PTT Exploration and Production Reports 7.3 Billion Baht in State Revenue, Operating at Full Capacity to Meet Energy Demand
PTTEP generated 78.8 billion baht in revenue during Q1 2025 and delivered 7.3 billion baht to the Thai state through taxes and royalties, while ramping up natural gas production from the Gulf of Thailand to bolster national energy security
Montri Rawaloychaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed that in the first quarter of 2025, the company generated total revenue of 78.841 billion baht (equivalent to 2.491 billion US dollars) with net profit of 11.835 billion baht (equivalent to 376 million US dollars), delivering over 7.3 billion baht in revenue to the state.
The company's average petroleum sales volume reached 553,369 barrels of crude oil equivalent per day, a 14% increase from the same period last year, driven primarily by increased petroleum production from domestic projects and new investments made during 2024, including the Thai-Malaysian Joint Development Area Block A-18, the Algeria Touat project, and the Malaysia Block SK408 project, with average product selling prices at 46.02 US dollars per barrel of crude oil equivalent.
"Through these operational results, the company has remitted state revenue totaling approximately 7.3 billion baht in the first quarter of 2025 through corporate income tax, royalties, and other benefit-sharing arrangements, up from approximately 6.8 billion baht in the previous year, contributing to national development in areas such as community development, education, and research and development," Montri stated.
The state also receives production sharing from petroleum projects G1/61 and G2/61 under production sharing contracts (PSC), providing direct revenue from petroleum production that can be utilized for further national development.
Montri noted that the unstable situation in the Middle East has caused crude oil and natural gas prices to rise in the global market. The company therefore prioritizes increasing natural gas production from the Gulf of Thailand in line with the Ministry of Energy's policy to mitigate the impact on energy consumption by citizens and various industries.
Previously, the company has maximized natural gas production capacity to approximately 2.72 billion cubic feet per day from the daily contractual quantity (DCQ) of approximately 2.5 billion cubic feet per day. The increased natural gas comes primarily from the Arthit project, the Thai-Malaysian Joint Development Area B17-01, Contract 4, and project G2/61. This natural gas serves as the primary fuel for electricity generation, contributing to the stability of Thailand's electrical system and energy security while reducing dependence on increasingly expensive imported fuel.
Natural gas produced from the Gulf of Thailand has significant potential to serve as important raw material for the petrochemical industry and related industries, including plastics, synthetic materials, synthetic fibers, packaging, fertilizers, construction materials, and various everyday products, thereby strengthening and driving the country's economic value chain.
"The conflict in the Middle East has had significant impact on the economic system, energy security, and livelihood of people in many countries worldwide. Therefore, the management of domestic energy resources with stability is extremely important," Montri emphasized.
As a result, the company has increased natural gas production from domestic sources to the highest level possible to support electricity generation for daily use, serving as part of mitigating energy impact and reinforcing the country's energy security.
