PTTEP posts THB39 billion first-half profit and advances Gulf platform reuse

PTT Exploration and Production Public Company Limited reported first-half 2026 revenue of THB176.76 billion and net income of THB39.03 billion. Average sales volume rose 14% year on year to 563,179 barrels of oil equivalent per day, supported by higher Gulf of Thailand production and interests acquired during 2025 in the MTJDA A18, Algeria Touat and Malaysia SK408 projects.

PTTEP said domestic natural gas production remained at full capacity of approximately 2,680 million standard cubic feet per day, above a daily contractual quantity of about 2,500 MMscfd. The company attributed the operating approach to energy-security concerns associated with continuing Middle East unrest.

The reporting period also included Thailand’s first “Total Wellhead Platform Reuse” initiative at the Jakrawan K platform in the Funan field of the G1/61 Project. PTTEP relocated and reinstalled the platform’s topside, jacket and selected pile sections within the field, an approach the company said reduced costs, accelerated execution and lowered greenhouse gas emissions.

Separately, PTTEP signed an agreement with Thailand’s Department of Fisheries and Department of Mineral Fuels covering the conversion of nine retired wellhead platform jackets into artificial reefs. PTTEP is scheduled to begin placing the structures in the Gulf of Thailand during the fourth quarter before handing them over to the fisheries department. The work represents a decommissioning-adjacent reuse route for offshore structures and may create demand for marine transport, lifting, installation and subsea support services, although contractors and vessel requirements were not identified.

PTTEP’s board approved an interim dividend of THB4.50 per share, payable on August 28, 2026. The company also reported first-half payments of more than THB27.7 billion in taxes, royalties and other government remuneration.