(EnergyAsia, November 3 2011, Thursday) — Thailand’s state PTT Exploration and Production Public Company Limited (PTTEP) said it made a net profit of US$250 million for the July-September quarter, down 32% compared with US$370 million for the second quarter.
 
It blamed the decline on losses from non-recurring items totalling US$178 million due to an unrealised foreign exchange loss from US dollar loans taken out by PTTEP and its subsidiary, PTTEP Canada Limited.

On a brighter note, PTTEP said it expects to start producing natural gas from its offshore Bongkot South Field and crude oil from Montara in Australia next year, while its offshore field in Vietnam has met crude oil production target.
         
PTTEP President and CEO Anon Sirisaengtaksin said the company’s revenue for the quarter was US$1,422 million, down by about US$65 million, or 4% from the second quarter.

Its sales volume decreased to 264,961 barrels of oil equivalent per day (BOED) compared to the previous quarter’s total sales volume 273,310 BOED.

This decrease was the result of lower sales volume of natural gas and condensate from the Arthit, Arthit North and Bongkot projects.