Thailand's national upstream champion: Gulf of Thailand gas (Bongkot, Erawan/G1, Arthit), Myanmar (Zawtika/Yadana) and international (Malaysia, UAE Ghasha, Oman, Algeria, Mozambique Area 1 LNG restarting).
~65% PTT-owned, gas-weighted, with a strong balance sheet and dividend and Mozambique LNG restart optionality. Flags: short reserve life (~5yr R/P), Myanmar/geopolitical exposure, state-ownership overhang.
Its EV/EBITDA of 3.5x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 4.1% is lower than the 6.5% median, and at $10.34/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, PTT E&P scores 57/100, strongest on valuation (64/100). Sub-scores: value 64, quality 52, growth 56, risk 46 (higher = riskier).
PTT E&P holds approximately 1.84 billion boe of proved (1P) reserves with FY2025 production of about 510 thousand boe/d (30% liquids), a reserve life of roughly 9.9 years. Break-even: ~$35-45 (gas breakeven (note)) — Low-cost Gulf of Thailand gas; Erawan (G1) ramp after the operatorship transition.
For PTT E&P, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Thailand | 70% | 55 | Stable output; mature Gulf fields, periodic political unrest. |
| Myanmar | 12% | 98 | Post-coup sanctions, conflict, majors exiting, sanctions risk. |
| Malaysia / SE Asia | 10% | 36 | Stable NOC-led PSCs; Petronas dominance, South China Sea claims. |
| Middle East / Africa | 8% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Bongkot / Gulf of Thailand | Thailand | Gas | core producing gas |
| Erawan (G1/00) | Thailand | Gas | operatorship 2022, ramping |
| Arthit | Thailand | Gas | offshore gas |
| Zawtika / Yadana (Myanmar) | Myanmar | Gas | supply to Thailand |
| Mozambique Area 1 LNG | Mozambique | LNG | restart underway |
| Ghasha (UAE) | UAE | Gas | sour gas concession |
| Malaysia (Sarawak/Sabah) | Malaysia | Oil/gas | offshore |
| Algeria (Hassi Bir Rekaiz) | Algeria | Oil | development |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 416 | 468 | 462 | 488 | 510 |
| Proved reserves (bnboe) | 1.13 | 1.16 | 1.05 | 1.02 | 1.84 |
| Revenue ($bn) | 6.5 | 9.5 | 8.9 | 9.0 | 9.0 |
| EBITDA ($bn) | 4.8 | 7.0 | 6.4 | 6.5 | 5.4 |
| Net income ($bn) | 1.1 | 2.5 | 2.2 | 2.1 | 1.8 |
| Free cash flow ($bn) | 1.5 | 2.8 | 2.0 | 2.2 | 0.7 |
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✓ FY2025 figures verified against primary sources:
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