PTTEP CEO reveals his vision to drive the organization through transformation for long-term sustainability

Energy Press Releases Monday October 1, 2018 16:37
Bangkok--1 Oct--PTTEP

PTTEP's newly appointed Chief Executive Officer Phongsthorn Thavisin revealed his vision for long-term sustainability in the presence of disruptive technology by focusing on driving the organization through "Transformation". The vision aims to continually increase petroleum reserves and capture new business opportunities for the company's sustainable growth.

Effective on October 1, Phongsthorn said he will lead the company through both "Digital Transformation" which enhances operational efficiency and cost competitiveness, and "Organization Transformation" which results in a lean organization with agile ways of working. With regards to petroleum exploration and production as the core business, his goal is to increase petroleum reserves to ensure long-term sustainability through securing Gulf of Thailand expiring concessions for both Bongkot and Erawan fields, and acquiring M&A in the Middle East while accelerating exploration projects in key resources contributing countries.

To capture New Business opportunities for sustainable growth, PTTEP is placing a great emphasis on diversifying into other businesses in the oil and gas value chain. The "Gas to Power" project in Myanmar is the new initiative that will provide the company an opportunity to explore beyond E&P. In addition, PTTEP has established EP-Tech Ventures Holding Company Limited so as to support future new business investment in diverse areas covering Robotics and AI, Maintenance and Inspection, and Renewable Energy.

"Petroleum exploration and production business will continue to face a number of challenges in the next few years, especially those brought by the Disruptive Technology. While I believe that petroleum exploration and production will remain our core revenue-generating business, we also need to focus on new related businesses in order to adjust to the changing industry climate. I trust that this strategic concept will be a major drive for PTTEP's future sustainable growth," said Mr. Phongsthorn.

Mr. Phongsthorn is determined to advocate good corporate governance in PTTEP, review managerial process for better agility within the good governance framework, ensure transparency and accountability throughout the process, to move forward the company on the path to sustainable growth and exemplified good governance.

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