PTTEP reveals 2013 achievement and five-year plans
Increase sales volume to 292,000 barrels of oil equivalent per day or a rise of 6%
Accelerated development plan to increase our proved reserves life (R/P) to 10 years
Invests over USD 27,000 million in the next 5 years, from 2557-2561 as per long term strategic plan to support higher energy demand in the future.
Mr. Tevin Vongvanich, President and CEO of PTT Exploration and Production Public Company Limited or PTTEP revealed 2013 achievement, strategic plan and 5-year plan as details below:
In 2013, PTTEP has steadily grown as the Thai national petroleum exploration and production company with the production rate of 292,000 barrels per day (BPD), 6% higher than year 2012.
In 2013, there were key milestones;
S1 Project has reached 30-year production anniversary with contribution of 231 million barrels of oil to serve Thailand’s demand and highest production rate of 37,890 BPD on February 25, 2013.
Bongkot Project celebrated its 20-year production anniversary with accumulated gas production over 3.7 trillion cubic feet (TCF) and accumulated condensate production over 112 million barrels (MBOE).
Furthermore, Montara Field started up its first crude oil production at 10,000 BPD while Zawtika Project is under the commissioning process which is expected to produce natural gas in the first quarter of 2014.
For exploration, PTTEP successfully found petroleum in Algeria Hassi Bir Rekaiz Project and natural gas in Myanmar M3 Project.
For investment expansion, PTTEP and Pertamina jointly signed Share Purchase Agreements (SPAs) to acquire the subsidiaries of Hess Corporation in Indonesia. The transaction of Natuna Sea A has been accomplished by end of 2013.
Financially, domestic and international investors hold high confidence in PTTEP as the company has entered the Stock Exchange of Thailand (SET) for 20 years. We then successfully raised capital from the stock market after 3 Initial Public Offering (IPO), and consistently expanded their investment both in Thailand and abroad. All leads to continuous growth of reserves, production, and rate of return that is higher than the industry average.
In corporate social responsibility (CSR) perspective, PTTEP has initiated a Reforestation Project in 2013 with 200,000 rais by 2020. Suansri Nakhonkhueankhan Ecosystem Learning Project in Bangkachao has started under the initiative of Her Royal Highness Princess Maha Chakri Sirindhorn. Lastly, PTTEP has cooperated with PTT Group to establish Rayong Institute of Science & Technology (RAIST) and Rayong Science Academy (RASA) in order as part of its plan to boost long-term business sustainability and to develop an academy focusing on science and technology.
Throughout the year of 2013, PTTEP has been widely recognized for its committed operation as it has been ranked as top quartile level by the International Association of Oil and Gas Production (OGP) for improved Lost Time Injury Frequency (LTIF). Additionally, PTTEP also received many awards;
“NACC Integrity Awards 2012” from the National Anti-Corruption Commission (NACC)
“Top Corporate Governance Report Award” for the third consecutive year from the Stock Exchange of Thailand (SET)
“The Investor Relations Award” from the Stock Exchange of Thailand (SET)
The Board of the Year 2012/2013 in four catgories:
Board of the Year for Exemplary Practices
Hall of Fame-awarded to Board that have been honored with the Board of the Year Awards for Exemplary Practices for 3 consecutive times
Board of the Year for the Distinctive Practices
Audit Committee of the Year for the second time
“Most Organized Investor Relations” and “Best Strategic Corporate Social Responsibility” awards from Hong Kong’s Alpha SEA Magazine.
These recognitions and awards endorsed our unfailing commitment to high standards. PTTEP conducts its business as a responsible corporate member of the society. We hold issues of society and environment at heart as we operate with strict corporate governance policies.
PTTEP Strategic Plan
PTTEP has accomplished major success while implementing several changes to better prepare PTTEP for future business challenges and sustainable growth. Our long term strategy was revised to strike a balance among 3 directions: production (Big), reserves life (Long) and investment return (Strong). The company adjusted our previous 2020 production aspiration of 900 kbd down to a more realistic target of 600 kbd. However, the company has accelerated exploration and production in order to maintain capacity. As well as explore more reserve in overseas projects. To improve our proved reserves life (R/P) to 10 years, to maintain our ROCE above an E&P industrial average, and to retain our credit rating at the country level.
“PTTEP also plans to expand its investment in new projects, both the acquisition and merger in the initial production or in development phase, in order to increase production and proved reserves. Moreover the company attempts to develop capacity of the organization in many areas in technology, procedure, human resource development and funding to achieve the company’s strategic plan and goals” Mr. Tevin added.
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT.
Public relations, press release distribution service, investor relations, SEC filing, regulatory news,upstream, downstream,corporate announcements,technology developments and political news
www.oilandgaspress.com – The ‘one stop shop’ for global Oil and gas press releases!!!
Email: email@example.com to let us know about your events and we’ll list them free of charge. Advertise your company’s services and reach thousands of oil and gas industry executives and professionals