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PTTEP takes stake in MLNG project

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LNG Industry,

According to Reuters, PTTEP – which is the exploration and production arm of Thailand’s PTT Group – has decided to take a US$500 million stake in an LNG project with Malaysia’s Petronas.

Reportedly, the company’s 2Q17 results were approximately in line with the expectations of analysts. Reuters claims that PTTEP is looking to expand in Southeast Asia, and that it is waiting on the results of a number bid proposals for exploration projects located in the region.

A joint venture (JV) with its parent company, PTT Global LNG Co., has reportedly purchased a stake worth 10% in MLNG Train 9 in Malaysia.

In a statement, PTTEP reportedly said: “Investment with a leading company, Petronas, would support the LNG business of the company in expanding our operations in Malaysia in the future.

"The company plans to accelerate exploration activities in… projects in the current portfolio, particularly focused on Myanmar and Malaysia, as well as seeking new opportunities in strategic areas.”

In addition to this, the company will reportedly also take part in bidding for the Bongkot and Erawan gas fields in 1Q18. These fields are located in the Gulf of Thailand. For 2Q17, the company reported a net profit of US$200 million. This is a 180% increase from 2Q16, and, reportedly, is mainly because of a hedging gain this year, a loss last year, and a decrease in tax.

For 3Q17, the company is reportedly looking to attain production of 290 000 boe/d. The company expects total average sales for the year to be 300 000 boe/d.

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