After initially focusing on domestic exploration, PTTEP turned to international growth to strengthen its portfolio in the face of a maturing domestic asset base. The company built positions in its regional heartland of SE Asia through licence awards, before moving further into the international arena with awards in Algeria and Oman. Subsequently M&A has added positions in Australia, Canada, Mozambique and Brazil, and PTTEP has discovered 0.9 billion boe of new resource over the last decade. However, drilling over the last four years has failed to deliver new commercial reserves, and much of PTTEP's international acreage has been relinquished. Exploration as a means of future growth has been de-emphasised with PTTEP instead looking at activity that will reset the growth trajectory quicker than through the drill-bit. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.