Thailand’s PTT Exploration & Production (PTTEP) reported net profit of $376 million for the first quarter 2021 on the back of higher oil prices and gains from the “bargain purchase” of Oman Block 61 from BP.
PTTEP reported slightly better full year guidance following better than expected sales volumes in the first quarter due to the Oman acquisition and first gas from Malaysia Block H. The state-backed oil company raised full-year volume guidance by 1.7% to 405,000 barrels of oil equivalent per day (boed).
Significantly, the acquisition in Block 61, one of the largest gas developments in the Middle East, offers potential upside from rising Omani gas demand, as well as liquefied natural gas (LNG) exports.
PTTEP continues to target 462 boed of production by 2025. Analysts at Bernstein said that PTTEP’s core exploration and production business remains solid although Mozambique…
