Thai Pttep's Profit Slips 36% in Q3

Thai state-run Pttep October 29 reported a net profit for the three months ending September 30 (Q3) of $230mn, down 36% yr/yr as a result of lower realised prices.

Pttep’s total revenue of $1.31bn was down from $1.6bn in the year-earlier period. Its average oil and gas price was $38.77/barrels of oil equivalent, down from $46.03/boe in the same quarter of last year.

On the operational front, the company said it has started drilling an appraisal well at the Sarawak SK410B project in Malaysia to further evaluate upside potential after successful exploration work last year. It expects results this year.

“The result of the appraisal campaign will be obtained this year prior to making a final investment decision in 2022,” CEO Phongsthorn Thavisin said.

Pttep said it has also made progress in Thailand’s G1/61 (Erawan field) and G2/61 (Bongkot field) projects' operations transition. It has started the preparation phase which includes planning for exploration drilling, construction of production platform and gas pipelines. Regarding Block G1/61, Pttep remains in the negotiation process with the existing operator for the site access so as to install production platforms and submarine pipelines as planned.