Thai PTTEP to Speed Up Key Projects

Thai state-owned PTTEP will speed up the final investment decision (FID) of key pre-sanction projects especially the Mozambique Rovuma Offshore Area 1, which is targeted within the first half of 2019, it said last week.

PTTEP is also looking to strengthens the exploration activities of its projects particularly in Myanmar and Malaysia, while seeking new investment opportunities in southeast Asia and the Middle East to support long term growth and enhance petroleum reserves for the company, the company said January 30.

Commenting on the Bongkot and Erawan bidding late last year, PTTEP said it is in preparation for the signing of profit sharing contracts and will proceed the transition and investment plans “in order to deliver committed volumes from both gas fields to ensure energy security of the country.” In December, PTTEP won the right to operate the Bongkot and Erawan gas fields starting from 2022.

Meanwhile, the company reported its 2018 net profit of $1.12bn, up 89% on 2017, owing to higher sales volume as well as higher average selling price.

The average realised price in 2018 increased to $46.66/barrel of oil equivalent, up 19% compared with the previous year.