PTT Exploration and Production Plc (PTTEP) has discovered a new source of gas in the United Arab Emirates (UAE), described as one of its most significant discoveries in recent years.
"We are delighted to announce another gas discovery in the UAE," said Montri Rawanchaikul, chief executive of PTTEP.
The company, through its subsidiary PTTEP Mena Co, co-invested in the gas exploration and production project with Eni Abu Dhabi BV, a subsidiary of the Rome-based multinational oil and gas company Eni, at Abu Dhabi Offshore Block 2.
The PTTEP-Eni joint venture was awarded the Block 2 project in 2019 by the Abu Dhabi National Oil Company. Eni Abu Dhabi BV owns a 79% share, with the remaining 30% held by PTTEP.
They discovered gas at the first exploration well named XF-002.
Gas reservoirs were tested and found to have excellent flow rates. Fast-track development options are currently under evaluation.
PTTEP and Eni will continue drilling nearby areas to further evaluate the potential of the gas supply at Block 2.
PTTEP will push forward gas production development plans, believing experience in the gas business, along with technology, will help the UAE increase its gas reserves.
Eni and PTTEP are currently investing in four gas exploration and production projects -- Abu Dhabi Offshore Block 1, 2 and 3, as well as Sharjah Onshore Area C, which are all under an exploration phase.
Block 2, located northwest of Abu Dhabi, covers an area of 4,033 square kilometres.
Meanwhile, PTTEP saw its total revenue in the first half of 2022 increase by 28% year-on-year to US$4.54 billion (153.5 billion baht), up from $3.54 billion in the same period last year.
Among the key contributions was an 8% increase in its gas sales to 446,519 barrels of oil equivalent per day, especially from sources in Oman and the Gulf of Thailand.
Rising global oil prices have also been a positive factor.
The firm's net profit rose in the first half by 54% year-on-year to $918 million, up from $598 million.
