PTTEP reported 9-month performance of 2024
PTTEP announces its advancement in leveraging digital technology to enhance operational capabilities in various areas. The company has contributed approximately THB43.30 billion to the government to support national development.
Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed the business progress of an international project, the Abu Dhabi Offshore 2 project in the United Arab Emirates, that the field development plan has been approved by the government. The final investment decision (FID) for the project is expected in 2025, which will be a step toward the increase of petroleum reserves as well as natural gas production for future growth.
PTTEP is also committed to advancing its Digital-Driven Organization strategy, focusing on the development and implementation of innovations and technologies within the organization to enhance operational efficiency. By integrating digital technology, PTTEP has improved operational efficiency and reduced time and costs.
As part of this strategy, PTTEP has launched the DigitalX project. This includes leveraging artificial intelligence (AI) and machine learning technologies that enable rapid and precise data analysis along PTTEP's value chain, such as well drilling, production operations and supply chain activities. The initiative also includes establishing a data foundation to standardize data management and deploying advanced enterprise resource planning (ERP) systems to optimize resource management with proactive data protection.
Additionally, advanced robotics and drones are being developed to enhance operational efficiency and agility at PTTEP's offshore production platforms, as well as a target to reduce operation risks and time. For instance, Delivery Drone helps transport essential equipment and medical supplies between platforms in the Gulf of Thailand, streamlining logistics. Furthermore, Inspection Drone is utilized to assess critical infrastructure conditions, helping to extend asset life, mitigate potential risks and enhance safety.
Montri stated, "PTTEP has integrated innovative technology, robotics, and AI into its operations. The company develops and utilizes the DigitalX project, subsea robotics and additional technologies through its subsidiaries and PTTEP itself. The development of technology and AI is being carried out alongside the enhancement of personnel capabilities.
These efforts encompass promoting learning, sharing knowledge, and fostering innovative practice in line with a learning organization approach. Such initiatives reinforce operational capabilities and efficiencies in the exploration and development of energy resources amid the dynamic environment, which is deemed crucial in fostering sustainability for PTTEP and the country."
As a result of PTTEP's strategic focus on leveraging digital technology to enhance its operations, PTTEP has been recognized with several awards from both local and international organizations. These include the "Thailand Technology Excellence Awards for AI – Oil & Gas" from Asian Business Review magazine for the "AI Innovation under the Digital Transformation Project", showcasing the application of AI and machine learning in several aspects of PTTEP's operations.
The company was also honoured with the "National Innovation Award 2024" in the category of Innovative Organization for Large Enterprises by the National Innovation Agency (NIA). Alongside these achievements, PTTEP also received the "Best Public Company of the Year 2024" from the Money & Banking Awards 2024. Additionally, the company was awarded Best CEO and Best IR Awards in the energy and infrastructure sector from the IAA Awards for Listed Companies 2024.
Regarding the recognition of corporate social responsibility, PTTEP's Ocean for Life project received the Sustainability Award 2024 in the category of "Sustainability Initiative of the Year" from Business Intelligence Group, a globally recognized organization based in the United States of America.
On the 9-month financial performance of 2024, PTTEP generated a total revenue of THB247.11 billion (equivalent to US$6.9 billion). The average sales volume increased by approximately 6% compared to the same period in 2023. This growth was primarily driven by the natural gas production of the G1/61 project, which reached 800 million cubic feet per day (MMSCFD) since late March 2024. Meanwhile, the average selling price slightly decreased to USD 47.11 per barrel of oil equivalent, due to lower natural gas prices.
As a result, PTTEP recorded net profit for the 9-month period at THB60.51 billion (equivalent to US$1,688 billion).
Contribution of over THB43.30 billion to national development
During the nine months period this year, PTTEP paid over THB43.30 billion of income tax, royalties and other remunerations to the government. This significantly supports national development in various areas such as community, education, and research & development (R&D). The profit sharing from petroleum production in G1/61 and G2/61 projects, under the Production Sharing Contract (PSC), directly contributes to national revenue, further supporting the country's development.
