PTT Exploration and Production
PTTEP (SET: PTTEP) is the upstream exploration & production arm of PTT Group and Thailand's NOC-style national upstream champion. FY2024 consolidated revenue approximately THB 320B; sales approximately 350,000 barrels of oil equivalent per day. Asset portfolio spans Gulf of Thailand (Bongkot G1/61, Erawan G2/61 PSCs won in 2018 auction, operatorship transferred in 2022-2023 from Chevron, Mitsui cohort), Myanmar (Yadana, Yetagun, Zawtika gas fields supplying Thailand via pipeline), Oman (Block 61 condensate, gas), Mozambique (Area 1 LNG, Total-operated, construction delayed by regional security), Malaysia (SK-410B, Sabah). PTT holds ~65%; remainder free float.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 320B
FY2024
Sales volume
~350K BOED
FY2024
Ticker
SET: PTTEP
Listed 1993
Key PSCs
G1/61 Bongkot, G2/61 Erawan
2018 award · 2022-23 operatorship
What this company actually does
PTTEP explores for, develops, produces, sells crude oil, natural gas, condensate, and LNG. Thailand assets: Bongkot (G1/61 PSC, ~500 MMscfd gas, condensate) and Erawan (G2/61, ~600 MMscfd gas), both in Gulf of Thailand under PSC operatorship since 2022-2023. Combined these two fields produce approximately 80% of Thai domestic gas. International assets: Myanmar Yadana, Yetagun, Zawtika export gas to Thailand via pipeline; Oman Block 61 produces condensate, gas; Mozambique Area 1 LNG (Total-operated, PTTEP ~8.5%) targets first cargo 2027-2028 after security-situation-driven delays; Malaysia offshore portfolio smaller contributor.[]
Strategic position: PTTEP is the Thai national upstream champion with domestic-decline offset via international diversification. Near-term production is steady; medium-term the Mozambique LNG first-cargo is the single largest production-growth catalyst. Strategic watchpoints: (a) Bongkot, Erawan decline-curve, development drilling pace; (b) Myanmar political situation, upstream asset reliability; (c) Mozambique security, delivery timing; (d) energy-transition capex (offshore wind JVs, carbon capture); (e) divestment of mature non-core international assets as decommissioning cycle advances.[, ]
Business segments
Gulf of Thailand
Bongkot (G1/61) and Erawan (G2/61)
Two PSCs covering Thailand's primary domestic gas fields. Combined output approximately 1,100 MMscfd gas providing ~80% of Thai domestic gas supply. PTTEP operatorship transferred from Chevron (Erawan) and Total/Mitsui (Bongkot) in 2022-2023.
International gas
Myanmar Yadana, Zawtika, Yetagun
Myanmar offshore gas fields supply Thailand via pipeline. Political-risk exposure: armed-conflict disruptions and sanctions compliance are the primary operational risks. Revenue contribution remains material despite instability.
International oil and LNG
Oman Block 61, Mozambique Area 1
Oman Block 61 produces condensate and tight gas in Hail and Ghasha. Mozambique Area 1 LNG (~8.5% PTTEP, Total-operated) targets first cargo 2027-2028 after security-related delays. Mozambique is the single largest future production catalyst.
Energy transition
Offshore wind, CCS initiatives
PTTEP's energy-transition portfolio includes offshore-wind JV exploration and carbon-capture-storage (CCS) feasibility studies in Gulf of Thailand. Budget allocation is modest vs E&P capex but signals LT-LEDS compliance trajectory.
PTTEP asset portfolio at a glance
Bongkot (G1/61)
Location
Gulf of Thailand
Status
Operating — primary Thai domestic gas; ~500 MMscfd
Erawan (G2/61)
Location
Gulf of Thailand
Status
Operating — operatorship transferred 2022-23; ~600 MMscfd
Yadana, Zawtika
Location
Myanmar offshore
Status
Operating — Myanmar political risk; gas pipeline to Thailand
Block 61
Location
Oman
Status
Operating — condensate, tight gas; Hail & Ghasha field
Area 1 LNG (Rovuma)
Location
Mozambique (~8.5%)
Status
Development — Total-operated; first cargo targeted 2027-2028
SK-410B, Sarawak
Location
Malaysia
Status
Operating — smaller contributor; gas
| Asset | Location | Status |
|---|---|---|
| Bongkot (G1/61) | Gulf of Thailand | Operating — primary Thai domestic gas; ~500 MMscfd |
| Erawan (G2/61) | Gulf of Thailand | Operating — operatorship transferred 2022-23; ~600 MMscfd |
| Yadana, Zawtika | Myanmar offshore | Operating — Myanmar political risk; gas pipeline to Thailand |
| Block 61 | Oman | Operating — condensate, tight gas; Hail & Ghasha field |
| Area 1 LNG (Rovuma) | Mozambique (~8.5%) | Development — Total-operated; first cargo targeted 2027-2028 |
| SK-410B, Sarawak | Malaysia | Operating — smaller contributor; gas |
Key drivers 2025-2026
Bongkot, Erawan production
G1/61, G2/61 PSC decline curve, development-drilling pace to sustain domestic gas supply.
Mozambique LNG first cargo
Targeted 2027-2028 after security delays; largest single production-growth catalyst.
Myanmar asset reliability
Political situation, Yadana and Zawtika export-pipeline operational stability.
Energy-transition capex
Offshore wind JVs, CCS investment pace; alignment with LT-LEDS and PTT Group energy strategy.
Watchpoints
Production
Gulf of Thailand decline curve
Bongkot and Erawan fields provide ~80% of Thai domestic gas. Development-drilling pace must offset natural production decline. Any slowdown in infill-drilling approvals or contractor availability extends domestic-gas shortfall risk.
Project
Mozambique LNG security situation
Total-operated Mozambique Area 1 LNG was suspended in 2021 due to jihadist insurgency in Cabo Delgado province. Partial resumption of construction in 2023-2024; first cargo target of 2027-2028 is contingent on security stability.
Geopolitics
Myanmar political-risk pipeline
Myanmar Yadana and Zawtika assets supply gas via pipeline to Thailand and are subject to sanctions-compliance scrutiny from Western counterparties. Any pipeline disruption from armed-conflict activity is the highest-probability near-term operational risk.
Related Market profiles
Peers, parents, partners, agencies, and other Oil & Gas actors.
Parent
PTT
Parent PTT holdco; ~65% ownership of PTTEP.
Open Market profile →
Partner
PTT Global Chemical
Feedstock linkages: PTTEP natural gas, condensate supply PTTGC cracker.
Open Market profile →
Sector peer
Bangchak Corporation
Main independent Thai refiner; post-Esso ~294K bpd, 1,800 retail stations; biofuels, BCPG solar; FY2024 revenue ~ $9.57B.
Open Market profile →
Sector peer
Bangkok Aviation Fuel Services
Aviation fuel into-plane services, pipeline at Suvarnabhumi, Don Mueang; tourism-recovery beta; FY2024 revenue ~ $144.9M.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Petroleum Act B.E. 2514 (+ amendments)
Publisher
Government of Thailand
Grade
Primary
As of
2019-01-01
| Source | Publisher | Grade | As of |
|---|---|---|---|
| PTT Exploration & Production PCL (SET: PTTEP) FY2024 Form 56-1 | PTT Exploration and Production PCL | Primary | 2025-03-31 |
| Petroleum Act B.E. 2514 (+ amendments) | Government of Thailand | Primary | 2019-01-01 |
Reports featuring this profile
Thailand LNG & Natural Gas Import Infrastructure Market Intelligence
G1/61 Erawan, G2/61 Bongkot operator; supplies ~1500 MMcf/D into PTT trunk pipelines
Open report →
Sits alongside 4 other Atlas profilesPTTEP: Upstream Portfolio and the Myanmar Exposure Question
PTT-affiliated upstream E&P arm; FY2024 revenue THB 327,415M and net profit THB 78,824M (USD 2,227M); 488,794 BOED average sales (+6% YoY); PTT holds 63.79% as of Aug 2025.
Open report →
Sits alongside 2 other Atlas profilesThailand Oil & Gas Market Intelligence
PTT Group upstream E&P arm; ~350K BOED sales; Gulf of Thailand, international portfolio; FY2024 revenue ~THB 320B.
Open report →
Sits alongside 8 other Atlas profilesThailand LNG & Natural Gas Market Intelligence
PTTEP upstream gas exploration, LNG production, gas supply contracts.
Open report →
Sits alongside 2 other Atlas profilesThailand Mining & Minerals Market Intelligence
PTTEP upstream minerals, rare-earth adjacent interests.
Open report →
Sits alongside 6 other Atlas profiles