Chairman and CEO Message
Krairit Euchukanonchai
Chairman
Montri Rawanchaikul
Chief Executive Officer
The year 2024 continues to be a challenging time for the energy industry, with key challenges including the development of new energy sources – both conventional and clean energy – as well as the need to balance energy production with greenhouse gas reduction efforts to mitigate global warming. PTTEP remains committed to providing energy security while striving to become a low-carbon organization. This is driven by its three strategy pillars: Drive Value, strengthening and monetizing the petroleum exploration and production business; Decarbonize, reducing greenhouse gas emissions; and Diversify, expanding into new businesses focusing on future energy and advanced technology.
In 2024, PTTEP takes great pride in contributing to alleviating the impact of energy prices on public and driving the country’s economy. This has been achieved by increasing the natural gas production rate from G1/61 Project (Erawan, Platong, Satun, and Funan fields) to 800 million cubic feet per day (MMSCFD), ahead of schedule under the Production Sharing Contract. The Company strives to maintain this production level moving forward. When combined with other key projects such as G2/61 Project, Arthit Project, and Contract 4 Project, PTTEP’s domestic natural gas production accounts for 82 percent of Thailand’s total natural gas output. This supports the energy demands of both the industrial and household sectors while strengthening the country’s energy security.
Regarding PTTEP’s international expansion, the Company has strengthened its investment in strategic areas. PTTEP acquired a participating interest in the Ghasha Concession Project in the United Arab Emirates (UAE), one of the country’s largest offshore natural gas fields. Additionally, the Abu Dhabi Offshore 2 Project has received government approval for its field development plan and is now progressing toward the Final Investment Decision (FID) before entering the development phase. In Algeria, PTTEP acquired the share capital of E&E Algeria Touat B.V., resulting in an indirect investment in the Touat Project, an onshore natural gas field. This acquisition supports PTTEP’s long-term growth strategy.
To enhance operational efficiency, PTTEP has developed the “DigitalX” project, leveraging digital technologies such as AI and Machine Learning to analyze and process data with greater speed and accuracy. Additionally, the company has developed “X.brain,” a self-learning AI engine that continuously improves to support workforce agility. PTTEP also prioritizes advancing digital literacy, skills, and creativity among employees to further drive organization efficiency.
In support of the Net Zero Greenhouse Gas Emissions target by 2050, PTTEP has achieved a cumulative greenhouse gas emissions reduction by 4.08 million tonnes of CO2 equivalent from the base year 2020. Furthermore, PTTEP has implemented restoration and conservation of terrestrial and mangrove forests to help increase CO2 absorption areas. Another key development is the Carbon Capture and Storage (CCS) project at PTTEP-operated Arthit gas field in the Gulf of Thailand, which has been incorporated into the Nationally Determined Contribution Action Plan on Mitigation 2021–2030 approved by the Thai Cabinet in 2024. PTTEP is currently preparing for the FID of the project. Arthit CCS project aims to reduce CO2 emissions by approximately 700,000–1,000,000 tonnes of CO2 per year.
In the realm of clean energy, the HyDuqm Project – an integrated green hydrogen project in Oman – is currently assessing wind and solar resources and conducting a feasibility study. Engineering design is set to commence in 2025. PTTEP remains focused on exploring investment opportunities in clean energy businesses to support its goal of becoming a low-carbon organization and facilitating the energy transition.
For the 2024 financial performance, PTTEP generated a total revenue of THB 327,415 million (equivalent to USD 9,273 million). The average sales volume reached 488,794 barrels of oil equivalent per day, reflecting an approximate 6 percent increase from the year 2023, primarily driven by the natural gas production ramp-up from G1/61 Project. As a result, the Company reported a net profit of THB 78,824 million (equivalent to USD 2,227 million). This net profit will be pivotal in financing capital investments for the development and production of petroleum to meet domestic energy demand and support future growth. In 2024, PTTEP also paid THB 50,450 million of income taxes, royalties, and other remunerations to the government. This strongly supports national development in various areas such as community, education, and research & development (R&D).
Driven by a commitment to business operations, alongside concerns for the community, society, the environment, and good corporate governance, PTTEP has been recognized with 36 awards from 24 institutions at both the national and international levels in 2024. This serves as another testament to the Company’s achievement.
On behalf of the Board of Directors, management, and employees, we would like to express our sincere gratitude to our shareholders, business partners, financial institutions, government and private sector agencies, and all stakeholders for their continuous support. In 2025, PTTEP will celebrate its 40th anniversary. We all pledge to continue our dedicated efforts to fulfill our mission of ensuring energy security for the Thai people and the country, with the goal of delivering a sustainable energy future for all.