Thai state-run PTTEP expects its 2021 sales volume to increase by 6% year/year to 375,000 barrels of oil equivalent/day, it said on January 28. Part of the volume addition will be from the production start-up of Algeria Hassi Bir Rekaiz project and Malaysia project – Block H. 

PTTEP has set aside total expenditure at $4.19bn for 2021. “The key business objectives are to maintain production plateau of the existing projects, accelerate the development of major projects in enhancing production volume and proceed exploration activities for supporting long term growth,” it said. 

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Meanwhile, the company’s net profit in 2020 was $720mn, down 54% yr/yr. Its revenue was $5.35bn, down 16% compared with the previous year thanks to lower average realised product prices. PTTEP’s average selling price last year was $38.92/boe, down 18% yr/yr.  

The average sales volume for 2020 was at 354,052 boe/d compared with 350,651 boe/d in 2019. The company also reported an oil price hedging gain of $112mn. 

During the three months to December 31 (Q4), PTTEPs net profit dropped 79% yr/yr to $81mn while revenue decreased by 27% yr/yr to $1.34bn. 

PTTEP said it continues to focus on natural gas "which aligns with the world’s transition towards cleaner energy". It also continues to drive the LNG value chain by focusing on investments in the upstream and liquefaction plants while developing in-house LNG capabilities.

"Furthermore, the company is also focusing on technology and innovation as well as R&D capability to support core E&P business, future investment opportunity related to the energy industry, e.g. power business from solar and wind," it said.