PTT Exploration and Production Plc (PTTEP), a subsidiary of energy conglomerate PTT, will accelerate its exploration and production of oil and gas following completion of key mergers and acquisitions, its president and CEO said.

“We will focus our investment on Thailand, Malaysia, Myanmar, the United Arab Emirates and Oman,” said Phongsthorn Thavisin.

PTTEP takes its innovations and technology to the UAE

“Now that we have completed several acquisition deals and won bids for our portfolio, it is time to execute,” he told reporters on Tuesday (November 12), adding that merger and acquisition efforts will cease for now.

The company plans to drill 20 oil and gas wells next year, up from the usual one to three per year, and expects to spend US$300 million.

“Drilling wells is costly,” Phongsthorn said. “If nothing is found, the investment is totally wasted. But it could also yield high rewards if it leads to a vast volume of reserves.”

He said the company was more confident in its exploration and production abilities now after winning concessions last year to operate the Bangkot and Erawan gas fields in the Gulf of Thailand.

PTTEP anticipates spending $1.7 billion-$2 billion annually to implement its plan between 2020 and 2023. It will announce the amount in December after directors approve the plan, he said.

New investment will double production capacity from 350,000 barrels of “oil equivalent” (a mix of oil and gas) per day (BOED) last year to 500,000-700,000, up 5-7 per cent per year.

It produced 370,000 BOED early this year, a figure rising to 410,000 or 420,000 by the end of the year.

The cost of producing petroleum would be kept at $30 per barrel on average over the next five years.

Phongsthorn said exploration is the key to success in the business, rather than relying on purchasing raw material for oil and gas production.

He said the company has “solid assets and a strategic alliance” for the future.

It bought Murphy Oil Corp of Malaysia in July, making PTTEP the third-largest exploration and production firm in that country.

With a US-based oil company pulling up stakes in Thailand, this is a good time to invest here and elsewhere in Southeast Asia, Phongsthorn said.

The company this year won petroleum exploration and production concessions for two blocks off the Malaysia coast.

It bought stakes in Coastal Energy Company, Tatex Thailand LLC and Tatex Thailand II LLC, gaining an 84.5-per-cent share of Sinphuhorm natural gas concession covering EU1 in Udon Thani and and E5N in Khon Kaen.

PTTEP is now looking for a gas value-chain investment in Myanmar, Phongsthorn said.

In June the company announced the acquisition of Partex Holding BV from the Calouste Gulbenkian Foundation, making it part of a consortium working the largest onshore source in Oman as well as projects in five other countries, and paving the way for future investment in the Middle East.

Partex has invested in seven upstream and downstream oil and gas projects in Oman, the United Arab Emirates (UAE), Kazahkztan, Brazil and Angola.

The key investments:

• The PDO (Block 6) Project, the largest onshore producing oil asset in Oman with considerable petroleum potential. The project, in which Partex holds a 2 per cent interest, covers around 100,000 square kilometres – one-third of the country’s total area. Total oil production volume in 2018 was approximately 610,000 barrels per day (BPD), accounting for around 70 per cent of Oman’s total production. Petroleum Development Oman is the operating consortium.

• The Mukhaizna (Block 53) Project is the large producing oil field in Oman, run by Occidental Petroleum Corp. Total production in 2018 was 120,000 BPD, 13 per cent of the country’s total. Partex’s share is 1 per cent.

• Oman LNG Project is the only gas liquefaction complex there, consisting of three liquefaction trains with total LNG production capacity of 10.4 million tons per annum. Oman LNG LLC is the operator. Partex’s share is 2 per cent.

• ADNOC Gas Processing Project is the largest gas processing complex in Abu Dhabi, UAE, with total capacity of 8 billion cubic feet per day (BCFD), operated by Abu Dhabi National Oil Company (ADNOC). The gas processing plants in which Partex holds 2 per cent interest have processing capacity of 1.2 BCFD.

• The Dunga Project is an oil field in Kazakhstan producing 15,000 BPD with Total as the operator. Partex’s share is 20 per cent.

• The Potiguar Project is an oil field in Brazil producing at 300 BPD in 2018. Operator of the project, Partex’s share is 50 per cent.

• The Block 17/06 Project is the pre-development asset in Angola. The project, operated by Total, is confirmed for petroleum potential and awaiting the Final Investment Decision. Partex’s share is 2.5 per cent.

Phongsthorn said PTTEP and its partners would also explore for gas in Abu Dhabi’s offshore I and II projects, in each of which it has a 30-per-cent stake.

He was optimistic that all of these undertaking would help ensure energy security for Thailand, though he acknowledged future uncertainty due to oil prices hovering around $60 a barrel and concerns rising over pollution from burning fossil fuels.

But the oil-and-gas industry still has room to grow, he said, since huge numbers of people around the world have yet to gain access to petroleum, instead still relying on burning wood.

PTTEP was established 35 years ago and in its first 15 years grew 19 per cent a year on average, then 5 per cent in the next 10 years and 1 per cent in the past five.

Future expansion is projected at 1-2 per cent a year, he said.

Unicorn currently has the 89-room Silver Palm Bangkok, 48-room Zazz Urban Bangkok, the Cove Phi Phi beachfront resort and Zazz Urban Ho Chi Minh.

Last month it opened the 53-room Daraya Boutique Hotel in Bangkok, and Villa De Pranakorn is coming in mid-December with 47 elegant rooms and suites on Mahachai Road in the old part of the capital.

The 44-key Hangout by Kly Phuket will also start welcoming guests in December on Patong Beach.

The Chandler, an Artisan Hotel, with 55 rooms, will open next year in scenic Pranburi, overlooking Khao Sam Roi Yot National Park, while the 80-room Hotel Casa 17 will launch in mid-March in historic Bangkok Noi.

Coming also in the second quarter of 2020 is Unicorn’s largest project to date, Live by Kly, with 373 rooms and residences at Kamala on Phuket’s west coast.

In early 2021, Unicorn will make its debut in the Maldives with Zazz Escapes Maldives Resort, a luxury tented camp featuring water safaris and other enticing activities both above and beneath the sea.

Yann Gouriou, founder and chief executive of Unicorn Hospitality, said the company’s growth is being driven by “an increasing appetite among hotel owners – especially in Asia – to move away from the large international chains and work with a local hospitality provider who understands their culture and can more accurately help them deliver their vision”.

Customers are also seeking more intimate experiences that reflect the essence of their destination, he said.

“For many Asian hoteliers, partnerships with big chains can be fraught with difficulty. Management contracts are often extremely rigid, making ‘divorces’ almost impossible or very expensive. Many owners we’ve spoken to complain that their relationships lack the personal warmth and intuition that a boutique or smaller operator can provide. Moreover, guests feel that these ‘cookie cutter’ brands don’t have a strong connection with their locale.

“Big chains compensate for this by promising extensive global sales and distribution, but with more direct channels available than ever before, independent and small-chain hotels can now compete on a more equal footing. Unicorn Hospitality enables Asian hoteliers to enjoy professional and fully bespoke management services, and importantly, retain a product that matches their original vision and demonstrates a unique charm and personality,” Yann added.

Unicorn Hospitality currently operates six distinct brands – Unicorn Hotels & Resorts, Kly Hotels & Resorts, Hangout by Kly, Live by Kly, Zazz Hotels and the Unchained Collection.

The new project, dubbed KBankxBLACKPINK, is aiming to broaden its reach among new generation customers and to advance its concept of “#KBank Empowers Your Belief”.

The first part will see the launch on November 21 of KBankxBLACKPINK Collection debit cards. Up to 1 million cards could be distributed under the project.

“In this digital era, the new generation aged between 15 and 25, who number more than 10 million, is technologically savvy and has grown up in the period of transformation towards the new economy. KBank sees this group as potential customers who fully embrace the new possibilities of the digital era,” said the bank’s president Kattiya Indaravijaya, adding that the K-pop idols have distinctive characteristics that match the “KBank Empowers Your Belief “concept. “They are the new generation who set forth with self-confidence, determination and dedication to prove their ability to succeed in line with their aspirations,” she says.

Applications for the debit card can be placed from November 21, 2019, at every KBank branch or through K PLUS mobile banking application.

PTTEP has been undertaking research and development in exploration and production technology to maximize the value from its core business while at the same time seeking new business opportunities including Al & Robotic and future energy technologies, Under the company’s “Energy Partner of Choice” vision, PTTEP continues to grow partnerships with state agencies, education institutions and private companies locally and internationally to invent technologies and increase capabilities. The main focus areas are:

1. Subsurface Technology

2. Engineering and Production Technology

3. Al &Robotics Technology

4. Future Energy Technology

PTTEP technologies showcased at Adipec 2019 include Subsurface Technology, Engineering and Production Technology and Al & Robotics Temihnology as follows;

Inspection-class Autonomous Underwater Vehicle – IAUV

IAUV performs underwater inspection tasks on equipment such as pipelines by travelling and hovering along the pipeline tracks autonomously, which could reduce dependency on crew personnel and a support vessel. By removing those factors from the inspection process, a significant amount –up to 50 per cent – of the inspection cost can be saved. The IAUV is suitable for routine inspection tasks and helps increase facility integrity by increasing inspection coverage and frequency.

IAUV has been developed by Al and Robotics Ventures Company Limited (ARV), a PTTEP subsidiary, in collaboration with Kasetsart University, the National University of Singapore, and private companies. It is expected to enter into commercial services in early 2020. Safe Self Loading/Unloading Adsorber Modular — 2SLAM

The adsorption technology is designed to remove unwanted elements in natural gas liquids or condensate which is a major feedstock for petrochemical plants in Thailand. The equipment is designed to automatically replace the adsorbent without halting the production process, therefore saving time and manpower. 2SLAM can operate at both offshore platform and onshore locations. The equipment is currently in the design phase and a test run of a prototype is slated for 2020.

Sampling PIG

Sampling PIG is a technology for collecting samples from pipeline’s internal surface to ensure environmentally safe condition. The advantage includes ability to collect samples at many locations within the pipeline and without a support vessel, therefore saving more than three times the costs of the conventional approach. PTTEP develops Sampling PIG technology in partnership with Dacon Inspection Services and expects to conduct field tests in 2020.

Electromagnetics

Electromagnetics is applied to determine electrical properties of a subsurface layer and monitor fluid movement. It allows for better tracking of water injected into the well for sweeping remaining oil to enhance production. Through its partnership with Mahidol University, PTTEP has developed Electromagnetics inversion software for data analysis which can generate colour-coded images

identifying locations of subsurface water and oil. The technology is currently being pilot-tested at PTTEP onshore petroleum fields.

The ministry is the largest shareholder of the state carrier.

The nomination follows the resignation of Ekniti Nitithanprapas from the post early this month. The company’s vice chairman, Air Chief Marshal Chaiyapruk Didyasarin, has since assumed the duties of the chairman.

He added that the three key qualifications for the next THAI chairman were marketing flair, technology knowledge, and transparency.

In addition to the finance ministry’s approval, the appointment also requires approvals from the Transport Ministry and the company’s shareholders. meeting.

Meanwhile, THAI has selected Ban Huai Wai stainless steel handicraft (coffee sets, spoons, and forks) from Kanchanaburi Province as its latest on-flight promotion items under the Thaworn policy to sell “One Tambon One Product (OTOP)” goods on THAI flights.

Ban Huai Wai stainless steel products have earned a three-star OTOP rating as creative and high quality iems in traditional Thai style, yet with a touch of modern designs.

Since 2016, a total of 1,107 OTOP products from 203 manufacturers have been sold on THAI flights, generating a total of Bt273 million in revenue.

As trade and investment grow between Thailand and Laos with sustained increases in value, Krungsri has deployed the financial innovation to support bilateral trade between the two countries, said Dan Harsono, Krungsri Head of Retail and Consumer Banking.

Krungsri Blockchain Interledger allows Thai and Lao entrepreneurs to execute international funds transfers within a few seconds, compared to the previous time span of 1-3 business days.

“Krungsri has confidence in the potential of Laos’ economic growth. Krungsri Research forecasts that Laos’ gross domestic product will grow 6.4 per cent in 2019 and 6.5 per cent in 2020. In regard to foreign direct investment, Thailand is ranked one of top investors in the neighbouring country. The innovation will accelerate growth of the business sectors in both countries,” Harsono added.

Currently, Krungsri has two branches in Laos(Vientiane and Savannakhet). It also operates hire purchase and installment loan businesses for retail and corporate customers in the country under the “Krungsri Leasing” brand, which has posted continuous growth in the past five years.

Earlier, Krungsri Blockchain Interledger innovation marked a significant change in the financial landscape for the business sector with the successful deployment of Thailand’s first real-time international funds transfer service for oil trading transactions between IRPC Pcl and its Lao partner, Bua Sawan Energy Co Ltd.

The bank has gained trust in Krungsri Blockchain Interledger technology, under the BOT regulatory Sandbox, from leading Thai and foreign corporate customers, leading to Krungsri being the first Thai bank to have received an approval from the Bank of Thailand for its development and deployment.