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Image courtesy of PTTEP.

Thailand’s largest oil and gas explorer PTT Exploration and Production reported its first quarterly net loss in more than a decade.

PTTEP reported a net loss of US$739 million for the October-December quarter, versus a profit of $239 million in the same quarter in 2013.

The quarterly loss is the first since the second quarter of 1998.

According to the company, the loss was primarily caused by higher impairment losses on assets after declines in global oil prices.

PTTEP confirmed it expected its sales volume to reach 343,000 barrels of oil equivalent per day in 2015, a rise of about 6 percent.

The increase will be largely due to higher gas output from Myanmar’s Zawtika field, as well as the planned commencement of an Algeria-based project, the company said in a statement.

“The continuous decline in crude oil prices in 2015 will continue to impact PTTEP’s performance,” it said.

At the end of 2014 the company had a cash position of $4 billion.

PTTEP said it looks to spend $4.83 billion this year to develop petroleum projects in Southeast Asia and Thailand.