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 two years has failed to deliver new commercial reserves. One of PTTEP's responses to the fall in oil prices has seen future exploration spend reduced to very low levels, with the company instead looking at activity that will reset the growth trajectory quicker than through the drill-bit. What little exploration PTTEP undertakes in the near term will be focused on its core domestic hubs, together with international drilling in a limited number of countries.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
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Company report | Oct 2016
PTTEP oil and gas exploration summary
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