PTTEP champions technology as a tool for survival during oil volatility, and the creation of sustainable growth in international business conference at the 10th IPTC

Energy Press Releases Monday November 14, 2016 14:27
Bangkok--14 Nov--Index Creative Village

CEO of PTTEP takes the stage at an international business conference to demonstrate his vision alongside top executives from leading global oil and gas companies, such as PETRONAS, Woodside Energy and Schlumberger, to show the importance of technology and innovation as a vital tool that will help improve success and reduce costs in order for oil and gas companies to survive during this period of oil volatility, as well as for future growth.

Mr. Somporn Vongvuthipornchai, President and CEO, of PTT Exploration and Production Public Company Limited, or PTTEP, shares his vision on "Innovation and Efficiency Excellence for our Energy Future" topic at the 10th edition of the International Petroleum Technology Conference (IPTC), which PTTEP has the honour of hosting, that one method for oil and gas companies to survive the current challenging cost environment is to employ the latest innovation and technology to increase efficiency excellence, improve opportunities for success in petroleum discovery, both for conventional and unconventional petroleum sources, reduce operational costs and reduce the complexity of operations. PTTEP has also placed great importance on the development of technology and innovation as well since PTTEP sees that the latest technology is an important tool that will help the company achieve business success and continue to create sustainable growth in the future.

The technology that PTTEP is currently developing is focused on increasing the success rate of petroleum discoveries, such as the Dedicated Processing Center (DPC), and technology to Enhance Oil Recovery to increase production volumes.

"Many companies in the oil and gas business are continuing to focus on improving their cost structures. During the last 2 years, with the prices of oil remaining volatile, PTTEP has achieved some success in reducing costs and increasing efficiency excellence through the adjustment of the entire investment structure, including those related to drilling engineering, logistic systems, and purchasing systems, as well as adjusting the investment capital structure, which have enabled PTTEP to reduce operating and capital expenditures by 15-20% in 2016 without compromising on the company's regulations of safety standards or on the level of production, which enables us to have competitive capabilities in the long term," said Mr. Somporn.

Mr Somporn also discussed investment opportunities in the oil and gas business, saying that Asia is considered a region with great potential. On the demand side, Asia has a potential higher demand than any other region as a result of the economic growth of China, India and Southeast Asia. On the supply side, the region still has many untapped oil and gas reserves, which provides great investment opportunities for PTTEP and other exploration and production companies. PTTEP is therefore giving more importance to the exploration and production of petroleum in Asia, which is also an area of expertise for the company.

Executives of other companies that also took the stage in the conference took very similar views that companies in the oil and gas business needed to highlight the importance of collaboration, including petroleum exploration and production companies, national oil companies, contractors and services companies, as well as government, at the same time as giving importance to the development of technologies for the improvement of efficiency excellence in the long run and maintaining their competitiveness. Additionally, most also agreed that there needs to be a revision of investment strategies, especially putting importance on the areas and types of petroleum exploration that each company has expertise in.

"This year's IPTC has received a high level of interest from those in the oil and gas industry from all over the world, including oil companies, contractors and services companies, representative of governmental organizations, and students, especially the Emerging Leaders Workshop, which is being organized for young professionals in the oil and gas industry. This year's event will have the most participants since the IPTC began, demonstrating that professionals in oil and gas companies are eager and determined, and see the benefits that they will receive from this event," Mr. Somporn added as the IPTC Executive Committee Chairman.

Other activities within IPTC include a variety of seminars under numerous topics, focusing on opportunities and challenges of the oil and gas industry in the current environment. Participants to these seminars will consist mostly of top executives from many businesses related to petroleum. Furthermore, there will also be several interesting technical sessions, along with a variety of educational activities that have been organized especially for high school students and university students from around the world who are studying in the areas of geology and engineering related to the petroleum business, as well as young professionals in the industry.

The 10th IPTC is being organized between 14th – 16th November 2016 at Centara Grand Hotel and Bangkok Convention Centre, CentralWorld, Bangkok. It is estimated that approximately 4,000 participants will join the event from over 50 countries around the world. This event offers the opportunity for students who are studying geology and engineering to attend the exhibition and participate in the technical sessions for free. For more details of the event, please visit http://www.iptcnet.org/2016/index.php and www.facebook.com/pttepplc


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