PTT Exploration and Production Public Company limited (SET: PTTEP) announced earlier that its unit has awarded offshore exploration blocks No. G1/65 and G3/65 in the Gulf of Thailand.
This achievement aligns with PTTEP’s investment strategy, which aims to promote growth in strategic focus areas. The proximity of these blocks to the company’s current operations will enhance the potential for swift commercial development and cost optimization. Moreover, the production contribution from these 2 blocks would help alleviate the concern over Thailand’s energy security.
Mr. Suwat Sinsadok, an energy specialist, expected this acquisition would increase PTTEP’s profit by 5 billion to 8 billion baht, which would take its 2023 net profit to the level of 50 billion to 60 billion baht.
More importantly, this would increase PTTEP’s production to 800 million cubic feet per day from the current level of 300 million by later this year or in the middle of last year.
As for the share price of PTTEP, the specialist noted that it could test the resistance level at THB170 per share after a continuous increase in the company’s performance. Meanwhile, the share price of PTTEP should have bottomed out after a series of decline.