PTTEP stresses innovative technology at world meet

Somporn Vongvuthipornchai, PTTEP president and CEO, yesterday took the stage at a three-day international business conference to demonstrate his vision alongside top executives from other global oil and gas companies such as Petronas, Woodside Energy and Schlumberger. 
The intention was to show the recognition that technology and innovation will be a vital tool in improving exploration success rates and reducing costs so that oil and gas companies will be able to survive during this period of price volatility, as well as for growth in the future.
Somporn gave a keynote speech on “Innovation and Efficiency Excellence for Our Energy Future” at the 10th International Petroleum Technology Conference (IPTC), hosted in Bangkok by PTTEP. 
He said one crucial way for oil and gas companies to survive the current cost challenge was to use the latest innovations and technology to increase efficiency, improve opportunities for successful discoveries of petroleum, both for conventional and unconventional sources, and reduce operating costs and complexity. 
He said the technology PTTEP was developing focused on increasing exploration success rates, such as dedicated processing centres and enhanced oil recovery technology that helps increase the volume of production from a petroleum source.
He said many companies in the oil and gas business were continuing to focus on improving their cost structures. During the past two years, with the prices of oil remaining volatile, PTTEP has had some success in reducing costs and increasing efficiency through the adjustment of its investment structure, including that related to drilling engineering, logistics systems, and purchasing systems, as well as adjusting the investment capital structure. 
This effort has enabled PTTEP to reduce operating costs by 15-20 per cent this year without compromising on the company’s safety standards or level of production, which Somporn said would enhance the company’s long-term competitiveness.
He also discussed the investment opportunities in the oil and gas business, saying Asia had great potential. It has greater demand than any other region as a result of the economic growth of China, India and Southeast Asia. 
On the supply side, the region still has many untapped oil and gas reserves. 
Executives of other companies that took the stage at the conference revealed very similar views that companies in the oil and gas business needed to highlight the importance of collaboration. This should include petroleum exploration and production companies, national oil companies, contractors and services companies, as well as government. 
They should also give importance to the development of technologies to improve efficiency for the long term and maintaining their competitiveness. 
This year’s IPTC has received a high level of interest from those in the oil and gas industry from all over the world, including oil companies, contractors and services companies, representative of governmental organisations, and students, especially the Emerging Leaders Workshop, which is being organised for young professionals in the oil and gas industry.