PTT Exploration & Production (PTTEP) Pcl, Thailand's biggest publicly listed oil and gas explorer, said on Thursday that profits rose 38% in the second quarter on higher prices and increased sales of oil and gas.
Net income was 10.7 billion baht (US$344 million), or 2.67 baht per share, compared with 7.7 billion baht, or 2.33 baht, a year earlier, the company said in a regulatory filing today. Revenue rose 6% to 55.3 billion baht.
PTTEP has expanded its investments to 45 projects in 12 countries, including last year’s acquisition of Cove Energy Plc's oil and gas assets in Mozambique, to diversify output. The company said today that sales from its Montara field off the coast of Australia will start in August and the Zawtika project near Myanmar will begin commercial production in the first quarter of next year.
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