PTTEP posts 1.4% rise in Q3 net profit
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Higher sales prices boost group revenues
PTT Exploration and Production (PTTEP) and its subsidiaries made a combined third-quarter net profit of US$566 million (Bt17.57 billion), an increase of $8 million – 1.4 per cent – compared to the same period last year.
The result comprises a recurring net profit of $600 million, and the loss of non-recurring items amounting to $34 million, PTTEP president and CEO Tevin Vongvanich said yesterday.
Revenue of the company and its subsidiaries in the third quarter came in at $1.84 billion, an increase of $21 million from the same period last year. The rise was the result of higher average petroleum sales prices, which increased from $64 per barrel of oil equivalent to $65.71.
PTTEP’s third-quarter average sales volume decreased slightly to 286,578 barrels of oil equivalent per day, compared to 292,228 in the same quarter last year.
The decrease was the result of a scheduled shutdown at the Bongkot project, a reduction of crude-oil sales volume from the Vietnam 16-1 project, and a temporary shutdown of the B 8/32 and 9 A project for the repair of wellhead equipment.
Currently, PTTEP is invested in 45 petroleum exploration and production projects in 12 countries.
In Thailand, most projects are in the production phase.
The S1 project continuously maintains crude-oil production with an average of 32,618 barrels per day (bpd).
Overall, the Bongkot project produces natural gas at an average of 898 million standard cubic feet per day, and condensate at the rate of 30,294bpd.
Elsewhere in Southeast Asia, Myanmar’s Zawtika project in the Gulf of Mataban is in the process of natural-gas pipeline construction and the drilling of production wells. The central production platform is scheduled for installation this month, with commercial production expected to start up by the first quarter of next year.
The Myanmar M3 Project, meanwhile, has completed four appraisal wells with gas discovered. It is in the phase of assessment for commercial development with plans to drill more appraisal wells next year.
Last month, the Myanmar government approved PTTEP International’s divestment of a 20-per-cent participating interest in the project to Mitsui Oil Exploration.
In Australasia, the Montara field restarted production in June with a current average production rate of 10,000bpd. In August, about 500,000 barrels of crude were offloaded for sale.
The project is expected to ramp up production through subsea wells and an additional development well, scheduled to drill by the end of this year.
In North America, KKD Oil Sands Project’s Leismer field produced bitumen at an average rate of 15,960bpd during the third quarter.
The project is now carrying out a front-end engineering design process to increase production capacity to 40,000bpd. The Corner field is carrying out the same process for a production capacity of 40,000bpd.
In Africa and the Middle East, the Algeria 433A and 416B Project has completed drilling six of 12 development wells. The construction process and pipeline facilities are ongoing, and production is expected to commence at the end of next year.
The Algeria Hassi Bir Rekaiz Project is in the second exploration phase, which runs until May 2015.
The project’s seismic programme and appraisal drilling are expected to commence during the first quarter of next year.
