PTTEP announces first-half performance of 2023

Editorial Staff

PTTEP announces first-half performance of 2023

approves interim dividend payment at 4.25 baht per share

PTTEP unveils its first-half operational performance and key progress achieved as planned, including the increase of natural gas production in G1/61 Project. Another considerable achievement is a significant step into the development of a sizable green hydrogen project in Oman, paving the way to the expansion into future energy.

The Board of Directors has approved the interim dividend payment at 4.25 baht per share for the period, while the company provides remittance payments of 42 billion baht 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 key progresses in both E&P and new businesses in the first 6-month period of 2023.

The drilling activities of more production wells are ongoing, while, the additional 4 wellhead platforms will be installed within this year to further hike gas output to 800 MMSCFD by April 2024 as committed in the Production Sharing Contract (PSC).

PTTEP also won the new exploration blocks in the Gulf of Thailand - Block G1/65 and Block G3/65 offered in the 24th Thailand Petroleum Bidding Round. If the natural resources are successfully discovered, the proximity of these two blocks to PTTEP’s existing projects can potentially speed up the field development. This will contribute to the economic development and long-term benefits to the country.

On the first 6-month financial performance, PTTEP generated a total revenue of USD 4,359 million (equivalent to 148.93 billion baht). The average sales volume was at 452,799 barrels of oil equivalent per day (BOED), slightly increased from 446,519 BOED in the same period of last year. The major contribution was from domestic projects including G1/61, Arthit and the Malaysia-Thailand Joint Development Area (MTJDA). The average selling price, however, was reported the decline as a result of a fall in global crude price. Therefore, PTTEP recorded net profit for the first half of the year at USD 1,180 million (equivalent to 40.32 billion baht).