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Bangkok, January 30, 2023 – PTTEP delivered its business growth target in 2022 with a 12% increase of average petroleum sales volume to 468,130 barrels of oil equivalent per day (BOED), mostly attributable to overseas projects and G1/61 project after assuming operatorship in April 2022. Another achievement was the reduction of accumulated greenhouse gas emissions by more than 3 million tons of carbon dioxide equivalent. Based on the performance last year, PTTEP provided taxes and other payments to the government at THB 62,000 million, while the 2022 dividend payment at THB 9.25 per share was approved. Under the key roadmap for 2023, gas production at G1/61 project will be ramped up to help reduce the energy cost for Thai people. 

            Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed the 2022 performance that since PTTEP has set forth emission reduction plans to reach Net Zero Greenhouse Gas Emissions by 2050, the company ably slashed cumulative carbon emissions by more than 3 million tons of carbon dioxide equivalent from base year 2012. Meanwhile, PTTEP has proceeded with the study on Carbon Capture and Storage (CCS) at Arthit field. The project has completed the preliminary front-end engineering and design (Pre-FEED) and is now conducting FEED. The company expects to make the final investment decision (FID) by the end of 2023 and plans to implement CCS in 2026, marking the first of its kind in Thailand. Thereby, carbon emissions is expected to be reduced by approximately 700,000 – 1,000,000 tons per annum. Concurrently, PTTEP is conducting feasibility studies on CCS at other areas in Thailand as well as in the countries where the company operates such as Malaysia.

Moreover, PTTEP is using technology to recover and utilize flare gas, as well as applying more renewable energy and new forms of clean energy at operating sites. For instance, solar energy at Arthit Project, S1 Project and PTTEP Petroleum Development Support Base (PSB) in Songkla, along with wind turbines at Arthit Project. Besides, carbon offsetting will continue with reforestation activities that cover terrestrial and mangrove forests, to enhance carbon sinks.

Regarding the company’s operating results, the unit cost was maintained at USD 28.36 per barrels of oil equivalent (BOE). The average petroleum sales volume improved to 468,130 BOED, a 12% rise from 416,141 BOED in 2021. This significant increase was primarily from petroleum production in overseas projects including Oman Block 61 and Malaysia Block H, as well as from domestic project, G1/61. In addition, the average selling price was adjusted upward due to the global crude oil price escalation. As a consequence, the company generated total revenue of USD 9,660 million (equivalent to THB 339,902 million), growing by 32% compared to USD 7,314 million (equivalent to THB 234,631 million) reported in 2021. Net income in 2022 recorded at USD 1,999 million (equivalent to THB 70,901 million). Meanwhile, in 2022, approximately THB 62,000 million paid by PTTEP for company’s income tax, royalties and other remuneration. This strongly supports national development in various areas such as community, education, and research & development (R&D) funds.

Approved 2022 dividend payment at THB 9.25 per share

Based on the company’s performance, on January 30, 2023, the Board of Directors approved the proposed of 2022 dividend payment to the shareholders at THB 9.25 per share. The interim dividend for the first six-month operating results at THB 4.25 per share was paid on August 26, 2022, while the remaining dividend will be paid at THB 5 per share on April 24, 2023, after obtaining approval from the 2023 Annual General Shareholders’ Meeting. The record date of the company’s share registration for the right to receive the dividend is scheduled on February 15, 2023.

Budget for 2023 investment plan

           PTTEP has set 2023 budget at USD 5,481 million (equivalent to THB 191,818 million) to support key business activities as follows; maximizing production volume from existing assets including G1/61 Project, G2/61 Project, Arthit Project, Contract 4 Project, S1 Project and producing projects in Malaysia; accelerating key projects’ activities which are under the development phase such as Malaysia SK410B Project and Mozambique Area 1 Project; and expediting exploration activities to support long term growth in Thailand, Malaysia, and Oman. Apart from the aforementioned allocations, PTTEP sets aside provisional budget of approximately USD 4,800 million (equivalent to THB 166,052 million) for 2023 – 2027, aimed at expanding into beyond E&P businesses, including the study and development of power and renewables, CCS Initiatives, Carbon Capture and Utilization (CCU), clean hydrogen business, and the commercialization of PTTEP’s technology.

           “PTTEP is ramping up gas production at G1/61 Project. In the past year, 8 wellhead platforms were completely installed and 4 more will be added this year, along with subsea pipelines installation. This year, 6 rigs are in place to accelerate the drilling activities of additional 273 production wells in 2023. This will raise the gas production volume to 400 million cubic feet per day (MMSCFD) in the middle of this year and then 600 MMSCFD late this year. The production rate is expected to reach 800 MMSCFD in April 2024. In the meantime, PTTEP has raised the production output through all its projects in the gulf of Thailand; Bongkot Project, G2/61 Project, Arthit Project and MTJDA Project to alleviate the impacts of energy prices on Thai people,” Mr. Montri said.   

           Mr. Montri added that PTTEP is exploring investment opportunities in beyond E&P businesses in preparation for the energy transition to support future growth, while aiming to reduce carbon dioxide emissions, towards being a low carbon organization, for example, businesses related to renewable energy, future energy, and innovation and technology. To support this aspiration, PTTEP has established subsidiaries such as Corporate Venture Capital (CVC) - Xplor Ventures Company Limited – to invest in tech startups aiming to pursue new technologies.

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