Thailand: PTTEP Posts Flat 2013 Net Profit

Thailand’s PTTEP today posted a recurring net profit of USD 1,846 million, similar to the previous year’s result of USD 1,846 million, comprising of a recurring net profit of USD 2,114 million and a loss from non-recurring items amounting to USD 268 million.

Thailand PTTEP Posts Flat 2013 Net Profit


The losses from non-recurring items are primarily a result of a weaker baht against the US dollar leading to an increase in tax expenses, and subsequently resulted in a return on equity for 2013 of 16.45%.

For 2013, PTTEP and its subsidiaries’ total revenues were USD 7,445 million (equivalent to 228,741 million baht), an increase of USD 424 million or 6% when compared with USD 7,021 million (equivalent to 218,137 million baht) in 2012. This higher sales revenue was the result of increased sales volume of 292,629 barrel of oil equivalent per day (BOED) compare with sales volume of 275,923 BOED from 2012. Contributing to the increased sales were petroleum products from Bongkot Project, S1 Project, the Vietnam 16-1 Project, and PTTEP Australasia Project. Moreover, the higher average sales price of USD 65.58 per barrel of oil equivalent (BOE) when compared with USD 64.86 per BOE in 2012.

Total expenses were USD 4,090 million (equivalent to 126,065 million baht), an increase of USD 264 million or 7% when compared with USD 3,826 million (equivalent to 118,846 million baht) of previous year.

2013 Total dividend at 6.00 baht per share

The Board of directors agreed to pay the dividend for the second half of 2013 at 3.00 baht per share. The total dividend for the whole year of 2013 will then be 6.00 baht per share. The proposal will be respectively summited to the 2014 Annual General Shareholders’ Meeting for approval on March 27, 2014. However, the company has fixed February 17, 2014 as the share registration book closing date and April 9, 2014 as dividend payment date.

Total petroleum proved reserves as of December 31, 2013

The total proved reserves of PTTEP and its subsidiaries as of December 31, 2013 were 846 million barrels of oil equivalent (MMBOE) which consist of approximately 30% crude oil and condensate and approximately 70% natural gas.

Project Activity Highlights in 2013

Thailand: S1 Project achieved a record high production rate of 37,890 barrels per day (BPD) on 25 February 2013, the highest since it began operations 30 years ago. In 2013, the project produced crude oil at an average rate of 32,749 BPD. Bongkot Project produced natural gas at an average rate of 920 million standard cubic feet per day (MMSCFD) and condensates at an average rate of 32,486 BPD.

South East Asia: Zawtika Project is in the commissioning phase for commercial production in the first quarter of 2014. Vietnam 16-1 Project successfully completed the drilling of an appraisal well in Area H5 of the Te Glac Trang Field (TGT field), and prepared plans to install a well head platform to support production from this area, which is expected to start production in 2015. Additionally, the project has successfully tested the Floating Production Storage and Offloading Unit (FPSO) for a production rate of 60,000 BPD of crude oil. This has enabled the project to maintain its production rate at approximately 43,000 BPD.

Australasia: Production from Montara Field began in early June 2013, and sold its first offload of approximately 500,000 barrels of crude oil in August 2013. The project plans to gradually ramp up its production rate from additional production wells to reach crude oil productions levels of approximately 25,000-30,000 BPD in the first half of 2014.

North America: Canada KKD Oil Sands Project completed the 2012-2013 Winter Evaluation Program for the assessment of bitumen quantities and production planning for Leismer, Corner and Thornbury. The Leismer field produced bitumen at an average rate of 14,800 BPD during 2013.

Africa and the Middle East: Algeria 433A and 416B is carrying out the construction of processing and pipeline facilities as well as the construction of living quarters and utility facilities. Production is scheduled to begin by the end of 2014. Algeria Hassi Bir Rekaiz Project completed drilling its first program of 9 exploration wells, and discovered crude oil and natural gas in 8 of those wells. The project is currently in the second exploration phase. The seismic program and appraisal drilling is expected to commence during the first quarter of 2014. Mozambique Rovuma Offshore Area 1 Project drilled a total of 10 exploration and appraisal wells and discovered natural gas in 6 of the wells, namely: Orca-1, Espadarte-1, Atum-3, Golfinho-5, Golfinho-6 and Manta-1. Moreover, in 2014, the project has plans to drill 8 additional exploration and appraisal wells for continual exploration and assessment, as well as carry out the LNG Engineering and Construction Development as planned. The project expects to commence LNG production and sales towards the end of 2018 or in 2019.


Press Release, January 30, 2014