PTTEP PROFIT BOOSTED BY STRONGER OIL PRICES

The company’s financial position remains strong, leaving it ready for investments and acquisitions as well as bidding for the expiring concessions in the natural gas fields in the Gulf of Thailand, said Somporn Vongvuthipornchai, president and chief executive.
For the business outlook this year, PTTEP expects global oil prices to keep rising, supported by an agreement on production cuts between OPEC and non-OPEC members. Oil prices are forecast to range between US$50 and US$55 a barrel in the first half of this year, leading to improved average sales price in 2017. For the first quarter, the average selling price was US$38 a barrel of oil equivalent.
The company is accelerating the development of key projects including the Algerian Hassi Bir Rekaiz Project, the Mozambique Rovuma Offshore Area 1 Project and Contract 4 (Ubon Field). On the expiring concessions in 2022-23, the company is ready to participate in the bidding. 
“Our expertise and experiences in the exploration, development and production, especially in the Bongkot gas field for almost 20 years, have positioned us as a capable operator to continue the operations with a competitive cost base,” Somporn said.
“Most importantly, we are confident that we can deliver the continuity in natural gas supply which is fundamentally critical to Thailand’s energy security.”
In addition, PTTEP also maintains its plan to pursue mergers and acquisitions in projects, at home and in the region, where it has expertise and can operate with low risks and costs.