PTTEP has announced its operational progress for the first quarter of 2026, highlighting an accelerated ramp-up in natural gas production from domestic projects to maximum capacity. This effort aims to meet national energy demand, help cushion potential impacts on household and industrial sectors, and safeguard the country’s energy security amid global energy market volatility. During this quarter, the company contributed over THB 7,300 million to the Thai government.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), stated that the ongoing unrest in the Middle East has triggered a surge in global crude oil and natural gas prices, resulting in widespread impacts on energy consumption across both household and industrial sectors. In response, PTTEP has accelerated natural gas production from projects in the Gulf of Thailand, in alignment with the Ministry of Energy's policy, to help alleviate the impact of the global energy crisis. The company has maximized its production capacity to approximately 2,720 million standard cubic feet per day (MMSCFD), up from a Daily Contractual Quantity (DCQ) of around 2,500 MMSCFD. These increasing volumes are primarily from Arthit, MTJDA B17-01, Contract 4, and G2/61 Projects. This output serves as a primary fuel for power generation, strengthening Thailand’s power grid stability and energy security, while reducing reliance on fuel imports amid rising prices driven by ongoing geopolitical tensions.
Beyond power generation, natural gas from the Gulf of Thailand also serves as a vital feedstock for the petrochemical and downstream industries. This includes the production of plastics, synthetic materials, synthetic fibers, packaging, fertilizers, construction materials, and a wide range of everyday consumer products, thereby further driving and enhancing the national economic value chain.
'The conflict in the Middle East has had significant and far-reaching impacts on global economies, energy security, and the livelihoods of people in many nations worldwide. Under these circumstances, maintaining stable management of domestic energy resources is of paramount importance. PTTEP has ramped up natural gas production from domestic fields to its highest level to support power generation to the greatest extent possible for daily consumption. This effort helps alleviate energy-related burdens and strengthens Thailand's energy security. Additionally, the increased production generates additional revenue for the government, supporting various national development initiatives,' said Mr. Montri.
On the international operations front, PTTEP made the Final Investment Decision (FID) for the Sirung and Chenda fields in the Malaysia SK405B Project. This marks PTTEP’s first FID for greenfield developments in Malaysia. First production is targeted for 2028 with oil production of 15,000 barrels per day, supporting the company's long-term growth.
Under the 'Ocean for Life' initiative for marine conservation and restoration, PTTEP, in collaboration with the Department of Marine and Coastal Resources and relevant agencies, has established the 'Ocean for Life' Underwater Sculptures of Art at Koh Tao, Surat Thani. The site features nine sculptures of rare marine animals alongside artificial reef structures, bringing the total number to 93 units across an area of over 10,000 square meters. This initiative not only restores marine ecosystems and enhances biodiversity but also promotes sustainable tourism and generates income for local communities.
Regarding financial performance in the first quarter of 2026, PTTEP recorded total revenues of THB 78,841 million (equivalent to USD 2,491 million). The average sales volume reached 553,369 barrels of oil equivalent per day, marking an increase of approximately 14% from the first quarter of the previous year, primarily driven by increased domestic petroleum production and recent projects acquired during 2025—MTJDA A18, Algeria Touat, and Malaysia SK408 Projects. Meanwhile, the average selling price was USD 46.02 per barrel of oil equivalent. As a result, the company reported a net income of THB 11,835 million (equivalent to USD 376 million).
Contribution of over THB 7,300 million to national development
Based on this performance, PTTEP contributed over THB 7,300 million of income taxes, royalties and other remunerations to the government, up from THB 6,800 million during the same period last year. This strongly supports national development in various areas such as community, education and research & development (R&D). Furthermore, the profit sharing from the petroleum produced in the G1/61 and G2/61 Projects, under the Production Sharing Contract (PSC), also directly contributes to the government’s revenues for the country’s development.
Source: PTTEP
