After initially focusing on domestic exploration, PTTEP turned to international growth to strengthen its portfolio. The NOC built positions in its regional heartland of SE Asia through licence awards, before moving further into international arena with acreage in Algeria and Oman. Subsequently, M&A added positions in Australia, Canada, Mozambique and Brazil. PTTEP discovered 0.4 billion boe of new resource over the last decade, however much of these volumes were sub-commercial and failed to create value. The last four years, PTTEP has reassessed its options. The NOC is refocusing on Myanmar and its newly acquired acreage and assets in Malaysia. These focused areas and new exploration acreage in the UAE, Brazil and Mexico in partnership with notable global explorers could bring PTTEP opportunities for material resource additions. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.