PTTEP: Upstream Portfolio and the Myanmar Exposure Question

Questions this report answers

What is PTTEP's production scale and FY2024 financial trajectory? FY2024 average sales were 488,794 BOED (+6%🔒 YoY); revenue was THB 327,415M🔒; net profit was THB 78,824M🔒 (USD 2,227M🔒). The 2025 budget is THB 261,940M🔒 (~USD 7.4B🔒). The Gulf of Thailand G1/61 (Erawan) ramp from former Chevron operatorship and G2/61 (Bongkot) sustain are the volume drivers.^{[1, 2, 5, 6]}

How material is the Myanmar exposure in revenue and reputational terms? Yadana produced 443 mmscfd in 2024; Zawtika exported 225 mmcfd to Thailand (-5%🔒 YoY). PTTEP's MGTC (63%🔒, MOGE 37%🔒) and ATL (80%🔒, MOGE 20%🔒) pipeline JV revenue totalled USD 1.078B🔒 over 2021-2024 per Myanmar Justice for the Rohingya investigation. The EU sanctioned MOGE in Feb 2022, the US in Oct 2023, and Switzerland in Mar 2025. Total revenue exposure to Myanmar as a percentage of PTTEP consolidated is not separately disclosed.^{[7, 8, 12]}

What is the structural growth pipeline beyond Thailand and Myanmar? Mozambique Area 1 (PTTEP 8.5%🔒) restart was confirmed by TotalEnergies in Feb 2025; first cargo is now expected 2029 per the Oct 2024 update. PTTEP acquired 10%🔒 of the Ghasha Concession (offshore Abu Dhabi) in Jul 2024; Block 53 Mukhaizna in Oman had its EPSA extended to 2050 in May 2025. These are the medium-term volume-and-cash catalysts away from Myanmar exposure.^{[11, 10, 9]}

What is the parent-shareholder structure? PTT holds 2,532,340,489 PTTEP shares = 63.79%🔒 as of Aug 2025; NRGI characterises the group economic stake at approximately 65%🔒. The PTT-PTTEP relationship is the upstream-to-integrated-conglomerate spine of the Thai national oil and gas system; PTTEP capital allocation flows through PTT-group strategic priorities, including the Strategy 2030 transition framework.^{[4, 3]}

Executive summary

PTTEP is the upstream exploration and production arm of the PTT Group and the largest publicly listed Thai oil and gas operator. FY2024 was a strong year: net profit reached THB 78,824M🔒 (USD 2,227M🔒) on revenue of THB 327,415M🔒, with average sales of 488,794 BOED reflecting a 6%🔒 YoY volume lift driven by the Gulf of Thailand G1/61 Erawan ramp from former Chevron operatorship and the G2/61 Bongkot sustain. The 2025 budget commits THB 261,940M🔒 to volume sustain plus Mozambique LNG restart capex.^{[1, 2]}

The Myanmar exposure is the central buyer question. Yadana produced 443 mmscfd in 2024 and Zawtika 225 mmcfd to Thailand (-5%🔒 YoY). Pipeline JV revenue across MGTC and ATL totalled USD 1.078B🔒 over 2021-2024 per JFM investigation. MOGE has been sanctioned by the EU (Feb 2022), the US (Oct 2023), and Switzerland (Mar 2025); total revenue exposure to Myanmar is not separately disclosed by PTTEP, leaving the OFAC secondary-sanctions tightening scenario as a key open risk.^{[7, 8]}

The medium-term portfolio rotation is toward Middle East and Mozambique. PTTEP acquired 10%🔒 of the Ghasha Concession (offshore Abu Dhabi) in Jul 2024; the Block 53 Mukhaizna EPSA in Oman was extended to 2050 in May 2025. Mozambique Area 1 (PTTEP 8.5%🔒) restart was confirmed by TotalEnergies in Feb 2025 with first cargo expected 2029. These geographically-diversified catalysts reduce single-country concentration over the 2026-2029 horizon and provide the optionality that supports the Myanmar-exposure hedge.^{[10, 9, 11]}

Production split by geography (illustrative %)