PTTEP posts 2016 profit of USD 372 million

Thailand’s state-owned oil company PTTEP on Thursday announced that it was preparing to expand after a successful 2016, during which it earned a profit of some USD 372 million.

While sales revenue plunged to USD 4.34 billion in 2016 on account of low oil and gas prices, down from USD 5.61 billion a year earlier, cost reductions and other savings resulted in a spectacular rise in profits, up from a loss of USD 854 million in 2015.

At the end of 2016, the company’s assets were worth some USD 18.9 billion and it had some USD 4.02 billion of cash to invest, according PTTEP.

“Considering PTTEP’s portfolio with natural gas accounting for over 60% of our production and our current strategy to expand jointly with PTT in the LNG business, I am confident that our business direction corresponds well with global energy trend and Thailand’s energy supply plan,” CEO Somporn Vongvuthipornchai said in a statement.

“Although some may speculate a long-term decline in fossil fuel demand, it will remain a major source of global energy supply with natural gas, as a clean and transitional energy to a lower carbon future, playing an increasingly important role,” he also said.