Within the last year, PTTEP was awarded an exploration agreement for two offshore blocks in Abu Dhabi. What resources and expertise does it bring to this project, and what competencies does ADNOC expect from a partner in a project of this magnitude?
With our expertise in operating offshore fields from exploration and development through to production for more than 35 years in Southeast Asia, we bring all of our capabilities, experience, and technology along with a culture of ensuring safe and efficient operations to explore and develop projects in the Middle East.
What are some of the synergies created between PTTEP and other major stakeholders across the various shared operating environments in Abu Dhabi?
With PTTEP's vision of being the Energy Partner of Choice, PTTEP strongly recognizes the importance of cooperation and partnerships, and a crucial element to each partnership is to ensure sustainable value creation to all stakeholders. We always look for partnerships within the same scale or broader portfolios to create shared value, as part of our expansion strategy in our focus regions of Southeast Asia and the Middle East. As well as our experience of being a partner in numerous successful collaborations, we are confident that our differentiated technical capability is another vital key that allows us to operate in various operating environments. Most importantly, PTTEP's implementation of operational excellence across many countries and cultures means we have built up an understanding of how to operate in many environments, which enables us to effectively leverage our geographical know-how, local knowledge, government relations, and service provider connections.
As the global oil and gas sector seeks to become more cost-effective and boost sustainable production, what are some of the ways that PTTEP is driving efficiencies, reducing capex, and optimizing assets across its diverse operations?
Since the crisis in 2014, the E&P industry has faced a number of challenges. In response, PTTEP has restructured its cost base, resulting in unit cost reduction by 30%. In order to maintain this, PTTEP has also outlined a transformation program focusing on key digital and organizational pillars. Digital transformation enhances competitiveness across the E&P value chain with AI, machine learning, and natural language processing applied across the value chain to automate processes and radically enhance the speed of decision making, accuracy, and productivity, like in accelerating subsurface and drilling activities, real-time optimization of production, and minimizing unplanned shutdown. Moreover, PTTEP has striven to become an agile organization, streamlining internal approval processes, encouraging trust and empowerment, and emphasizing team-based spirit to ensure strong long-term foundations.
The implementation of digitalization, big data, automation, and the IoT is driving change across the oil and gas sector? What innovative technologies are you exploring and deploying over the next decade?
PTTEP continues to develop technology and innovation in three key areas: enhance E&P business, minimize the environmental impact for sustainable development; and explore future energy opportunities in preparation for energy transition. Our technology focuses on E&P-specific challenges facing PTTEP, such as CO2 and H2S removal from gas, or Hg removal from condensate, while also allowing the company to operate responsibly at a lower carbon footprint with carbon capture utilization opportunities. In addition, we have embarked on the journey of digital transformation by implementing digital technology such as the application of AI, machine learning, and data analytics to help maintain cost competitiveness, increase efficiencies, and improve safety across all value chains. As a result, AI and Robotics Ventures Limited (ARV), a PTTEP subsidiary, was established in 2019 to provide cutting-edge solutions such as facility inspection and subsea pipeline surveillance and repair to support our E&P activities.