New boss to strengthen PTTEP’s core E&P business, prepare for renewables

Thailand’s national oil and gas company PTTEP has appointed a new Chief Executive Officer (CEO) who will work to strengthen the company’s E&P business and prepare for the expansion into the renewable energy.

Following his appointment last Friday, PTTEP’s new CEO Montri Rawanchaikul had announced his aspiration to strengthen the core petroleum exploration and production (E&P) business, prepare for challenges, and explore investment opportunities in new forms of energy for long-term growth.

Succeeding Phongsthorn Thavisin on 1 October 2021 after his predecessor’s retirement, Montri Rawanchaikul, Chief Executive Officer of PTTEP, set the goal to further lay the groundwork for PTTEP’s long-term growth.

Under his vision, the core business of petroleum exploration and production will be strengthened. The exploration activities in Southeast Asia will be accelerated with a focus on natural gas fields while the development of newly discovered fields will be expedited to increase the rate of petroleum production. The projects in the Middle East will be driven towards planned schedules.

Meanwhile, PTTEP will be prepared for the expansion into renewable energy, the Integrated Domestic Gas to Power Project (Gas to Power), and business opportunities emerging from the energy transition including carbon capture, utilization and storage (CCUS) to reduce greenhouse gas emissions, and new forms of energy (Future Energy) such as hydrogen, which are under the feasibility study.

Further expansion into technology and innovation is planned, to be executed by AI and Robotics Ventures Company Limited (ARV), a subsidiary of PTTEP, the company said.

“I envisage PTTEP as a Cautious Diversified Player as it keeps up with global trends. We must maintain the strengths of our E&P business for energy security while exploring investment opportunities in environmentally friendly energy through new technology and processes. We will execute both parts with concerns in the environment, society and corporate governance (ESG) for the stable and sustainable growth of PTTEP,” said Montri.

He added that he would proceed with the policy to enhance organisational flexibility through the implementation of digital transformation and knowledge management, to ensure data-driven decision-making, cost management and a corporate culture that prepares the organisation for challenges and provides efficiency in the long run.

Montri has approximately 30 years of experience in the E&P business, more than 20 years of which are with PTTEP. According to the company, Montri played a critical role in several successful endeavours such as the bidding for Block G1/61 (Erawan field) and Block G2/61 (Bongkot field); and the formation of “Coming Home Strategy” that earmarks investment for Southeast Asia and led to the acquisition of Murphy Oil Corporation in Malaysia.

Potential petroleum fields were successively discovered which turned Malaysia into a major investment base of PTTEP. He also played an important role in driving PTTEP’s expansion in the Middle East, to invest in the United Arab Emirates and Oman which are now PTTEP’s strategic investment destinations.