PTTEP Reports Strong Nine-Month 2026 Performance, Supporting Thailand’s Energy Security
PTT Exploration and Production Public Company Limited (PTTEP) has reported its operating and financial performance for the first nine months of 2026, highlighting increased natural gas production, progress in domestic petroleum development and continued expansion of its international operations. The company also contributed more than THB 70,100 million in taxes, royalties and other revenues to Thailand, supporting national economic and social development.
During the reporting period, PTTEP continued implementing its strategic priorities to strengthen Thailand’s long-term energy security while pursuing opportunities for international growth. The company focused on maintaining reliable natural gas supplies, advancing domestic exploration and development projects, and strengthening partnerships in key overseas petroleum assets.
Ms. Kanita Sartwattayu, Chief Executive Officer of PTTEP, said the company maintained its commitment to supporting Thailand’s energy requirements while developing its international portfolio. Its activities during the third quarter of 2026 included securing a long-term production-sharing agreement in the Malaysia-Thailand Joint Development Area, making investment decisions for a new domestic gas field and receiving exploration rights for two onshore petroleum blocks in Thailand.
Long-Term Malaysia-Thailand Gas Production Agreement
One of the significant developments during the third quarter was the award of a new Production Sharing Contract (PSC) for the Malaysia-Thailand Joint Development Area (MTJDA) A-18-01. PTTEP and PC JDA, a subsidiary of PETRONAS Carigali Sdn Bhd., received the contract from the Malaysia-Thailand Joint Authority (MTJA).
The agreement allows the participating companies to continue petroleum exploration, development and production activities in the A-18-01 area for another 35 years. The extension supports the long-term continuity of natural gas production from the joint development area and reinforces energy cooperation between Thailand and Malaysia.
The project currently produces approximately 300–400 million standard cubic feet per day (MMSCFD) of natural gas. Production is distributed equally between Thailand and Malaysia, providing both countries with an important source of energy for their domestic requirements.
Natural gas supplied to Thailand is primarily used for electricity generation in the southern region. Maintaining production from the project is therefore important for supporting the country’s power generation requirements and ensuring a stable supply of natural gas over the longer term.
Bussabong Gas Field Development Advances
PTTEP also continued its efforts to develop domestic natural gas resources through a Final Investment Decision (FID) for the Bussabong gas field, located within the G3/65 Project in the Gulf of Thailand.
The investment decision represents another step in the company’s strategy to increase domestic gas production and support Thailand’s growing energy demand. Development activities are expected to take approximately two years, with first gas production targeted for 2028.
The Bussabong field is expected to initially produce approximately 30 MMSCFD of natural gas. Production is projected to increase to around 40 MMSCFD by 2030 as development progresses.
The project will contribute additional natural gas supplies to Thailand’s energy system and support the country’s efforts to utilize domestic petroleum resources. By developing new fields and maintaining production from existing assets, PTTEP aims to strengthen the reliability of domestic energy supplies and reduce potential supply constraints.
New Exploration Opportunities in Northeastern Thailand
In addition to developing existing petroleum assets, PTTEP secured exploration rights for two onshore blocks under Thailand’s 25th petroleum bidding round.
The company was awarded Blocks L1/66 and L3/66, which are located near the Sinphuhorm gas field in northeastern Thailand. Together, the two exploration areas cover more than 7,000 square kilometers.
The awards provide PTTEP with opportunities to investigate additional domestic petroleum resources and evaluate their potential for future development. Their location near the existing Sinphuhorm field could also provide opportunities to build on the region’s established petroleum infrastructure and operational experience.
Exploration activities in the two blocks will support the identification of potential natural gas and petroleum resources. Successful exploration and subsequent development could contribute to meeting Thailand’s future energy requirements while strengthening energy security in the northeastern region.
The awards form part of PTTEP’s broader approach to maintaining a sustainable domestic resource portfolio through continued exploration, investment and development.
International Partnership Strengthens UAE Operations
PTTEP also made progress in expanding its international operations through a partnership involving PTTEP MENA Limited (PTTEP MENA), a wholly owned subsidiary of PTTEP, and Eni Abu Dhabi B.V. (Eni).
The two companies jointly established Seela Energies B.V., with each partner holding an equal 50% shareholding in the newly established joint venture company.
Through Seela Energies B.V., PTTEP and Eni each indirectly hold a 10% participating interest in the Ghasha Concession in the United Arab Emirates.
The establishment of the joint venture is intended to strengthen cooperation between the companies in managing and developing their interests in the concession. It will also provide a framework for closer collaboration in project development, financing arrangements and the exchange of technical knowledge and operational expertise.
The partnership is expected to support capabilities development and create opportunities for potential future joint investments. It also reflects PTTEP’s strategy of working with established international energy companies to strengthen its overseas portfolio and expand its participation in major petroleum projects.
Nine-Month Financial and Operating Results
For the first nine months of 2026, PTTEP recorded total revenue of THB 268,375 million, equivalent to approximately USD 8,251 million.
The company’s average sales volume reached 549,020 barrels of oil equivalent per day (BOE/D), representing a 10% increase compared with the corresponding period of 2025.
The improvement in sales volume was primarily supported by higher natural gas sales from projects in the Gulf of Thailand, together with additional production and sales contributions from projects in which PTTEP acquired participating interests during 2025.
These acquisitions included the Malaysia-Thailand Joint Development Area (MTJDA) A-18-01, Algeria Touat and Malaysia SK408 projects. Their contributions strengthened the company’s overall production portfolio and supported higher sales volumes during the nine-month reporting period.
PTTEP also reported an average selling price of USD 50.17 per barrel of oil equivalent, an increase of 13% compared with the same period last year. The improvement was in line with higher global crude oil prices during the reporting period.
Supported by increased sales volumes and higher average selling prices, the company recorded a net profit of THB 53,742 million, equivalent to approximately USD 1,653 million, for the first nine months of 2026.
The operating results demonstrate the contribution of PTTEP’s domestic and international projects to its overall financial performance. The company continues to focus on managing its petroleum portfolio, developing production capacity and maintaining operational efficiency amid changing global energy market conditions.
More Than THB 70,100 Million Contributed to Thailand
Beyond its operating and financial performance, PTTEP continued to contribute to Thailand’s public finances through taxes, royalties and other payments generated by its petroleum activities.
During the first nine months of 2026, the company’s operations generated more than THB 70,100 million in government revenues. These contributions included income taxes, royalties, other remunerations and the government’s entitlement to profit sharing.
The payments represent an important contribution to Thailand’s economy and support the government’s ability to finance national development initiatives.
The revenues can support various development priorities, including community development, education, research and development (R&D), and other public initiatives. PTTEP’s activities therefore contribute not only to domestic energy production but also to broader economic and social development.
As the company advances its domestic exploration and development projects while expanding international partnerships, its strategy remains focused on supporting Thailand’s energy security and creating long-term value.
PTTEP’s nine-month 2026 performance highlights its continued investment in natural gas production, exploration opportunities and international petroleum assets, alongside its contribution to government revenues and national development.
Source Link: https://www.pttep.com/
