Page 9 - AsianOil Week 31 2022
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AsianOil SOUTHEAST ASIA AsianOil
PTTEP’s profit up 54%
y/y in first half of 2022
PERFORMANCE THAILAND’S state-owned PTT Exploration – along with a higher selling price, as being the
and Production (PTTEP) has posted a net profit main drivers behind the increased sales volumes.
of $918mn for the first half of 2022. The figure Operatorship of the G1/61 project was
represents a 54% year-on-year increase on a handed over to PTTEP in April. Since then, the
profit of $598mn a year ago, and can be attrib- company has accelerated the execution of the
uted to higher oil and gas prices. project in a bid to ramp up domestic gas pro-
For the second quarter of 2022, PTTEP duction, installing two wellhead platforms and
recorded a net profit of $600mn, up 89% on a laying eight subsea pipelines. It is targeting the
profit of $318mn in the first quarter. The com- installation of six further wellhead platforms
pany’s revenue reached $2.5bn in the second later this year.
quarter and $4.5bn over the first half of the year. Meanwhile, PTTEP is also pursuing a long-
The latter figure represented a 28% increase from term goal of net-zero greenhouse gas (GHG)
revenue of $3.5bn in the first half of 2021. emissions by 2050. The company noted that
PTTEP said the key contributions to the during the first half of 2022 it had entered into
improved result included an increase in average various initiatives in the area of carbon capture
sales volumes to 446,519 barrels of oil equivalent and storage (CCS). PTTEP said it had initiated
per day, up 8% on 413,168 boepd a year ago. In Thailand’s first CCS project at the Arthit gas field
particular, the company highlighted output from in the Gulf of Thailand and intended to take a
the Oman Block 61 project and the G1/61 project final investment decision (FID) on this venture
– the Erawan, Platong, Satun and Funan fields in late 2023.
EAST ASIA
CNOOC completes floatover installation
at largest offshore platform
PROJECTS & CHINA National Offshore Oil Corp. (CNOOC) bolstering China’s energy security.
COMPANIES said on August 1 that it had completed floatover Chinese media cited the deputy director of
installation work at the Enping 15-1 platform, CNOOC’s Shenzhen branch, Yuan Wei, as say-
which is Asia’s largest offshore platform. ing that various pieces of domestically manufac-
Floatover installation is used for topsides of tured equipment at Enping 15-1 had reduced
offshore platforms and is seen as a cost-effective engineering investment requirements in the
alternative for offshore construction. CNOOC project and had the potential to save more than
said that with the completion of floatover instal- 30% of annual maintenance costs.
lation at Enping 15-1, China’s design, construc- Notably, the infrastructure at Enping 15-1
tion and installation capabilities of super-large is reported to include what CNOOC has said
offshore oil and gas production facilities has will be the first carbon dioxide (CO2) recovery
reached advanced international standards. equipment to be deployed offshore China. The
Enping 15-1 is the central facility at the equipment has the capacity to capture 300,000
Enping oilfield cluster, which will include a tonnes per year (tpy) of CO2 for permanent
further four offshore platforms used for the sequestration in the seabed.
development of six new oilfields. Peak produc- The carbon capture and storage (CCS) com-
tion from the first phase is anticipated to reach ponent of the project was reported to have been
roughly 5,000 tonnes per day (36,650 barrels per completed in June. It comes as China targets a
day) during the second half this year when the CO2 emissions peak in 2030, followed by carbon
project is put into operation. CNOOC expects neutrality by 2060. But in order to achieve these
this to add further momentum to the eco- targets while continuing to produce oil and gas,
nomic development of the Guangdong-Hong the country will have to significantly expand its
Kong-Macao Greater Bay Area while further CCS capacity.
Week 31 05•August•2022 www. NEWSBASE .com P9
