PTTEP lowers year's sales forecast after Montara delay
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PTT Exploration and Production (PTTEP) has lowered its projected sales volume this year to 302,000 barrels per day, up 10 per cent from last year, from the previous growth projection of 13 per cent to 310,000bpd, because of a delay in the start of product
Penchun Jarikasem, the company’s executive vice president for finance and accounting, said the Montara project in waters off Australia was originally scheduled to start production in March but was postponed to June.
In the first half of this year PTTEP posted sales volume of 276,000bpd, up by 5-6 per cent over the same period last year, lower than the company’s estimate. Sales in the second half are expected to grow by 6-7 per cent over the first half.
She said revenue in 2013 and 2014 was projected to grow by 10 per cent per year. PTTEP has maintained its production-capacity target of 600,000bpd by 2020. She added that it was possible to achieve capacity of 900,000bpd eventually but not by 2020.
PTTEP has explored opportunities for mergers and acquisitions and has studied 40 possible projects but this does not mean it will invest in all of them.
The company has budgeted about US$5.8 billion (Bt181 billion) this year for investment and business operations, of which $4 billion is for investment.
According to Asia Plus Securities, PTTEP is expected to post growth in net profit in the third quarter and a higher sales volume after the Montara project starts producing. The company will realise revenue from Montara in the third quarter at an average of 10,000bpd, which is expected to surge to 30,000bpd late this year.
