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