PTTEP reported 9-month performance of 2023
PTTEP announces that its 9-month operating performance of 2023 achieved as planned. The key achievements in the period included the installation of additional wellhead platforms in G1/61 project and progress of the investment in clean energy, with a particular focus on blue and green hydrogen, as well as seeking opportunity in the development of carbon capture and storage (CCS) projects. The company provides remittance payments of THB 47,600 million to support the government's developmental endeavors for the country.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), said that PTTEP made progress in both E&P and new businesses for the 9-month period of 2023. The company has undertaken drilling activities of more production wells and installed additional wellhead platforms to ramp up natural gas output at G1/61 project, aiming to reach 800 million cubic feet per day (MMSCFD) by April 2024. Furthermore, the production rate of the Arthit project has been raised to 350 MMSCFD, higher than daily contract quantity (DCQ). These efforts are aimed to support the government to alleviate impact on the energy cost for the Thai people.
In term of progress in new business ventures, PTTEP has expanded its collaboration with POSCO Holdings, a holding company of Korean conglomerate POSCO Group, to explore opportunities across the entire blue and green hydrogen value chain and CCS projects. This follows the considerable achievement in the development of a large-scale green hydrogen in the Sultanate of Oman. Additionally, FutureTech Energy Ventures Company Limited (FTEV), a subsidiary of PTTEP dedicated to the clean energy sector, has commenced power generation from solar energy called "Lan Sang Arun" project, supplied for the petroleum production process at S1 Project. The initiative will contribute to a reduction in gas-generated electricity usage and greenhouse gas emissions.
PTTEP has also signed the memorandum of understanding (MoU) with the Department of Fisheries for the joint research on the application of carbon sequestration in artificial reefs concrete technology for the management of fishery resources and the restoration, as well as development of marine habitats. While ensuring a balanced ecosystem, the project can ease global warming. Moreover, PTTEP has recently launched "PTTEP Subsurface University Energy Connect" project in collaboration with leading universities in Thailand. This project is designed to study, conduct research and exchange knowledge to nurture the development of professionals in the field of geoscience and petroleum engineering. This is in line with our effort for nation's energy security, as well as the CCS execution to achieve CO2 emissions reduction target.
On the 9-month financial performance, PTTEP generated a total revenue of USD 6,646 million (equivalent to THB 229,345 million). The average sales volume was at 457,737 barrels of oil equivalent per day (BOED), similar to the same period of last year. Meanwhile, the average selling price declined to USD 48.14 per barrel of oil equivalent (BOE), or a 10% decrease compared to the previous year. However, total expenses for this period were reported less than the same period last year. With these factors, PTTEP recorded net profit for the 9-month period at USD 1,694 million (equivalent to THB 58,422 million). The unit cost was maintained at USD 27.23 per BOE, while Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) margin stood at 74%.
Remittance payments of THB 47,600 million for country development
For the 9-month performance of 2023, PTTEP paid approximately THB 47,600 million of income tax, royalties and other remunerations to the government. This strongly supports national development in various areas such as community, education and research & development (R&D) funds.
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