PTTEP Announced Net Profits of 7,183 Million Baht

PTT Exploration and Production Company Limited (PTTEP) and its subsidiaries announced net profits of 7,183 million Baht for the third quarter of 2005, an increase of 3,072 million Baht or 71% compared with the same quarter in 2004.

PTTEP President Mr. Maroot Mrigadat revealed that PTTEP and it’s subsidiaries for the third quarter of 2005 had a total revenues of 19,987 million Baht, an increase of 7,230 million Baht or 57% from the 12,757 million Baht posted in the same quarter of 2004. The income rose partly because of the product prices, which averaged $31.47 per barrel of oil equivalent compared to $23.83 per barrel of oil equivalent in the same quarter of last year. Sales volumes also rose to 160,678 barrels of oil equivalent per day (BOED) compared to 135,456 BOED in the same quarter of 2004.

The growth in sales volumes for the third quarter was the result of increased production of natural gas and condensate from many projects including Bongkot, Pailin and Yetagun. Apart from this, Nang Nuan Project where production resumed early this year,B8/32 Project that PTTEP acquired from Pogo Thailand in September 2005, and S1 Project helped contributed to the increase in production volume of crude oil in this quarter.

PTTEP President Mr. Maroot Mrigadat said “PTTEP is well aware of its responsibility to the country. These results allow to accelerate its E&P investment abroad to ensure the country’s long-term energy security. Investment cost in this industry has risen over the years, but it would result in long-term benefits to the Thai people and the nation.” Explaining about PTTEP’s investments and expansion both in Thailand and in foreign countries, Mr. Maroot said that in July 2005, PTTEP entered into a farm in/ farm out agreement in the Merangin 1 block in Sumatra, Indonesia which has high crude oil potential. PTTEP has a 39% investment in the project while PT Medco Merangin the operator of the project holds a 61% investment.

In Vietnam where PTTEP has an interest in the off shore Vietnam16-1 Project, the Company completed drilling of the fifth exploration well, TGT-1X. The final test resulted in a petroleum discovery, with a maximum total flow rate of approximately 9,432 barrels of crude oil equivalent per day, comprising approximately 8,566 barrels of crude oil per day (STB/D) and approximately 4.86 million cubic feet of natural gas per day (MMSCF/D).

In August 2005, the Cambodian government granted approval for the Production Sharing Contract (PSC) for the off shore Cambodia Block B project in which PTTEP International Limited (a subsidiary of PTTEP) holds 30%, Resourceful Petroleum Limited (RPL) holds 30%, SPC Cambodia Limited (SPC) 30%, and CE Cambodia B Limited (CEL) holds 10%.

In Myanmar PTTEP signed a Production Sharing Contract to become 100% holder and operator of the offshore M11 project. This was the fifth PTTEP project in Myanmar following on from Yadana, Yetagun, M7 & M9 and M3 & M4 projects. Petroleum products from these projects will help secure the country’s energy supply for years to come.

Another development is the Technical Evaluation Agreement with Bahrain Petroleum Company (BAPCO), the national petroleum company of Bahrain. Under the agreement, PTTEP and BAPCO will jointly conduct studies and evaluation of offshore Block 1 and Block 2. If successful, this could lead to an Exploration Production Sharing Agreement with BAPCO and the Bahrain Government in the future.

In the Sultanate of Oman, PTTEP entered into a Memorandum of Understanding with the Ministry of Energy of Oman to conduct feasibility studies to explore and develop petroleum in third countries with good petroleum potential.

Important developments closer to home relating to the Arthit Project in the Gulf of Thailand where there has been the successful installation of the first production platform AWP-1. The wellhead platform was designed and built in Thailand. PTTEP is proud of the progress as it is evidence of successful collaboration between many PTTEP departments. It also ensures that the development of the Arthit Project remains on schedule to start production in 2007 at 330 million standard cubic feet per day.

In the third quarter of 2005 PTTEP has worked extensively in conjunction with government agencies in supporting community projects aimed at bringing benefits to Thai society. A project called Thai Rice College, launched with the aim to support farmers in Buriram Province, Songkla Lake Restoration Project, PTTEP Khao Yai Reforestation Project, and the publishing of Thai Seas, Our Heritage, a book aimed at promoting the conservation of life under the Thai seas, were among the projects that PTTEP supported in the third quarter of this year.

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Brent Crude Oil : $54.33/BBL 0.81%
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