Thailand's PTT Exploration & Production reports net profits soar by 231%

Thailand state-owned company PTT Exploration & Production PLC (PTTEP) said its first-quarter consolidated net profit soared 231% to 2.66 billion baht ($58.57 million) compared with 804 million baht for the same period last year. Strong domestic gas demand and increased petroleum prices drove the increased profits.


By an OGJ Online Correspondent

BANGKOK, May 15 -- Thailand's state-owned PTT Exploration & Production PLC (PTTEP) said its first-quarter consolidated net profit soared 231% to 2.66 billion baht ($58.57 million) compared with 804 million baht for the same period last year.

Strong domestic gas demand and increased petroleum prices drove the increased profits. PTTEP is owned by the Petroleum Authority of Thailand.

Revenues rose 58% to 7,397 million baht, driven by higher sales volumes, particularly natural gas from its Yadana and Yetagun gas ventures in Myanmar, which averaged 91,899 boe/d compared with 79,820 boe/d for the same period last year.

PTTEP Pres. Chitrapongse Kwangsukstith said domestic gas consumption grew substantially in the first quarter as more natural gas is being used for power generation.

First-quarter sale volume of Yadana gas from Myanmar's Gulf of Martaban reached 519 MMcfd. The sale volume of Yetagun field, also in Myanmar waters, reached 104 MMcfd.

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