PTTEP has set short and long-term sustainability targets for economic, social, and environmental dimensions and disclosed the sustainability performance of our materiality topics. In 2024, the main achievements and progress of PTTEP’s targets and work plan were as follows:
Materiality: 1. Energy Transition and Business Model Resilience
Target |
2024 Progress |
2024
- Pursue sustainable growth in focus areas
- Maintain reserves to production ratio (R/P) to be greater than 5 years
- Maintain competitive unit cost for E&P
- Allocate 10% of total capital expenditure (CAPEX) budget for transition business during 2024-2030
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- Net income at USD 2,227 million
- Production growth rate at 9%, compared to 2023
- R/P Ratio or Reserves Life at 6.4 years
- Unit cost at USD 29.58 per barrel of oil equivalent
- Allocated capital expenditure (CAPEX) to energy transition business amounting to USD 725 million, equivalent to 2.06% of total CAPEX budget during 2024-2030
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Materiality: 2. Governance, Risk Management, and Compliance
Target |
2024 Progress |
2030
- Achieve zero fraud and corruption and zero non-compliance
- Achieve high-impact risk identification with effectiveness mitigation
- Achieve 100% improvement for control deficiency
- Increase GRC Maturity Level to level 4+ (Transform and Advantaged)
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- Implemented GRC according to GRC Strategies – Smart Assurance and Mindful GRC which aims to effectively integrate assurance processes, cultivate GRC mindset and extend GRC practices to related parties.
- Implemented GRC One Digital System to support management performance by easily and quickly receiving GRC related information.
- Continued building GRC culture throughout several communication campaigns for all employee in Thailand and overseas.
- 100% of employee completed training and maintain acknowledgement on Good Corporate Governance and Business Ethics (CG&BE)
- Implemented ONE BCMS as to increase efficiency in business continuity management (BCM).
- GRC Maturity Level: 3.84/5 (Managed – Transform Level) and perform gap improvement and level up GRC Maturity Level in 2030.
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Materiality: 3. Safety, Security, and Occupational Health
Target |
2024 Progress |
2024
- Lost Time Injury Frequency (LTIF) of employees and contractors is ≤ 0.06 case per million hours worked
- Total Recordable Injury Rate (TRIR) of employees and contractors is ≤ 0.53 cases per million hours worked
- Oil and chemical spill rate is ≤ 0.6 tonnes per million tonnes of petroleum production
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- Lost Time Injury Frequency (LTIF) of employees and contractors at 0.24 cases per million hours worked
- Total Recordable Injury Rate (TRIR) of employees and contractors at 0.80 cases per million hours worked
- Oil and chemical spill rate at 0.15 tonnes per million tonnes of petroleum production
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Materiality: 4. Climate Change and Net Zero
Target |
2024 Progress |
2030
- Reduce GHG emissions intensity by at least 30% (from base year 2020)
- Conserve and restore 200,000 rai of forestatrions
2040
- Reduce GHG emissions intensity by at least 50% (from base year 2020)
2050
- Achieve Net Zero Greenhouse Gas (GHG) Emissions (Scope 1 and Scope 2) of E&P business under PTTEP’s operational control
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- GHG emissions intensity reduction by 21.2% from base year 2020*
- Accumulated completed forest conservation and restoration 82,947 rai of land
* The base year data was updated to align with the Company’s additional investments
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Materiality: 5. Technology Development, Innovation, and Digitalization
Target |
2024 Progress |
2030
- Allocate 10% of total capital expenditure (CAPEX) budget for transition business during 2024-2030
- Develop and apply technology to support business operations according to the Company’s strategy
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- Allocated capital expenditure (CAPEX) to energy transition business amounting to USD 725 million, equivalent to 2.06% of total CAPEX budget during 2024-2030
- Success of 17 projects in the prototype phase and 4 projects in the pilot testing phase
- Increased a return on investment at USD 68 million from the deployment of the successfully developed technologies in E&P business.
- Accumulated intellectual properties: 31 granted patents, 9 registered software copyrights, 71 pending patent applications
- Published 5 technical papers in international academic conferences and received 3 award from a technology development project.
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Materiality: 6. Human Resource Management
Target |
2024 Progress |
2024
- Employee engagement score at 70%*
- Improve employee competency all levels for corporate and international assets to exceed an average of 2023 in preparation for an organizational transformation.
- Improve Human Capital Return on Investment (HCROI)
- Improve turnover rate
- Improve female employee ratio (Gender Diversity)
*Conduct every 2 years
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- Employee engagement score at 75%
- Employee competency increased by 6.04% compared to 2023 average score
- HCROI at 19.35
- Turnover rate at 4.17% of total employees
- Female employee ratio at 33% of total employees, better than the average of oil and gas industry
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Materiality: 7. Environmental Management and Operational Eco-efficiency
Target |
2024 Progress |
2024
- Minimize environmental footprints from operational activities
- Oil and chemical spill rate is ≤ 0.6 tonnes per million tonnes of petroleum production
2030
- At least 50% of main structures must be reused, with safety awareness and efficient conditions.
- Zero hazardous waste to landfill by 2020, zero industrial waste to landfill by 2025, and zero total waste to landfill by 2030.
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- Total energy intensity: 1.56 gigajoules per tonnes of production
- Water consumption: 0.9 million cubic meters
- Oil and chemical spill rate at 0.15 tonnes per million tonnes of petroleum production
- Zero produced water discharge to environment for operations in Thailand only
- No PTTEP operations located in areas at high water risk
- Main structures reused by 4%, with safety awareness and efficient conditions.
- Zero hazardous waste to landfill for operations in Thailand
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Materiality: 8. Contribution to Communities and Society
Target |
2024 Progress |
2024
- Social Return on Investment (SROI) of social development project not less than 2:1
2030
- Increase 50% of community income for focused communities, compared to the baseline data before PTTEP project implementation
- Achieve 16,000 conservation networks
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- Average of Social Return on Investment (SROI) of 31 strategic CSR projects are 3.68 : 1.
- Increased income of focused communities participating in PTTEP projects: more than 53.8% (compared to baseline data before PTTEP project implementation)
- Established 7,891 conservation networks and 29 community groups support for conservation activities in Songkhla, Pattani, Nakhon Si Thammarat, Surat Thani, Prachuap Khiri Khan, Chumphon, Rayong, Phetchaburi, Samut Songkhram, Samut Sakhon, Samut Prakan, Chon Buri, Chanthaburi, Narathiwat, Trat, and Bangkok provinces
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Materiality: 9. Human Rights
Target |
2024 Progress |
2024
- No human rights violation from direct operational activities
- Annual human rights risk assessment covers 100% of operating assets, non-operated joint ventures, and Tier-1 suppliers.
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- 9 wrongdoing cases identified. PTTEP took disciplinary actions accordingly, ranging from verbal and written warnings to termination without compensation.
- Human rights risk assessment was conducted in 2024, covering 100% of operating assets, non-operated joint ventures, and Tier-1 suppliers.
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Materiality: 10. IT Security, Cybersecurity, and System Availability
Target |
2024 Progress |
2024
- No loss from all cyber attacks
- Test the IT BCM and incident response procedure > 2 times per year.
- All IT infrastructures are certified in accordance with international standards.
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- Zero case of information security breaching
- Completed the IT BCM and incident response procedure testing 5 times per year.
- Complied with cybersecurity guidelines on the National Institute of Standards and Technology (NIST)'s standardized framework, and all data center facilities were certified by ISO 27001.
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Materiality: 11. Stakeholder Management
Target |
2024 Progress |
2024
- Stakeholder engagement level at Support and Advocacy level, as appropriate for each stakeholder group.
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- Conducted 2024 Stakeholder Engagement Baseline Survey, covering all stakeholder groups, with resulting outcome at the Support level
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Materiality: 12. Biodiversity and Ecosystem Services Management
Target |
2024 Progress |
2024
- Avoid operation in World Heritage sites as defined by UNESCO
- No Gross Deforestation for E&P
2030
- Achieve Net Positive Impact of Ocean Biodiversity and Ecosystem Services (Ocean BES) value in all offshore operations, compared to 2019 base year
2044
- Achieve No-Net Loss of biodiversity in Category I-IV protected areas as defined by the International Union for Conservation of Nature (IUCN)
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- No PTTEP operations in World Heritage sites
- No Gross Deforestation for E&P
- Achieved Net Positive Impact of Ocean Biodiversity and Ecosystem Services (Ocean BES) value in all offshore operations by 78.0%. (compared to base year 2019)
- Achieved No-Net Loss by developing and implementing Biodiversity Offset Management Plan for the Zawtika and Yadana Onshore Gas Transportation project in the Republic of the Union of Myanmar, located in an IUCN protected area
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Materiality: 13. Supply Chain Management
Target |
2024 Progress |
2024
- Maximize operational efficiency, reliability, transparency and shared values between PTTEP and suppliers.
- Conduct an audit on ESG related risk with all significant suppliers and suppliers with high sustainability risk for the last 3 years.
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- 96 Domestic and international suppliers engaged in PTTEP’s Supplier Day.
- Supported local content in operational areas worth over USD 2,191 million, equivalent to 20% increase compared to 2023.
- Implemented green procurement worth approximately USD 1,177 million, equivalent to 23% increase compared to 2023.
- Conducted an audit on ESG related risk with 100% of significant suppliers and suppliers with high sustainability risk for the last 3 years.
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