PTTEP increases natural gas production from G1/G6 Gulf of Thailand project
PTT Exploration and Production Public Co. Ltd. (PTTEP) has increased natural gas production from its G1/61 project (Erawan, Platong, Satun, and Funan fields) in the Gulf of Thailand as targeted.
Production at the project reached 400 MMscfd at the end of second-quarter 2023, up from 210 MMscfd.
PTTEP is producing natural gas, condensate, and crude oil at the project, and is in the process of drilling additional wells with plans to install four additional wellhead platforms by end-2023 to further increase production to 800 MMscfd by April 2024.
PTTEP became operator of the project in 2022 (OGJ Online, Apr. 25, 2022; Dec. 14, 2018). At transfer, natural gas production at G1/61 was 376 MMscfd. Production declined prior to operatorship transfer.
In second-quarter 2023, PTTEP had net profit of $610 million, an increase of $41 million (7%) from net profit in first-quarter 2023.
Profit from normal operations in the quarter was $585 million, a decrease of $7 million from first-quarter 2023.
For first-half 2023, PTTEP generated total revenue of $4.359 billion. The average sales volume was 452,799 boe/d, slightly above the 446,519 boe/d from first-half 2022. Major contributors to production were G1/61, Arthit, and the Malaysia-Thailand Joint Development Area (MTJDA).
PTTEP had net profit for first-half 2023 of $1.18 billion.