PTTEP announces operating results for the first quarter of 2023

Mr. Montri Rawanchaikul. Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), said that in the first quarter of this year, PTTEP achieved its strategic investment plan in both Thailand and overseas. The company won Block G1/65 and Block G3/65 in the Gulf of Thailand offered in the country's 24th bid round. As the 2 new blocks are located nearby G1/61 project and G2/61 project, PTTEP can expedite project development for the country's energy security. The company also partnered with Malaysian's oil and gas companies in the offshore exploration Block SK325 in Malaysia, which will further propel the company's business growth in the country.

Regarding the development of G1/61 project (Erawan, Platong, Satun and Funan fields), PTTEP has accelerated the drilling activities of more production wells to ramp up natural gas output, aiming to reach 400 million cubic feet per day (MMSCFD) in the middle of the year, then to 600 MMSCFD late this year and will meet target at 800 MMSCFD in April 2024, which will alleviate the impacts of energy cost.

PTTEP also made progress on the reduction of greenhouse gas (GHG) emissions to achieve the Net Zero GHG Emissions by 2050 as it could avoid and mitigate cumulative GHG emissions by approximately 1.7 million tonnes of carbon dioxide equivalent by the end of the first quarter from the base year 2020. This was achieved through E&P portfolio management and various initiatives to reduce GHG emissions from the production process such as flare gas recovery and utilization, improvement of production efficiency, enhancement of energy efficiency and applying of renewable energy.

Meanwhile, the Carbon Capture and Storage (CCS) project at Arthit field, deemed a key pilot initiative to achieve Net Zero target, is on the process of Front-End Engineering and Design (FEED) and PTTEP expects to make the Final Investment Decision in the second half of this year. In addition, the company has started the construction works of the S1 solar power project.

To accommodate the sustainable growth during the Energy Transition, PTTEP this year has set up the Technology and Carbon Solutions Group which will focus on the investments in businesses beyond E&P, driving for a low carbon organization. This includes businesses related to renewable energy, power, hydrogen, Carbon Capture and Storage (CCS) and Carbon Capture and Utilization (CCU).

Regarding the operational performance in the first quarter, PTTEP generated total revenues of USD 2,314 million (equivalent to THB 78,438 million), decreasing by 14% compared to the fourth quarter of 2022. The soften revenues were primarily from lower sales volume at 460,817 barrels of oil equivalent per day (BOED), because of lower contribution from the overseas projects. However, the company in the first quarter recorded significantly lower non-operating losses, compared to last year's fourth quarter. Consequently, PTTEP reported net profit for this quarter at USD 569 million (equivalent to THB 19,281 million).

In the first 3 months of 2023, PTTEP paid approximately THB 8,300 million of income tax, royalties and other remunerations to the government. This strongly supported national development in various areas such as community, education, and research & development (R&D) funds.

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