PTT Exploration and Production Public Company Limited
More Than Hot Air
PTTEP looks for more than oil and gas when it participates in a country’s economy and social development
PTT Exploration and Production Public Company Limited (PTTEP) is an oil and gas exploration and production company based in Thailand. It is a subsidiary of the state-owned PTT Public Company Limited. Registered in Bangkok, Thailand in 1985, PTTEP’s mission is to operate globally to provide reliable energy supply and sustainable value to all stakeholders, with a strong vision to become a leading Asian E&P company driven by competitive performance, advanced technology and green practices. To achieve this, PTTEP has to deliver impressive growth, supported by outstanding social and environmental performances.
Sustainable Development underpins all of the company’s endeavors, shaping the way business is conducted. Global agendas such as the UN Global Compact Principles (UNGC), 17 UN Sustainable Development Goals (SDGs) and Sufficiency Economy have been integrated into the company’s sustainability strategy. Its sustainability strategy is also aligned with credible international rating programmes such as the Dow Jones Sustainability Indices and national sustainability programmes by the Stock Exchange of Thailand.
The SD (Sustainable Development) Council is responsible for directing PTTEP’s sustainability approach, with the company’s Chief Executive Officer as the Chairman. The Council is responsible for determining, reviewing and approving guidelines, operations, and projects in relation to sustainable development, and it has an SD Working Team playing a supportive role to the Council’s operation. The SD Working Team is made up of representatives from different functional groups and departments working together to determine strategy, directions, and initiatives on SD, key performance indicators, action plans, monitoring programs. The SD Working Team communicates to the SD Council on a regular basis.
PTTEP’s contribution to sustainable development is founded upon securing energy reserves for future generations. The sustainability challenge is to achieve this corporate objective in a manner that demonstrates a wider benefit to society along the way, in which PTTEP respects, manages and interacts with the wider economy, wider society and the environment.
PTTEP’s philanthropic strategy focuses on community investment rather than charitable donations or commercial initiatives. In 2017, PTTEP contributed a total of US$11.59 million, approximately 1.95 percent of its profit, for CSR activities in the areas of basic needs, education, environment and culture. Each initiative is chosen in view of how it provides direct benefit to stakeholders, serves specific needs in a particular area, and how it creates long-term value and sustainable growth for society as a whole.
To help in the area of basic needs, the company implements projects such as the Crab Hatchery Learning Centre, Waste to Energy, Flare Gas Utilisation for Local Agricultural Product Processing in Thailand and PTTEP Free Clinics in Indonesia. In the area of education, it implements projects which provide support to underprivileged students to pursue their studies or to develop skills. Among the company’s education initiatives are the PTTEP Scholarship for Recruitment in Thailand, and Technical Capability and Development Project in Myanmar. Environmental projects which conserve and protect natural resources for future generations include the H.T.M.S. Underwater Learning Site and Natural Classroom at Sri Nakhon Khuean Khan Park (Bang Kachao) Project. The company also implements projects which conserve cultural heritage, such as the Thai Heritage, World Heritage Project.
PTTEP’s oil production process involves several steps that require advanced engineering technology. One crucial step is burning excessive natural gas to achieve complete combustion, according to the international standard for petroleum exploration and production. PTTEP launched an in-depth study on this and found that the excessive natural gas can be used for the benefit of community rather than useless burning. As such the natural gas is sold to the community at 50 percent of market price. This project helps to reduce GHG emissions by more than 5,000 tonnes annually.
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