Bangkok: PTT Public Company Limited (PTT) has expressed its commitment to backing the Thai government in negotiating the Overlapping Claims Area (OCA) with Cambodia to access cheaper natural gas sources. The company’s shares have reportedly remained stable, with their financial performance for the first nine months of 2024 showing a net profit exceeding 80 billion baht. PTT is also advancing its low-carbon business ventures to align with global energy trends.
According to Thai News Agency, Mr. Kongkrapan Intarajang, CEO and President of PTT, highlighted the ongoing negotiations concerning the OCA between Thailand and Cambodia. PTT Group is prepared to support the government’s policy, contingent upon successful negotiations. The proximity of PTT’s nearest drilling platform, situated within 50-60 kilometers, positions the company advantageously should the negotiations conclude swiftly. This development could potentially lead to a reduction in natural gas import costs, ultimately decreasing electricity expenses
for Thai citizens.
The financial results for the first nine months of 2024 showed PTT and its subsidiaries achieving a net profit of 80,761 million baht, marking a 2% increase from the same period in 2023. This growth is primarily attributed to enhanced performance in the petroleum exploration and production sector, driven by increased sales volume from the G1/61 project. Despite challenges such as reduced Market Gross Refining Margin and increased oil stock loss in the refining business, as well as decreased operating results in the natural gas business, PTT affiliates contributed 78% to the profit, with the remaining 22% from PTT’s direct operations.
PTT is committed to sustainable growth, focusing on achieving net-zero emissions through its C3 approach, which encompasses Climate Resilience Business, Carbon-Conscious Asset, and Coalition, Co-Creation, and Collective Efforts for All. Efforts include enhancing production efficiency, leveraging clean energy, and investing in Carbon Capture and Storage (CCS)
technology. Additionally, the company’s reforestation initiatives have been recognized for significantly reducing greenhouse gas emissions.
Mr. Kongkrapan reaffirmed PTT’s strategic operational plans and consistent dividend payments to shareholders, underscoring the company’s stock stability. In line with its energy stability mission, PTT and its affiliates have also engaged in social responsibility initiatives, providing extensive support to flood victims since August, with contributions exceeding 15.73 million baht. Assistance efforts included distributing relief materials and deploying PTT Group SEALs to aid in remote areas.
PTT is dedicated to ensuring national energy security and stability, fostering economic growth, and enhancing the quality of life for Thai people while balancing societal, community, and environmental responsibilities. The company aims for sustainable global-level organizational growth.