Krungsri Securities stated that PTTEP's plan to reduce capital expenditure at its Gulf of Thailand production assets, known as GoT SAVE, has made significant progress. The company has successfully reused both the topsides and jackets of wellhead platforms, achieving capital expenditure savings of up to 50 percent compared to new builds, or around 15 to 16 million US dollars per platform. It targets reusing entire platforms for another 10 platforms during 2027 to 2029. Combined with plans to reuse topsides for another 10 to 15 platforms, this will lift capital expenditure savings above the original plan, which targeted reusing only 26 topsides at a saving of 8 million US dollars each. As a result, there is an opportunity to save an additional approximately 62 million US dollars in capital expenditure. Meanwhile, the short-term production delay at some assets in the United Arab Emirates due to the impact of war does not alter the long-term growth support from the Middle East portfolio. Normalised net profit for the third quarter of 2026 is expected at around 19 billion baht, up 38 percent year-on-year but down 23 percent quarter-on-quarter. The year-on-year growth is driven by tight supply from the closure of the Strait of Hormuz, while the quarter-on-quarter decline reflects softer selling prices and lower sales volumes due to seasonal maintenance shutdowns.
PTT Exploration and Production Public Company LimitedPTTEP's GoT SAVE plan reduces capex by an additional $62 million, boosting efficiency and profitability.