PTTEP 1Q22 profit with a profit of 10.5 billion baht, a decrease of 8.7% from the same period last year with a profit of 11.5 billion baht due to losses from hedging contracts, rising oil prices. Ready to move forward with the gas production plan from the G1/61 and G2/61 projects at full capacity after being the operator.
PTTEP 1Q22 profit with a profit of 10.5 billion baht, a decrease of 8.7% from the same period last year with a profit of 11.5 billion baht due to losses from hedging contracts, rising oil prices. Ready to move forward with the gas production plan from the G1/61 and G2/61 projects at full capacity after being the operator.
Mr. Montree Lawanchaikul Chief Executive Officer, PTT Exploration and Production Public Company Limited, or PTTEP, said that in the first quarter of the past, PTTEP announced its determination to conduct business in parallel. with creating a balance in both social and environmental aspects It will take part in managing greenhouse gases and global warming, as well as supporting the country’s goals for achieving carbon neutrality. PTTEP has set a net zero greenhouse gas emission target within Year 2050 (Net Zero Greenhouse Gas Emissions by 2050), which will operate through the EP Net Zero 2050 concept to create shared value for stakeholders. and sustainable growth together
The implementation of the EP Net Zero 2050 concept to reduce greenhouse gas emissions will cover Scope 1 direct greenhouse gas emissions and Scope 2 indirect greenhouse gas emissions from energy use. In the petroleum exploration and production business, which PTTEP is the operator (Operational Control), the goal has been set to reduce the intensity of greenhouse gas emissions by at least 30 percent within the year. 2030 and 50 percent by 2040 (from base year 2020) to lead to net zero greenhouse gas emissions. to achieve the target in 2050
In terms of operating results in the first quarter of 2022 PTTEP Total revenue was 2,083 million dollars (equivalent to 68,890 million baht), an increase of 5% from the 4th quarter of 2021, with revenues of 1,989 million dollars (equivalent to 66,222 million baht). The price of crude oil in the world market has increased.
Meanwhile, average daily petroleum sales volume rose to 427,368 barrels of oil equivalent per day, compared to 420,965 barrels of oil equivalent per day in the fourth quarter of last year, as a result of the project’s increase in production and minimum gas sales. Sunday, however, in the first quarter of this year, the Company had expenses from non-operating items. (Non-operating items) with a loss on oil price hedging of $240 million
As a result of these results, PTTEP posted a net profit of 318 million US dollars (equivalent to 10,519 million baht), a slight decrease compared to the 4th quarter of last year. which had a net profit of 321 million US dollars (equivalent to 10,646 million baht) and decreased when compared to 1Q21. with a net profit of 376 million dollars (11,533 million baht)
However, despite the increase in sales revenue due to loss from insurance contract Increased oil price risk, including 1Q06 gains from the acquisition of the Oman block 61 project net of amortization of assets arising from Partial Exploration and Valuation of Petroleum Exploration Projects in Brazil
Unit cost in the first quarter was at 26.54 US dollars per barrel of oil equivalent. It has an earnings before interest, tax and depreciation rate of 78 percent, in line with the target.
“As for the main operations of this year, PTTEP focuses on the operation of the G 1/61 project after the company took over on April 24, 2022 by accelerating the rate increase plan. to produce natural gas according to the terms of the production sharing contract To support the energy demand of the people and the country, the company is also looking for investment opportunities in new businesses in addition to petroleum exploration and production. to support the energy transition
which is now collaborating with partners to study the production of green methanol which is a clean energy and Carbon Capture and Storage (CCS), a new technology to help reduce carbon dioxide. as another approach in the operation of PTTEP’s business to create a balance between business, society and the environment to lead to the goal of being a low-carbon organization and sustainable growth together”
Recently, PTTEP has partnered with Inex Corporation and JGC Holdings Corporation, a Japanese partner. Study the feasibility of developing a Carbon Capture and Storage (CCS) project in Thailand, covering the relevant procedures, technologies and processes. to drive the reduction of industrial carbon dioxide
Including having signed cooperation agreements with 5 leading international companies in the field of energy and logistics study the possibility of establishing “Green e-methanol plant” (Green e-methanol), a low-carbon fuel derived from bio-carbon dioxide capture. which is the use of technology that will take advantage of carbon dioxide (Carbon Capture and Utilization (CCU)
