Thai PTTEP Q3 net profit up 1.4 percent, beats forecasts

REUTERS

BANGKOK | Tue Oct 29, 2013 1:54am EDT

PTT Exploration and Production Pcl (PTTEP), Thailand’s top oil and gas explorer, reported a 1.4 percent rise in quarterly net profit on Tuesday, mainly due to higher selling prices and foreign exchange gains.

PTTEP, the flagship upstream oil exploration business of state-controlled PTT Pcl, posted a consolidated net profit of $566 million for the July-September quarter, up from $558 million in the year ago period.

That was higher than the 15.8 billion baht ($508 million) average forecast of 11 analysts polled by Reuters.

PTTEP shares, valued at $21.5 billion on the Thai bourse, is keen to buy stakes in Hess assets in Thailand and Indonesia. If PTTEP wins, the acquisition should help boost output, but some analysts have raised concerns about pricing and funding. ($1 = 31.0900 Thai baht) (Reporting by Khettiya Jittapong; Editing by Muralikumar Anantharaman)

http://www.reuters.com/article/2013/10/29/thailand-pttep-earnings-idUSL3N0II0UT20131029

PTTEP PRESS RELEASE:

http://www.pttep.com/en/newsDetail.aspx?ContentID=571

Additional info:

PTTEP has invested in 45 petroleum exploration and production projects in 12 countries.

Myanmar: Zatwika project to come online in Q1-2014; four appraisal wells to be drilled in the M3 Project in 2014

Australia: Additional development well to be drilled in Montara field in Q4-2013; additional exploration and appraisal wells in early 2014 in Cash Maple field

Canada: FEED process in Leismer field being carried out to increase production from 16 Mbbl/d to 40 Mbbl/d

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About artidj

I started working as a field engineer in Oil & Gas industry back in 1996. I do this news clipping of the industry and the geography I am interested in, mainly for my own information. I'm glad you find it useful.
This entry was posted in Australia, E&P, Myanmar, Production, Thailand, Upstream and tagged , , , , , , . Bookmark the permalink.

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