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Thai PTTEP Q1 net income soar 230% on year to $58.5-mil

Thailand's PTT Exploration and Production Public Co Ltd...

Thai PTTEP Q1 net income soar 230% on year to $58.5-mil

Thailand's PTT Exploration and Production Public Co Ltd (PTTEP) net income for the first quarter of this year soared 230% to Baht 2.665-bil ($58.5-mil) compared with Baht 804-mil from the same period last year, the explorer said Tuesday.

PTTEP's total revenues for the quarter were Baht 7.397-bil, up 58%, compared with Baht 4.675-bil in Q1 2000.

This was mainly due to the higher natural gas sales volumes, which averaged approximately 91,899 BOE/day, compared with approximately 79,820 BOE/day in the corresponding quarter of 2000. The increase was from Yadana and Yetagun Projects.

The average product price was also higher at $19.12 per BOE compared with $16.44/BOE in Q1 of 2000.

Total expenses were Baht 3.403-bil, compared with Baht 2.933-bil, due to higher production expenses of Yadana and Yetagun Projects.

Meanwhile, PTTEP is ready to raise output of natural gas from its own-operating Bongkot field in the Gulf of Thailand and from its joint ventures both domestically and internationally, such as Arthit and Pailin projects, to serve the growing domestic demand, said Chitrapongse Kwangsukstith, president of PTTEP.

In Q1, domestic consumption grew significantly from the same period of last year.

Sales volume of Yadana project increased to average approximately 519 Mmcf/day and 104 Mmcf/day for Yetagun project.

This is because Thailand is using more indigenous gas for power generation instead of the more expensive imported fuel oil.

PTTEP also plans to expand its operations both in Thailand and overseas through acquisition of exploration acreage to secure supply and help reduce foreign exchange loss, he said.

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