Oil, gas sales at Thailand’s PTTEP edge down in 2023

: Crude oil, Natural gas
24/02/02

Thai state-controlled upstream firm PTTEP's oil and gas sales fell slightly in 2023, but the company still aims to ramp up its oil production this year.

PTTEP's sales volumes over January-December 2023 totalled 462,000 b/d of oil equivalent (boe/d), edging down slightly by 1.3pc from 468,000 boe/d a year earlier.

The firm recorded a lower revenue of $9.06bn, down by about 6pc from 2022. Declines in global crude oil prices meant that the average selling price dropped by 10pc to $48.21/boe, said the firm.

But the company recorded lower non-operating expenses, resulting in a profit of $2.2bn, of which about 40pc came from business expansions in southeast Asia and the Middle East.

PTTEP aims to increase its oil production this year by 9pc to 505,000 boe/d. It will invest $6.7bn to ramp up production at the G1/61 gas project from 400mn ft³/d to 800mn ft³/d in April 2024, as well as to maintain gas production from the G2/61 Bongkot field, the Arthit project and the Malaysia-Thailand Joint Development Area project.

The firm also plans to allocate $2.02bn between 2024-28 to develop clean energy.

The company has made significant progress in Thailand and overseas, said chief executive officer Montri Rawanchaikul. The firm in 2023 won bids for two exploration blocks in the Gulf of Thailand, namely the G1/65 and G3/65 blocks, which are adjacent to the firm's existing projects.

The company is also part of a production sharing contract for Malaysia's SK325 block and has discovered potential oil reserves in three fields offshore Sarawak, namely the Chenda-1, Bangsawan-1 and Babadon-1 exploration wells. The fields can be developed as a cluster to speed up production, said the firm, without disclosing details on potential volumes.

By Prethika Nair

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