Bangkok, Ar 25 April 2024 – PTTEP reveals operational progress in the first quarter of 2024, successfully increasing the gas production rate from the G1/61 project, helping to reduce energy impacts on the people, including being able to send earned income over 7,000 million baht from conduct business for the government for various aspects of national development.
Montree Lawanchaikul CEO of PTT Exploration and Production Public Company Limited or PTTEP said that PTTEP has made important progress in the first quarter in terms of operating in line with the strategy It has increased the natural gas production rate in the G1/61 project ( Erawan, Plathong, Satun and Funan fields) to 800 million cubic feet per day on March 20. Help reduce the impact on energy for the people. The company plans to install a production well platform and drill additional production wells. Maintain the project’s production capacity continuously and create energy security for the country.
PTTEP has also collaborated with leading educational institutions in Thailand on the PTTEP Subsurface University Energy Link project to develop academic research in geosciences. Petroleum Engineering Building personnel in petroleum exploration and production, including finding sources to store carbon dioxide. This is part of the development of carbon capture and storage technology or CCS (Carbon Capture and Storage) to help drive Thailand towards the goal of a low carbon society. In the past, it has signed a cooperation agreement with Chiang Mai University. Khon Kaen University Chulalongkorn University Mahidol University Kasetsart University Asian Institute of Technology Synchrotron Light Research Institute (Public Institution) and Suranaree University of Technology
During the first quarter of the past, PTTEP received various awards in Thailand and abroad, including the 2023 Global Most Innovative Information Enterprise Award (MIKE) organized by Held in the Hong Kong Special Administrative Region of the People’s Republic of China. From Southeast Asia Knowledge Management and Innovation Consulting Institute (IKI-SEA), Bangkok University. By promoting systematic innovation and knowledge creation, the 2024 Green World Awards for environmental conservation in the Wildlife and Conservation category were held by The Green Organization in Brazil. From the PTTEP project to planting forests to reduce global warming and Thailand’s Best Company Awards 2024 in the category “Natural Resource Exploration and Production Industry” and utilities” from Business+ magazine
For operating results in the 1st quarter of 2024, PTTEP had a total revenue of 78,812 million baht (equivalent to 2,209 million US dollars), a decrease of about 8 percent compared to the 4th quarter of 2023, with’ The average sales volume decreased slightly to 473,048 barrels of oil equivalent per day. This is a result of the reduction in the sales volume of projects abroad. Meanwhile, the average product selling price is 47.24 US dollars per barrel of oil equivalent. Decreased slightly in line with the price of crude oil in the world market. As a result, the company had a net profit of 18,683 million baht (equivalent to 524 million US dollars) while maintaining unit costs at 28.96 US dollars per barrel of crude oil equivalent. and has an earnings before interest, taxes, and depreciation margin of 74 percent
As a result of such operations, PTTEP has sent income to the government in the form of income taxes, royalties and other benefit sharing in the first quarter of 2024 in the amount of more than 7,000 million baht, which will be part of the development National in various areas such as community development, education, and research and development, etc. In addition, the share of petroleum output from the G1/61 and G2/61 projects under the Production Sharing Contract (PSC) is another part of the income the state receives directly from petroleum production. To be used in the development of the country as well.
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