PTT Exploration and Production Public Company Limited (PTTEP) revealed that its operating results for the first 9 months of 2024 decreased slightly. Sales volume decreased due to annual maintenance shutdowns for several projects, but it was still able to deliver 43.3 billion baht in revenue to the government for national development.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed that in the third quarter, the company has made progress in its overseas projects. The Abu Dhabi Offshore 2 Project in the United Arab Emirates has received approval for its project development plan from the government agency of Abu Dhabi. It is expected that the Final Investment Decision (FID) will be made in 2025 to increase the company’s petroleum reserves and natural gas production rate in the future.
In terms of operations to drive the organization with digital technology (Digital-Driven Organization), which emphasizes the development and implementati
on of innovations and technologies in the organization to increase efficiency in various operations, as well as help reduce time and costs. In the past, PTT Exploration and Production Public Company Limited (PTTEP) has developed the DigitalX project, which is the development and application of digital innovation projects (Digital Solutions) to support comprehensive operations, such as artificial intelligence (AI) and machine learning technologies that help analyze and process data throughout PTTEP’s business chain quickly and accurately, such as helping with petroleum drilling, production processes, and material and equipment procurement management, with reliable databases (Data Foundation) connected to the same standard and a modern resource management system (ERP System) under proactive security measures.
In addition, PTTEP is developing and testing robotic and unmanned aerial vehicles (drones) technologies to support operations at offshore petroleum production platforms, which will help increase operation
al capabilities and agility, reduce risks, and shorten work times, such as drones for transporting essential equipment and medical supplies (Delivery Drone) between production platforms in the Gulf of Thailand, which allows for faster and more convenient movement of tools, production equipment, and others, and drones for inspecting the external conditions of production platforms and performing inspections (Inspection Drone) to extend the lifespan of production platform structures and prevent potential hazards in a timely manner.
For the performance in the first 9 months of 2024, PTTEP had total revenue of 247,119 million baht (equivalent to 6,912 million US dollars (US$)), with an average petroleum sales volume increasing by approximately 6 percent compared to the same period in 2023, mostly from the petroleum production rate of the G1/61 project, which increased to 800 million cubic feet per day since the end of March. Meanwhile, the average product selling price decreased slightly to 47.11 US dollars per b
arrel of oil equivalent due to the decrease in natural gas prices. Therefore, the first 9 months of this year The Company had a net profit of 60,517 million baht (equivalent to 1,688 million USD), a decrease of 6 million USD compared to the nine-month period ended September 2023, which had a net profit of 1,694 million USD. It was able to remit revenue to the government in the form of income tax, royalties, and other profit sharing totaling more than 43,300 million baht, which will be part of the development of the country in various areas such as community development, education, and research and development, etc. In addition, the petroleum production share from the G1/61 and G2/61 projects under the Production Sharing Contract (PSC) is another part of the revenue that the government receives directly from the Company’s petroleum production to be used for national development.
For the third quarter of 2024, net profit was $511 million, down 1 percent compared to the third quarter of 2023 and down $142 milli
on, or 22 percent, compared to the second quarter of 2024, which had a net profit of $653 million, mainly due to the average daily sales volume decreasing by 6 percent from the previous quarter to 475,078 barrels of oil equivalent per day due to the annual maintenance shutdown of the G2/61, Arthit, Contract 4, and G1/61 projects, net of the Malaysia K project, which had increased crude oil sales. Meanwhile, the Company’s average selling price increased by 0.1 percent to $47.07 per barrel of oil equivalent, due to the increased natural gas selling price, while the Company’s unit cost was $31.91 per barrel of oil equivalent.
Source: Thai News Agency
