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)
PTTEP PRESS RELEASE:
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