PTTEP announced its operating performance for the first quarter of 2025, along with key developments that support national energy security and reduce greenhouse gas emissions. During the period, PTTEP contributed over 6,800 million baht to the Thai government, supporting the well-being of Thai people and the country’s economic development.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), stated that during the first quarter of 2025 and in recent developments, the company made significant strides in its business operations. PTTEP recently signed the amendment to the gas sale agreement for the Arthit Project, increasing the Daily Contract Quantity (DCQ) of natural gas supplied to PTT, the buyer, from 280 million standard cubic feet per day (MMSCFD) to 330 MMSCFD. The amended agreement, which will take effect in June 2025, will help address domestic natural gas demand and reinforce national energy security. Additionally, in April 2025, PTTEP also acquired additional stakes in APICO LLC, a joint venture partner in Sinphuhorm Project — an important onshore petroleum field located in Northeastern Thailand. Following the acquisition, PTTEP’s direct and indirect participating interest increased from 80.487% to 90%, resulting in higher production volume from the project. In 2024, the Sinphuhorm Project produced an average of 105 MMSCFD of natural gas and 222 barrels of condensate per day.
Another key progress during the quarter was the advancement of the Carbon Capture and Storage (CCS) project at Arthit field. This initiative has been incorporated into the Nationally Determined Contribution (NDC) Action Plan on Mitigation 2021–2030, which was approved in 2024. The company is in the process of agreements preparation, moving towards the Final Investment Decision (FID). This CCS project aims to reduce carbon dioxide emissions of approximately 700,000 to 1,000,000 tonnes of carbon dioxide equivalent per year.
In addition, PTTEP signed a Memorandum of Understanding (MoU) with Kasetsart University to foster academic collaboration, with an aim of advancing research, technological development, innovation, and human resource capabilities. This partnership is expected to generate valuable insights and innovations that will benefit academia, industry and the country.
Regarding the financial performance in the first quarter of 2025, PTTEP generated total revenues of THB 74,196 million (equivalent to USD 2,185 million). The average sales volume reached 484,218 barrels of oil equivalent per day, representing an increase of approximately 2% from the first quarter of the previous year, primarily driven by higher petroleum production from the G1/61 Project. Meanwhile, the average selling price decreased to USD 45.74 per barrel of oil equivalent, following a decline in global crude oil prices. As a result, the company recorded a net profit of THB 16,561 million (equivalent to USD 488 million).
Based on this performance, PTTEP contributed over THB 6,800 million of income taxes, royalties and other governmental remunerations, supporting national development in various areas such as community, education and research & development (R&D). Furthermore, profit sharing from petroleum production under the Production Sharing Contracts (PSC) for the G1/61 and G2/61 Projects also directly contributed to government revenue for further national advancement.
