PTT Exploration and Production Plc (PTTEP) expects its total sales to slip 0.85% to 464 kilo barrels of oil equivalent per day (KBOED) in 2023, following a dip in the first half of the year, says senior vice-president Orachon Ouiyamapun.
Sales volume stood at 468 KBOED last year.
From January to June, sales from the Block 61 gas field in Oman decreased. Sales from the Bongkot gas field in the Gulf of Thailand also fell, due mainly to a change in the calculation of the sales volume under a production sharing contract, said Ms Orachon.
PTTEP is continuing to ratchet up gas production from the Erawan gas field in the Gulf. Production rose to 400 million cubic feet per day (MMSCFD) in April, up from 200 MMSCFD earlier this year.
The volume is expected to reach 800 MMSCFD by April next year.
She said the gas price in the first half of 2023 stood at US$6.2 per million British thermal units (MMBTU), edging up from $6 per MMBTU in the first half of 2022.
The price of crude oil in the first half of 2023 was $76 per barrel, down from $98 per barrel in the corresponding period last year.
PTTEP joined a consortium to develop a liquefied natural gas production facility in Mozambique's Rovuma Area 1. The project was interrupted last year by the impact of local political conflict, but the consortium remains committed to delivering the first shipment of LNG in 2027, said Ms Orachon.
The company has a 8.5% stake in the project.
Production capacity is estimated at 13.1 million tonnes per year.
In the clean energy business, PTTEP has joined hands with five French and Korean companies to produce green hydrogen in Oman.
Green hydrogen, which is used to fuel power generation and manufacturing processes, is produced by using electricity made from renewable energy to split water molecules into oxygen and hydrogen.
Under a contract made with Hydrom Oman SPC under the government of Oman, the companies were awarded a 47-year concession to produce green hydrogen at Block Z1-02 in Dugm in eastern Oman.
The production facility, to be run by 5-gigawatt solar and wind power, is expected to open in 2030, with 220,000 tonnes of hydrogen produced annually.
The plant is also planning to produce 1.2 million tonnes of ammonia per annum.