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Editor's column For almost 2 decades, the world’s major gas producers have been trying to form an organization similar to OPEC that would offer stability to gas prices and give producers some control over security of supply and security of demand. With international spot trade of gas increasing and public pressure growing for cleaner fuels, the producers believe the time is finally right to become a major force in global energy markets. The main obstacle to establishing such an influential producers’ group has been the lack of international spot trade that reflects current supply-demand dynamics. Unlike oil, most gas has been traded through medium- and long-term contracts for pipeline delivery, with the gas price usually linked to the price of oil. Gas producers often felt they were leaving money on the table in these deals, which hampered further gas upstream development. But that is changing with the recent growth of liquefied natural gas (LNG) trade on the spot market and the increase in gas output from North America, the Middle East, and Africa. While all eyes were on OPEC-plus members and what they would do about oil production in the coming months, the Gas Exporting Countries Forum (GECF) met in late November in Equatorial Guinea. Members include two of the globe’s top gas exporters, Russia and Qatar, along with 10 other members (including Iran, Libya, and Algeria) and seven “observer members” (including Norway, Iraq, Oman, and Angola). Notably absent from the group are two of the largest LNG exporters responsible for the fledgling gas spot market, the US and Australia, but GECF members control 70% of world gas reserves. One of the group’s worries is that, after years of talk about gas being a solution for cleaner energy, momentum for renewables in the wake of heightened concern over climate change could push gas to the sidelines. The oil and gas industry sees gas not only as a bridge to the future but a mainstay of future energy supply. “This idea of natural gas as a transition fuel to renewables is strange,” Total Chief Executive Patrick Pouyanne said recently at an industry gas conference in Washington. “Natural gas is a solution (to climate change). It’s been scientifically proven.” And Qatar Minister of State for Energy Affairs Saad al-Kaabi told GECF members, “We all have the same objective: to place natural gas at the heart of the energy industry as a fuel of the future, and to affirm our true belief that natural gas is a cornerstone in the energy transition.” BP CEO Bob Dudley said recently that he was “concerned that gas is being increasing marginalized, even vilified and demonized” by environmental groups. But for the industry to sell gas as a “green” fuel, it will need to overcome two obstacles: methane leaks/emissions and flaring. Three of the world’s largest flaring culprits are associated with the GECF—Russia, Iran, and Iraq—and flaring from the Permian Basin in the US is on the rise. In response to these concerns, Qatar—which has ambitious gas growth goals—is touting its plans to adopt more carbon and sequestration projects.
- Energy > Oil & Gas > Upstream (1.00)
- Government > Regional Government > Asia Government > Middle East Government (0.81)
- Facilities Design, Construction and Operation > Natural Gas Conversion and Storage > Liquified natural gas (LNG) (1.00)
- Health, Safety, Environment & Sustainability > Sustainability/Social Responsibility > Sustainable development (0.91)
- Health, Safety, Environment & Sustainability > Environment > Climate change (0.77)
Editor's column Natural gas, often hailed as the bridge to an energy future that will include greater demand for alternative energy supplies, may be poised to overtake oil as the globe’s primary fuel source in the next decade. While the 20th century was the Age of Oil, the 21st century will be a combination of both old and new energy sources, Shell executive Maarten Wetselaar said at the recent CERA energy conference in Houston. Oil must now share the stage with gas and a variety of fuels, said Wetselaar, who is the company’s integrated gas and new energies director. The use of coal is projected to decrease in several developing countries trying to reduce carbon emissions, paving the way for increased use of gas and renewable energy for electricity. The European Union is threatening to fine its member nations that do not implement a carbon emissions strategy, and China is in the third year of a 5-year plan designed to limit fossil fuel consumption. Many other Asian countries are following suit. BP’s most recent Statistical Review of World Energy stated that in 2018 gas accounted for the largest gain in world energy consumption, followed by renewables and then oil. These developments, along with new supplies of gas produced by the US shale sector, is raising the status of gas from a regional fuel to a global commodity. Gas trade grew 6% last year, according to BP, with LNG trade surpassing traditional pipeline transactions. Historically, most gas has been transported by pipeline. But vast new sources of gas, from offshore Australia and US shale, have led to the building of LNG ports for export and the creation of new trade routes, principally to Asia. Four new liquefaction plants are being built along the Gulf Coast in the US, which only exported its first LNG cargo in 2016. In addition, Qatar plans to increase LNG output by more than 40% over the next 5 years, building four new LNG trains, according to consultancy DNV-GL. Global demand for LNG rose by 27 million tonnes last year to 319 million tonnes, according to Shell’s LNG Outlook. Demand is forecast to reach 384 million tonnes by 2020. But LNG buyers and sellers are still struggling with pricing. Gas has generally been sold through long-term contracts because of the absence of a spot trade. LNG has often been sold on oil-indices contracts, but the wide swings in oil prices don’t reflect LNG economics. Buyers would like more transparency to reflect regional supply/demand dynamics. A proposed gas cartel formed by some of the world’s largest gas producers—kind of a gas OPEC—has never gotten off the ground. An oil pricing service has introduced the Japan Korean Marker as a possibility, to be used for pricing Asian spot cargoes. And Cheniere and CME Group plan to develop a Henry Hub-indexed futures contract with physical delivery to the US Gulf Coast. The use of any nonoil-indexed mechanism will only increase the stature of LNG as a viable energy commodity.
- Asia > Middle East > Saudi Arabia (0.27)
- North America > United States > Louisiana > Vermilion Parish > Erath (0.25)
- Asia > Middle East > Qatar (0.25)
- Energy > Oil & Gas > Midstream (1.00)
- Government > Regional Government > Asia Government > Middle East Government (0.43)
Editor's column Seven years ago, the International Energy Agency (IEA) issued a report on the prospects of natural gas titled, Are We Entering the Golden Age of Gas? The answer appears to be not yet, but the growth in supply and trade, and moves to de-link the price of gas from the price of oil could propel the cleanest-burning hydrocarbon forward as the fuel to the future. Gas supplies are plentiful and exports are surging. Most of this is due to the growth of shale in the US, which has led the country to become a major exporter of liquefied natural gas (LNG) along with Australia. Just as the US shale revolution disrupted the global oil market, it is reshaping the world’s gas trade. The US produced 71.1 Bcf/d of gas in 2017, a 1% increase over the previous year and near its all-time high. US output is now 20% of global production. Russia, the world’s second-largest gas producer, reached output of 61.5 Bcf/d last year. US gas exports, in the form of LNG and mostly to Asia, were 1.7 Bcf/d in 2017, while pipeline exports totaled 6.3 Bcf/d, mostly to Mexico. What has hampered the international growth of gas in the past is its lack of tradability and its relation to a global price marker. Gas has long been linked to oil prices—which have shown sharp volatility the past decade—and tied to long-term contracts, both of which contain risks for both buyers and sellers. But the increase of LNG exports has opened the door to more international trade and discussion of establishing global price markers. Companies are increasingly using US Henry Hub prices as a reference point for international gas trade. And CME Group and Cheniere Energy are developing an LNG futures contract linked to physical delivery at Cheniere’s Sabine Pass, Texas terminal. Before now, gas has been traded regionally or through long-term contracts based on the price of oil. US gas was priced off Henry Hub but trade in Europe used a regional trading hub and Asia, one of the largest importers of gas, preferred contracts linked to crude. De-linking the price of gas from oil would protect buyers and sellers from price movements in oil that do not reflect gas market fundamentals. That stability could give rise to more investment in gas production and infrastructure. Gas proponents argue that gas should be the bridge to the future, as the world transitions from one based heavily on oil to a global energy mix that includes more alternative energy sources. China is relying more on gas as it weans itself from heavy coal use. Major gas producing countries—including Iraq, Russia, Qatar, and Venezuela—have discussed forming a gas-type OPEC organization to create market stability. This Gas Exporting Countries Forum’s goal is to increase the share of gas in the global energy supply. These producers so far appear reluctant to embrace the free-market approach that growth in LNG is bringing about. But, as the IEA recently pointed out, half of the global consumption increase in gas in the medium term will come from emerging economies in Asia. And they stand to benefit most from market-based natural gas pricing.
- Asia > Middle East (1.00)
- North America > United States > Louisiana > Vermilion Parish > Erath (0.45)
- Energy > Oil & Gas > Upstream (1.00)
- Energy > Oil & Gas > Midstream (1.00)
- Government > Regional Government > Asia Government > Middle East Government (0.39)
Editor's column While the Organization of Petroleum Exporting Countries (OPEC) has shifted strategy over the past couple of years, losing some of its clout to control oil prices, major natural gas producers are working to create their own cartel that they hope could bring some stability to international gas prices. OPEC, led by Saudi Arabia, decided in late 2014 to stop shoring up oil prices by tweaking global oil supply, leaving it to market dynamics to determine the price of oil. The thinking was to keep market share away from higher-cost producers, such as those in the North American shale. The strategy has basically worked, leaving lots of carnage in its wake. The world’s largest gas producers have a different motive. Because gas is not as tradable as oil, with prices often locked into long-term contracts, gas producers have less ability to influence prices as oil producers do. But the emergence of liquefied natural gas (LNG) trade may provide a potential opening for the gas producers group. Twelve country members and nine observer states met in Iran recently to further develop the strategy of the Gas Exporting Countries Forum (GECF). Participants included Iran, Iraq, Russia, Qatar, Venezuela, Bolivia, Equatorial Guinea, Nigeria, Algeria, Trinidad and Tobago, Egypt, and Libya, among others. It was the largest gathering of the 14-year-old organization, whose members account for almost two-thirds of the world’s gas reserves. Participants discussed the latest trends, developments, and policies affecting natural gas and reaffirmed their support for the objectives of the GECF, which is to support the “collective interests” of its members and encourage cooperation. During the forum, Iran’s president called on gas producers to coordinate policies to increase the share of natural gas in the global energy picture. The GECF lobbied the recent United Nations climate change summit in Paris, noting that gas is a much cleaner-burning energy source than some alternatives. Gas producers are aware that renewables are growing faster than some expected and could undermine gas’ assumed role as the fuel that will bridge oil to future energy supplies. One of the biggest concerns among producers is the pricing mechanism used for gas worldwide. Most of the world’s gas supply is locked in long-term contracts, affecting the seller’s ability to take advantage of market conditions. Although LNG is shipped by tankers and can be priced in short-term contracts, compressed natural gas is shipped via pipeline, making it dependent on long-term deals. Gas producers want what oil producers want—security of demand to fund their economies into the future. But an international gas cartel would face hurdles. Even as LNG trade continues to grow, some of the major LNG exporters—the US, Australia, and Canada—are unlikely to join a cartel. And the volume of global LNG trade still would not approach that of oil, leaving a less transparent market. In addition, the cost of liquefaction infrastructure would likely see players looking for long-term contracts. JPT
- Africa (1.00)
- Asia > Middle East > Iran (0.99)
- Asia > Middle East > Saudi Arabia (0.60)
- Energy > Oil & Gas > Upstream (1.00)
- Government > Regional Government > Asia Government > Middle East Government (0.79)
Conference review The first Offshore Technology Conference Asia exceeded attendance expectations while providing in-depth panel and technical sessions on the increasingly important Asian energy sector as well as other globally significant upstream trends and technology applications. The conference was held from 25 to 28 March in Kuala Lumpur. Malaysia’s prime minister, the Hon. Dato’ Sri Mohd Najib Tun Haji Abdul Razak, cited the importance of the Asia Pacific region in future global energy activity during his keynote address at the official opening of the first OTC Asia. He was joined at the opening ceremony by YBhg Tan Sri Dato’ Shamsul Azhar Abbas, chairman of the OTC Asia Advisory Committee and group chief executive officer (CEO) of Petronas, and Edward Stokes of Chevron, chairman of the OTC Board of Directors. “These are exciting times for the Asian oil and gas industry, and that is why it is apt that the first OTC Asia is being held in Malaysia,” he said. “Asia is a continent with a voracious appetite for energy,” he said, noting the region’s projected 2.5% annual growth in consumption and the fact that Asia will account for more than 60% of total global energy demand in 2030. The region’s rising consumption is not being met as local hydrocarbon supplies are in decline and some countries that once were exporters of energy are now importers. “The easy oil is indeed gone,” presenting challenges, but also opportunities, for the oil and gas industry, the prime minister said. “We are embarking on a new era of innovation” to help unlock new resources in hard-to-reach places, he said. “We are going further and deeper both literally and with the technology we use.” Malaysia has “the perfect mix of ingredients to be a regional energy hub,” the prime minister said, because of its location, resources, technical capability, world-class infrastructure, and legislative framework, which is business friendly. He noted the success of risk-service contracts that were introduced in 2011 and the growth during the past 2 years in Malaysian domestic hydrocarbons output. “This success is no accident,” he added.
- Government > Regional Government > North America Government > Mexico Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- Asia > Malaysia > Terengganu > South China Sea > Malay Basin > Block PM 9 > Tapis Field (0.99)
- Asia > Malaysia > South China Sea > Malay Basin (0.99)
- Asia > Malaysia > Sarawak > South China Sea > Sarawak Basin > Block SK306 > Kanowit Field (0.99)
- (13 more...)
Editor's column Asia Pacific’s energy sector is on the brink of major change. New areas are opening to foreign investment, national oil companies are adopting more aggressive E&P strategies, and the supply/ demand balance is shifting. This month’s JPT contains a special supplement outlining these and other trends and challenges and describes what to expect in the region’s upstream sector over the next several years. One of the major changes under way in the Asia Pacific region is the sharp rise in energy consumption, which is leading to an increase in oil imports and cutting into gas available for export. Several major liquefied natural gas (LNG) projects are under construction or in the planning stages to help meet the increased demand for gas, which may eventually overtake oil as the region’s main hydrocarbon source. Nowhere is the shift in the global energy balance more evident than in China. BP’s Energy Outlook 2035, published in January, predicts that by 2035 China will be the world’s largest energy importer and alone will account for more than a fifth of global demand. Changes are forecast for India as well, with its energy production rising by 112% and its consumption by 132% over the same period. Significant policy shifts are occurring in China as well. The country’s leadership is pushing for changes in its energy sector that will better balance energy and economic growth with environmental protection. Liberalization of local fuel prices will be a financial boost for China’s major oil companies—Sinopec, China National Offshore Oil Corp. (CNPC), and PetroChina—allowing them to invest more both domestically and internationally. China’s state-owned companies are expected to continue to be aggressive at overseas mergers and acquisitions. The most recent deal was in November, when CNPC bought Petrobras’ oil and gas assets in Peru for USD 2.6 billion, reinforcing China’s growing presence in Latin America. China continues to show interest in international unconventional plays, as the Asia Pacific region’s unconventional sector remains largely untapped. Only two shale plays have produced commercial volumes of gas thus far—one in China and one in Australia—and shale gas exploration wells have been drilled only in China, Australia, and India. The US Energy Information Administration estimates significant volumes of shale gas and shale oil resources in those countries as well as in Thailand and Indonesia. Population in the Asia Pacific is forecast to rise significantly over the next 2 decades, putting additional strain on energy capabilities. Currently, about one-fifth of the region’s population still does not have access to electricity. This highlights the need for additional energy infrastructure and suggests that energy demand will only increase over the short to medium term. Although parts of Asia have exported gas, regional gas consumption is now competing to keep those supplies at home. And many of the oil fields in the area—in places such as Vietnam, Thailand, and Malaysia—are mature and in decline, which will lead to increased reliance on oil imports, primarily from the Middle East. JPT
- Geology > Rock Type > Sedimentary Rock > Clastic Rock > Mudrock > Shale (0.68)
- Geology > Petroleum Play Type > Unconventional Play (0.55)
- Government > Regional Government > Asia Government > China Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- Facilities Design, Construction and Operation > Natural Gas Conversion and Storage > Liquified natural gas (LNG) (0.91)
- Reservoir Description and Dynamics > Unconventional and Complex Reservoirs > Shale gas (0.76)
- Health, Safety, Environment & Sustainability > Sustainability/Social Responsibility > Sustainable development (0.56)
- (2 more...)
Robust forecasts for natural gas growth from conventional and unconventional sources continue to see a smooth shift to a world in which gas is the dominant fuel of choice by industry and consumers. But market forces may have a say on how quickly the world gets there. A new report examining the top 10 growth markets in energy, air, and water puts shale gas development at the head of the list. The McIlvaine consultancy sees a continuing increase in investment in US shale gas projects, as well as in other promising areas such as China, Argentina, and Europe. Shale is followed on the list of growth industries by vessel air and water treatment, water reuse, NOx control, aquaculture, power plant efficiency improvements, soil and groundwater remediation, fine particulate reduction technology, solid waste management, and renewable energy. But questions are being raised about the rapid rise of gas in Europe, where gas prices are tied closely tied to oil prices. With the price of Brent comfortably above USD 100/bbl, at least for now, and a good USD 20/bbl higher than the US West Texas intermediate oil price benchmark, power generators and industries are becoming increasingly cautious about the finances of increased gas usage. The US International Energy Agency speaks of a “golden age of gas,” in which European electricity generation alone will increase 40% by 2015. And many market forecasts have predicted huge capital outlays in gas infrastructure across Europe in the near future. The Netherlands, for instance, has plans for a network of pipelines and liquefied natural gas (LNG) terminals that would allow it to become of the region’s gas hubs. But recent demand has been softer than expected because gas, at current price levels, is less economic than coal. That, in turn, has raised questions about the need for huge outlays for infrastructure if there is uncertainty about the long-term attractiveness of gas, including new pipelines or terminals to import LNG from producers in Qatar and Nigeria. European government initiatives to promote energy efficiency also could have an effect. In the US, it is low gas prices that are taking a toll. Producers with strong ties to US gas production are “losing their shirts,” ExxonMobil Chief Executive Officer Rex Tillerson said in releasing his company’s second-quarter earnings. ExxonMobil has yet to see the benefit of buying US gas producer XTO 2 years ago. Chesapeake, Noble, Encana, Anadarko, and others all have suffered because of sustained low gas prices in the US caused, in part, by the success of shale plays. Shale gas has quickly become a place not to sink additional capital, and many producers have shifted their attention toward liquids production instead. What would help is a sooner-rather-than-later ramping up of new LNG export facilities in the US, which would allow producers to take advantage of more attractive markets such as Asia and which would eventually firm prices in the US. Until that hap-pens, US gas prices at Henry Hub will remain under pressure because US gas is not tradable on the open market. Whether the public and politicians can agree to exporting US energy resources after seeing the country finally lessening its dependence on foreign sources is another question.
- Europe (1.00)
- North America > United States > Texas (0.57)
- North America > United States > Louisiana > Vermilion Parish > Erath (0.25)
- Reservoir Description and Dynamics > Unconventional and Complex Reservoirs > Shale gas (1.00)
- Management > Energy Economics (1.00)
- Health, Safety, Environment & Sustainability > Environment (1.00)
- Facilities Design, Construction and Operation > Natural Gas Conversion and Storage > Liquified natural gas (LNG) (1.00)
Editor's column The technical challenges of upstream projects have sharply escalated over the past decade. From ultradeepwater to unconventional resource development to harsh environments to water handling, producing oil and gas is becoming more complex and more difficult. An offshoot of this growing complexity is the rising importance of facilities engineers. SPE recognized this trend several years ago when it created the Projects, Facilities, and Construction (PFC) technical discipline to accompany other, perhaps more traditional, association disciplines such as drilling and reservoir description and dynamics. The creation of the PFC technical discipline was followed by expanded SPE programs and services for this sector and now a new publication designed to appeal and foster communication among the professionals of this increasingly important group. Oil and Gas Facilities magazine debuts this month and joins the list of SPE magazines and technical journals highlighting the most significant trends, developments, and technologies in the upstream oil and gas industry. Oil and Gas Facilities will include both in-depth staff-written articles and, unlike other non-SPE publications that might appeal to some segments of the PFC sector, peer-reviewed technical papers featuring clearly vetted case studies and assessments of technology applications. In addition, the magazine will feature columns from leading experts in the discipline, coverage of PFC workshops around the globe, and highlights of new technology. The editorial board, chaired by Ian Ball of INTEC-SEA UK, includes top leaders of the PFC sector. The magazine will be published every other month. As John Walsh, SPE’s technical director of Projects, Facilities, and Construction explains, “Several years ago, developments such as major offshore projects, deep water, and subsea tie-backs provided the justification for the PFC discipline within SPE. Today, new developments have dramatically increased the demands of our discipline— intense IOR/EOR activity, ultradeepwater, subsea processing, unconventional gas, stranded gas, floating LNG, sour hydrocarbons, remote locations, harsh environments, water handling issues, etc. SPE, with guidance from industry leaders, is responding to this greater need for technical information and knowledge sharing in our discipline.” Facilities engineers have certainly grown in stature over the past decade, in part because of the huge sums of money now spent on upstream oil and gas projects. They now have a greater say in how projects are designed and how money is spent, and play a critical role in helping meet health, safety, and environmental standards. Facilities engineering is a broad specialty that encompasses the traditional engineering fields of petroleum, civil, chemical, mechanical, and electrical engineering, as well as the expertise of project planning, execution, and management. It includes offshore projects, deep water, subsea systems, platforms and floating systems, flow assurance, measurement and control, and gas storage. SPE is becoming a natural home for these engineers, and current plans are for more programs and services tailored to this group. Oil and Gas Facilities is just another step in recognizing the key role that this segment has earned in efficiently and safely meeting the world’s energy needs.
Editor's column SPE will launch a new publication in February titled Oil and Gas Facilities. This new bimonthly magazine will cover all aspects of the increasingly important Projects, Facilities, and Construction (PFC) technical discipline. Several years ago, SPE organized many of its activities along six primary technical disciplines, of which PFC was one. And while SPE workshops, conference sessions, study groups, articles in JPT, technical papers, and other SPE outlets have addressed some of the major issues surrounding this sector, it has become clear that the increase in technical complexity and economic importance of this discipline demands even more attention. Facilities engineering is a broad specialty that encompasses all the traditional engineering professions, including petroleum, civil, chemical, mechanical, and electrical engineering, as well as the expertise of project planning, execution, and management. It includes offshore projects, deep water, subsea systems, platforms and floating systems, flow assurance, measurement and control, and gas storage. It was not until the 1950s that facilities engineering began to be recognized as an important factor in the technical and economic success of field development projects. It developed over the next several decades as heavy oil, Arctic, deepwater offshore, high-pressure, and remote projects became more common. Now, new developments are pushing the envelope further, increasing the recognition of facilities engineering as a critical component in operations involving unconventional gas, ultradeepwater developments, sour hydrocarbons, gas to liquids, floating LNG, and IOE/EOR activity. The new magazine, with guidance from leaders in the oil and gas industry, is a response to this greater need for technical information and knowledge exchange in this discipline. Oil and Gas Facilities will focus on the important projects, systems, and technologies of facilities engineering with articles and reports on major PFC-related developments and projects, significant trends, and technical advances. It will replace the peer-reviewed journal SPE Production, Facilities, & Construction, but each issue will feature peer-reviewed technical papers in a special section. Guiding the editorial direction of the magazine will be some of the most distinguished professionals in this sector. The Editorial Board includes Ian Ball, Technology Director, INTECSEA, UK, chairman; John Walsh, Chemical and Process Engineer, Shell Exploration and Production and SPE’s Technical Director for Projects, Facilities, and Construction; Paul Jones, Technology Center Manager, Chevron; Kenneth E. Arnold, Senior Technical Advisor, WorleyParsons; Joseph Lee, Director, Process Solutions Group, Process System Division, Cameron; Howard Duhon, Systems Engineering Manager, Gate LLC; Simon Richards, Senior Facilities Consultant, Procyon Oil and Gas; and Jim Collins, Principal Development Engineer, ConocoPhillips (Peer Review Editor). Oil and Gas Facilities promises to be the industry’s most important periodical serving production, facilities, and construction professionals.
Q&A What is the current energy balance in Thailand for crude oil and for gas? What is the projected future energy balance? Thailand is an energy importer. We can produce about 44% of our total consumption of crude oil and natural gas. Most of our crude oil imports come from the Middle East. Only 120,000 b/d of crude oil was produced indigenously. We also exported 210,000 b/d of refined products because of a surplus in refining capacity. Natural gas was mostly used for electricity generation. About 79% of natural gas was produced domestically while the rest was imported from Myanmar. Energy demand will continue to grow to support our economic growth. In 2011, crude oil and natural gas demand is expected to increase by 3% and 10%, respectively. To meet the increasing energy demand, we are extensively exploring and developing more energy resources, both domestically and internationally. Moreover, Thailand will start importing LNG beginning this year. Renewable energy will also play a more important role to serve our national policy of energy diversification. What is PTTEP’s core exploration and production strategy? PTTEP’s long-term vision is to become a leading Asian exploration and production company with an aspiration to reach production output of 900,000 BOED by 2020. PTTEP will focus on: Sustainable growth through growing aggressively in focused countries, developing floating LNG production, and strategic mergers and acquisitions Asset value maximization by prolonging our production plateau and instituting portfolio management and funding Organization capability enablers with a focus on streamlining business processes, optimizing resource allocations, developing staff’s overall capabilities, and preparing management and key staff for the company’s business expansion What is PTTEP’s crude oil and gas production break-down in Thailand and outside of Thailand? PTTEP has invested in 44 E&P projects in 13 countries, with 19 projects being domestic and 25 projects being overseas. Most of our current production projects are located in Thailand; therefore, in 2010, our petroleum production averaged 300,000 BOED, with a ratio of 80% domestic and 20% international.
- Government > Regional Government > Asia Government > Thailand Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- Oceania > Australia > Western Australia > Timor Sea > Bonaparte Basin > Vulcan Basin > PL AC/L8 > Montara Field (0.99)
- Oceania > Australia > Western Australia > Timor Sea > Bonaparte Basin > Vulcan Basin > PL AC/L7 > Montara Field (0.99)
- North America > Canada > Alberta > Athabasca Oil Sands > Western Canada Sedimentary Basin > Alberta Basin > Kai Kos Dehseh Oil Sands Project (0.99)
- (2 more...)