Thai oil company PTTEP reported a 40 percent rise in the full-year net profit, boosted by increased sales volumes from acquired assets and an increased stake in the Bongkot offshore field.
Its 2019 net profit was 1,569 million, increasing by 40% from 2018, with revenue reaching USD 6,413 million, increasing 17% from USD 5,459 million in 2018.
PTTEP said the result was due to mainly the acquisitions of Murphy Oil Corporation’s assets in Malaysia and Partex Holding B.V.
The average sales volume in 2019 reached 350,651 barrels of oil equivalent per day (BOED) or a 15% increase from 305,522 BOED in 2018. The average selling price also improved from USD 46.66 per barrel of oil equivalent (BOE) in 2018 to USD 47.24 BOE in 2019.
Looking ahead, PTTEP said that in 2020, it would focus on the smooth transitions of the newly acquired projects, especially the G1/61 (Erawan) and G2/61 (Bongkot) to be ready to deliver petroleum as stated in the Profit Sharing Contracts.
PTTEP in late 2018 outbid Chevron for operatorship over Bongkot and Erawan offshore fields in Thailand. PTTEP remained the operator of Bongkot, and will officially take over Erawan in 2022.