quarter of this year, producing at an average rate of 33,900BPD during the second quarter. 

The Vietnam 16-1 Project produced crude oil at a rate of 46,293BPD and natural gas at a rate of 28.3MMSCFD. The project also successfully tested the production capability of the floating production storage and offloading unit at a rate of 60,000BPD, he said.