PTTEP reported its operational performance for 2024, highlighting the successful production ramp-up of the G1/61 Project and its investment expansion in the UAE and Algeria. As a result, the company contributed over THB 50,450 million to the Thai government, supporting national development initiatives, and approved a 2024 dividend payment of THB 9.625 per share. Looking ahead to 2025, PTTEP has allocated a budget of THB 261 billion to enhance petroleum production and develop oil and gas fields in Thailand, aiming to address energy demand and fortify Thailand’s energy security.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), stated that the company made significant strides in its business operations, achieving notable growth both domestically and internationally last year. This includes increasing natural gas production from the Gulf of Thailand through the G1/61 Project (Erawan, Platong, Satun and Funan fields) to 800 million cubic feet per day (MMSCFD), while also sustaining its production capacity.
As part of international investment expansion, PTTEP acquired a 10% participating interest in the Ghasha Concession Project, one of the largest offshore natural gas fields in the United Arab Emirates (UAE), with gas production set to commence in 2025. Additionally, in September 2024, PTTEP obtained government approval for the field development plan of the Abu Dhabi Offshore 2 Project and is on track to finalize the investment decision (FID) within this year.
In Algeria, PTTEP acquired a 34% of the share capital in E&E Algeria Touat B.V., with the transaction expected to be completed within 2025. Upon the completion, PTTEP will indirectly hold 22.1% investment in Touat Project, which is an onshore natural gas producing field with a production capacity of approximately 435 MMSCFD. This acquisition will immediately enhance the company’s revenue, sales volume, and petroleum reserves.
PTTEP is spearheading a digital revolution in the energy sector through the innovative DigitalX project. By harnessing the power of Artificial Intelligence (AI) and Machine Learning (ML), the company has established a data-driven ecosystem that enhances exploration and production operations. Our standardized data foundation fosters greater integration and collaboration across all business units. The AI-driven X.brain engine empowers staff to make faster, more informed decisions. To fully capitalize on these advancements, the company is investing in the workforce, equipping them with the skills to become digital-savvy innovators who drive efficiency, cultivate creativity and accelerate task completion. PTTEP remains committed to leading technological advancements, leveraging digital solutions to unlock new opportunities.
To support Net Zero Greenhouse Gas Emissions target by 2050, PTTEP to date could mitigate cumulative greenhouse gas emissions by approximately 4.08 million tonnes of carbon dioxide equivalent from the base year 2020. This was achieved through flare gas recovery and utilization, production efficiency improvement, energy efficiency enhancement, use of renewable energy, including selection of low GHG intensity projects into the company portfolio. Moreover, PTTEP has collaborated with the government and related agencies to restore green areas, targeting an increase of 200,000 rai of forested land by 2030 to offset carbon emissions.
In 2024, PTTEP paid THB 50,450 million of income taxes, royalties and other remunerations to the government. This strongly supports national development in various areas such as community, education and research & development (R&D). Furthermore, the profit sharing from the petroleum produced in the G1/61 and G2/61 projects, under the Production Sharing Contract (PSC), also directly contributes to the government’s revenues for the country’s development.
For the 2024 financial performance, PTTEP generated a total revenue of THB 327,415 million (equivalent to USD 9,273 million). The average sales volume reached 488,794 barrels of oil equivalent per day, representing an approximate 6% increase from the previous year, primarily driven by the natural gas production ramp-up from the G1/61 Project. Meanwhile, the average selling price decreased to USD 46.78 per barrel of oil equivalent, reflecting a decline in global crude oil prices. The company reported a net profit of THB 78,824 million (equivalent to USD 2,227 million). This net profit will be pivotal in financing capital investment for the projects outlined in the 2025 workplan, which are focused on boosting petroleum production and reinforcing the country’s energy security.
Approved 2024 dividend payment at THB 9.625 per share
Based on the 2024 performance, the Board of Directors has approved a 2024 dividend payment of THB 9.625 per share, amounting THB 38,211 million, which represents a payout ratio of 49%. The interim dividend for the first six-month performance of 2024 at THB 4.50 per share was paid on August 28, 2024, while the remaining dividend of THB 5.125 per share will be paid on April 22, 2025, following approval at the 2025 Annual General Shareholders’ Meeting. A portion of the dividend will be received by the Finance Ministry through its shareholding in PTT Public Company Limited, a major shareholder of PTTEP, to further support national development.
2025 operational plan: investing over THB 261 billion to ensure the country’s energy security
PTTEP has set its 2025 operational budget at THB 261,940 million (equivalent to USD 7,819 million), primarily derived from cash inflow from the net profit of the previous year. This budget will be used to drive the petroleum exploration, field development, and petroleum production to support energy demand in both the industrial and household sectors as well as reduce the burden of energy imports. The workplans include maintaining and maximizing petroleum production in Thailand through the G1/61, G2/61 (Bongkot field), Arthit, S1, Contract 4 and Malaysia-Thailand Joint Development Area projects. The company also plans to accelerate development projects in Malaysia Greenfields as well as projects in the UAE and Mozambique to commence production as planned, while fast-tracking exploration projects in both Thailand and Malaysia. Additionally, initiatives to reduce greenhouse gas emissions are being continuously implemented. PTTEP has also allocated a provisional budget to support investment opportunities in new businesses for energy transition such as offshore wind and hydrogen. These efforts aim to strengthen the country’s energy security and support long-term growth for the company.
