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 NOC built positions in its regional heartland of SE Asia through licence awards, before moving further into international arena with awards in Algeria and Oman. Subsequently M&A added positions in Australia, Canada, Mozambique and Brazil, and PTTEP discovered 0.5 billion boe of new resource over the last decade. However, much of these volumes were sub-commercial and failed to create value, and a large part of PTTEP's international acreage was relinquished. Exploration as a means of future growth has been de-emphasised with PTTEP instead looking at activities 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.