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PTTEP projects 12% sales growth on global recovery
published : 10 Feb 2021 at 04:00
PTT Exploration and Production (PTTEP) expects its 2021 oil and gas sales will grow by 12% to 398 from 354 kilo barrels of oil equivalent per day (KBOED) last year, thanks to more oil and gas production and recovery from the global oil price plunge.
Last year, the company saw only 1% growth when global oil demand plummeted during the enforcement of lockdown measures to contain the spread of Covid-19, said Orachon Ouiyamapun, PTTEP s senior vice-president, Finance Division.
The company based its projection on the average global oil price range of US$50-55 per barrel in the Dubai market.
Sales volumes rise
The Bangkok-based giant took a further financial hit due to the revised production plan for Malaysian state player Petronas’ Yetagun project offshore Myanmar, in which it has a stake.
Despite this, PTTEP last year posted average sales volume to 354,052 barrels of oil equivalent per day versus 350,651 boepd in 2019. The company was able to generate profit by adjusting our operational plan, reducing the unit cost for the long term while maintaining our operational effectiveness and achieving business expansions as targeted, PTTEP chief executive Phongsthorn Thavisin said.
These expansions included the award of onshore Block 12 in Oman and the Offshore Block 3 exploration acreage in the United Arab Emirates.