PTTEP’s appetite for growth undimmed

Even the turbulence of 2020 has failed to cool the enthusiasm of Thailand’s NOC for further expansion

State-controlled PTTEP is one of a number of NOCs which continues to explore, develop and acquire—to some extent stepping into the shoes of majors and IOCS seeking to divest or consolidate their hydrocarbon assets—as it pursues a programme to significantly ramp up production and sales, particularly of gas, over the coming years. PTTEP remains bullish about gas demand and prospects, seeing long-term growth for the fuel as a transitional energy source. As of the end of 2020, the Thai company’s proven and probable hydrocarbon reserves totalled 1.62bn bl oe, of which 69pc was gas. Of those reserves, 53pc were in domestic Thai resources. Sales volumes in 2020 reflected a similar split, comprising