The vision aims to continually increase petroleum reserves and capture new business opportunities for the listed company’s sustainable growth, he said.

Taking up his position as CEO today, Phongsthorn said he would lead the company through both “digital transformation”, which enhances operational efficiency and cost competitiveness, and “organisation transformation”, which results in a lean organisation with agile ways of working.

With regard 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 the Bongkot and Erawan fields and via mergers and acquisitions 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 CEO said.

The “Gas to Power” project in Myanmar is a new initiative that will provide the company with an opportunity to explore beyond exploration and production.

In addition, PTTEP has established EP-Tech Ventures Holding Company Limited, in order to support future new business investment in diverse areas covering robotics and artificial intelligence, maintenance and inspection, and renewable energy, he added.

“Petroleum exploration and production business will continue to face a number of challenges in the next few years, especially those brought by 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 driver for PTTEP’s future sustainable growth,” Phongsthorn said.