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    PTTEP's profit up 54% in H1

Summary

The company realised higher oil and gas prices.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Liquefied Natural Gas (LNG), Security of Supply, Corporate, Exploration & Production, Financials, News By Country, Thailand

PTTEP's profit up 54% in H1

Thai state-owned energy company PTTEP on August 1 reported a 54% year/year jump in net profit for the six months to June 30 (H1) thanks to higher oil and gas prices.

PTTEP’s net profit in H1 came in at $918mn compared with $598mn in the same period of last year. The net profit in the three months to June 30 (Q2) was $600mn, up 100% yr/yr. The company realised a price $53.59/boe in H1, up 30% yr/yr.

As part of its growth strategy, PTTEP said, it plans to increase investments in Thailand and southeast Asia and expand business opportunities in the gas value chain. It also plans to capture investment opportunities in Oman and UAE, where it has a low-cost base relative to other producing regions, the company said.