PTTEP faces margin pressure on gas plan
As the Thai NOC embarks on its record five-year investment programme, analysts wonder how it will maintain profitability
Thailand’s NOC and largest petroleum producer PTTEP in December announced its largest-ever five-year investment programme of $24.6bn. Maintaining margins on these investments will be challenging given the gas prices it has committed to receiving for the output of its holdings in the Gulf of Thailand. PTTEP won production and development rights for the Bongkot and Erawan fields in the Gulf of Thailand in December 2018. Chevron previously operated Erawan, while PTTEP was already the operator of Bongkot. The company was awarded the fields based on its offered gas price of $3.55/mn Btu and profit share terms that were more favourable than those offered by Chevron, says Prateek Pandey, senior up

Also in this section
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats