PTTEP Posts Strong Increase in Net Profit, O&G Production Volume

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PTT Exploration and Production (PTTEP) said late Thursday net profit for the full year 2012 surged 28 percent, on increased oil production and higher crude prices.

Net profit for 2012 was $1.9 billion, compared with $1.5 billion a year ago. Revenue rose 26 percent to $7 billion, as compared to $5.7 billion in 2011.

"Sales volume went up 275, 923 barrels of oil equivalent per day (boed) compared with 265,047 boed in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 project and the S1 project," PTTEP's CEO Tevin Vongvanich said in a statement Friday.

Vongvanich,also noted that PTTEP's average sale price of a barrel of oil (boe) for 2012 is $64.86, as compared to $55.49 boe in 2011.

PTTEP disclosed that one of the key progresses for 2012 was the S1 project's ability to increase the production to the highest rate at 35,176 barrels per day (bpd). The Bongkot project's production rate was around 596 million standard cubic feet per day (mmscfd), while the production of Bongkot South was 320 mmscfd.

This year, PTTEP is targeting a sales volume of 310,000 boe. Vongvanich revealed Jan.24 that the bulk of its increased oil sales will be derived from the start of commercial operations at its Montara oil field offshore Australia.

The Montara incident which occurred Aug. 21, 2009, saw 29,600 barrels of crude oil leak into the water over a 74-day period, after a jackup burst into flames. The well was subsequently killed Nov. 3, 2009. PTTEP is aiming to restart operations.

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