Bangkok, PTT Exploration and Production Public Company Limited (PTTEP) revealed its progress in the first half of 2024, successfully expanding its investment base in the Middle East, which will immediately increase the company’s petroleum reserves, and will pay an interim dividend of 4.50 baht per share, with approximately 30,170 million baht of revenue from its operations to the government for national development.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed the operating results for the first half of 2024 that the company has made significant progress in the petroleum exploration and production business by expanding its investment base in the United Arab Emirates (UAE) by acquiring a 10 percent stake in the Gacha concession, one of the largest offshore natural gas fields in the UAE, which can immediately increase the company’s petroleum reserves and enhance the benefits and efficiency of management together with other explorat
ion projects that the company has already invested in in the UAE. The Gacha concession is expected to have a gas production volume of approximately 1,500 million cubic feet per day by 2030 and plans to capture and store approximately 1.5 million tons of carbon dioxide per year to support net-zero greenhouse gas emissions.
In terms of technology development, PTTEP has created the ‘EP Digital Platform’, which is a center for digital innovation projects, both developed by the company and jointly developed with partners, totaling more than 65 projects, to support comprehensive operations, from petroleum exploration and production, maintenance, logistics, and occupational health and safety, which will help reduce costs, shorten work time, and increase efficiency for the organization, as well as create benefits for the current and future industrial sectors.
PTTEP has also implemented the ‘Subsurface Data for U’ project to deliver geoscience data from actual petroleum exploration and production operations of the c
ompany to universities that offer courses in geoscience and petroleum engineering, such as seismic survey data, borehole data, and petroleum engineering data. This will help increase the potential of teaching and research for educational institutions and students, in order to promote the creation of geoscience personnel for the country and promote the petroleum exploration and production industry.
For the operation to conserve and restore marine resources, PTT Exploration and Production Public Company Limited (PTTEP) has developed the PTTEP Ocean Data Platform in collaboration with many agencies to collect marine scientific data. This is the first time in Thailand that an offshore petroleum production platform has been used as a data collection station, such as meteorological and oceanographic data, including the display of studies on the amount of microplastics in the sea, the monitoring and identification of marine animals under the legs of petroleum production platforms, to be used in the preparation of a
n effective marine resource conservation and restoration plan.
As for the operation to achieve the goal of reducing net greenhouse gas emissions to zero by 2050, at the end of the second quarter, PTT Exploration and Production Public Company Limited (PTTEP) has reduced accumulated greenhouse gas emissions by approximately 3.22 million tons of carbon dioxide equivalent compared to the greenhouse gas emission intensity in the base year of 2020 by managing investments in low-carbon petroleum exploration and production projects, appropriate management of production wells, and implementing various greenhouse gas emission reduction projects, such as reusing excess gas from the petroleum production process, improving the production process, increasing energy efficiency, and using renewable energy, etc.
For the first 6 months of 2024, PTTEP had total revenue of 166,887 million baht (equivalent to 4,608 million US dollars (US$)) with an average petroleum sales volume of 489,879 barrels of oil equivalent per day, an
increase of approximately 8 percent compared to the first half of 2023, which was mainly due to the increase in petroleum production rate of the G1/61 project to 800 million cubic feet per day according to the production sharing contract since the end of March. The product selling price slightly decreased due to the decrease in the selling price of natural gas. In the first half of the year, the company had a net profit of 42,660 million baht (equivalent to 1,177 million US dollars) and a unit cost of 28.6 US dollars per barrel of oil equivalent, with an earnings before interest, taxes, and depreciation margin of 76 percent.
Approved to propose interim dividend payment of THB 4.50 per share from the above operations. On July 30, 2024, the Company’s Board of Directors resolved to approve the proposal to pay an interim dividend for the first 6 months of 2024 at THB 4.50 per share, with the Record Date for shareholders to receive the dividend on August 14, 2024, and the dividend will be paid on August 28, 2024.
Delivering revenue to the government of more than 30,170 million baht in the first half of 2024, PTT Exploration and Production Public Company Limited (PTTEP) has also delivered revenue to the government in the form of income tax, royalties, and other profit-sharing of more than 30,170 million baht, which will be part of the country’s development in various areas, such as community development, education, and research and development, etc. In addition, the share of petroleum production 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 petroleum production to be used for national development.
Source: Thai News Agency