DocumentSSHE_ReportFile_2985CLSA Distribution Final - CLSA Investors’ Forum September 17 - 18,...

8/11/2019 DocumentSSHE_ReportFile_2985CLSA Distribution Final - CLSA Investors Forum September 17 - 18, 2014

1/37

CLSA Investors ForumSeptember 17 - 18, 2014

PTT Exploration and Production Public Company Limited

Passion to Explore for a Sustainable Future


2/37

2

Disclaimer

Forward-looking Information

The information, statements, forecasts and projections contained herein reflect the Companys current views with respect to future events and financial performance.

These views are based on assumptions subject to various risks. No assurance is given that these future events will occur, or that the Companys assumptions are

correct. Actual results may differ materially from those projected.

Petroleum Reserves and Resources Information

In this presentation, the Company discloses petroleum reserves and resources that are not included in the Securities Exchange and Commission of Thailand (SEC)

Annual Registration Statement Form 56-1 under Supplemental Information on Petroleum Exploration and Production Activities. The reserves and resources data

contained in this presentation reflects the Companys best estimates of its reserves and resources. While the Company period ically obtains an independent audit of a

portion of its proved reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of reserves and resources data disclosed in this

presentation. Unless stated otherwise, reserves and resources are stated at the Companys gross basis.

This presentation may contain the terms proved reserves, probable reserves, and/or contingent resources. Unless stated otherwise, the Company adopts

similar description as defined by the Society of Petroleum Engineers.

Proved Reserves - Proved reserves are defined as those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with

reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods,

and government regulations.

Probable Reserves - Probable reserves are defined as those unproved reserves which analysis of geological and engineering data suggests are more likely than not

to be recoverable.

Contingent Resources - Contingent resources are defined as those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from

known accumulations, but which are not currently considered to be commercially recoverable. The reasons for non commerciality could be economic including market

availability, political, environmental, or technological.

2 / 17


3/37

3

Agenda

Thai Energy Industry & Company Overview

Growth Strategy

Financial Performance

3 / 17


4/37


5/37

5

Thai Energy Reform: Upstream E&P

Lingering Questions

Renewal of

expiring concessions

21stPetroleum

Bidding Round

PetroleumFiscal Regime

Overlapping Claims Area(ThaiCambodia)

B5

B6

B7

B8

B9

B10

B11

Concessions

ProductionSharing

Contracts

Contract 1-3, 5 Bongkot

21

st

ExpiringConcessions

OCA

5 / 17

B12

B13

B14

G9/43


6/37

6

10.20

10.69

12.33

12.63

16.88

16.92

19.58

19.72

20.10

31.41

KTB

AOT

BBL

CPALL

KBANK

SCC

ADVANC

SCB

PTTEP

PTT

(US$bn)

Leading Regional Exploration and Production CompanyLargest publicly-listed E&P company in SoutheastAsia (SEA)

PTT65.3%

Others34.7%

PTTEP Thailand

Moodys Baa1 Baa1

S&Ps BBB+ BBB+

JCR A- A-

TRIS AAA N/A

Shareholding structure

is a subsidiary of PTT Public Company

Limited

and is on par with sovereign ratings

Note: As of 8 August 2014

Note: Corporate ratings for PTTEP; Country ratings for Thailand

6 / 17

Source: Bloomberg, 12 September 2014

PTTEP is the 2ndlargest company onthe Stock Exchange of Thailand ("SET")


7/37

7

Notes:* Excludes 3 projects that are pending official withdrawalapproval** Other segments and unallocated assets areconsidered Corporate / Head Office asset, henceclassified under "Thailand

North America (1)1 Exploration

Canada

Africa and Middle East (7)

1 Production1 Development5 Exploration Algeria

Mozambique

Kenya

Oman

Thailand (18)14 Production1 Development3 Exploration

Southeast Asia (16)

6Production10Exploration Vietnam

Indonesia

Myanmar

Australasia (1)

1 Production Australia

Internationally Diversified and Balanced PortfolioWorldwide operations: 44 projects* in 11 countries

South America (1)1 Exploration

Brazil

7 / 17

Thailand51.4%

Australasia12.6%

Americas9.7%

Africa andMiddle East

11.7%

SE Asia14.6%

PTTEPs Asset Base by Book Value (as of June 30, 2014)**

LNG

Oil

Deepwater Gas(LNG)

Deepwater Oil

Oil Sands

Piped Gas


8/37

8

Agenda


Growth Strategy


8 / 17


9/37

9

PTTEP Three-Pronged StrategyBalanced approach to become a BIG, LONG and STRONG E&P company

BIG

STRONGLONG

Production target of600 KBOED by 2020

Proved reserves lifeat 10 years

Competitive ROE

MaintainCredit Ratings

VISION

Become a leading Asian E&P company through technology and green practices

9 / 17


10/37

10

969 901 846

898 885 860

1,350

2,2002,700

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013

MMBOE

Proved (P1) Probable (P2)

3,217

3,986

4,406

Reserves /Resource Life*

Contingent (2C)

7 Years

14 Years

37 Years

2013 by Geography

Reserves

(P1 + P2 + 2C)P1 P1 + P2

Reserves

P1 P1 + P2

2013 by Product Type

Domestic International

Gas Liquid

Resources Base

(P1 + P2 + 2C)

Resources Base

47%

53%

47%

56%42%

44%

846

1,706

4,406

846

1,706

4,406

* Based on total production of natural gas, crude oil (including bitumen) and condenstate of 329 KBOED for the year ended December 31, 2013Reserves and resources data as of year-end 2013, prior to the KKD asset swap transaction announced on January 30, 2014

5-Year Average Proved ReservesReplacement Ratio (RRR)

2011 2012 2013

1.10x 0.91x 0.82x

Reserves and Resources BaseLarge resources base to support sustainable growth

LONG

58%

53%

26%

74%

30%

70%

10 / 17


11/37

11

Target Production at 600 KBOED by 2020Clear visibility on growth strategy through international growth andopportunistic M&A

Production Volume (KBOED)

~250

~400

600

Maintain Production Plateau in Domestic Projects

Growth from International Projects Start-ups and Ramp-ups

Evaluate New Exploration and M&A Potentials

Thailand :- S1- Bongkot- Pailin- Arthit- MTJDA

Long-term Contributors :- Myanmar M3- Mozambique Offshore

Area 1- Canada Oil Sands

M&A targets :- Southeast Asia producing assets- North America shale assets

with high liquid content- Other prospects

Discovered Prospects :- Cash / Maple- Algeria HBRNew Frontiers:- Mozambique and Kenya

2013 2020

Near-term Growth :- Montara- Vietnam 16-1- Zawtika- Algeria 433a & 416b

329

BIG

11 / 17


12/37

12

Effective Investment AllocationAsset rationalization to sustain strong and competitive performance

* Excludes expenditure for M&A opportunities and after KKD asset swap,

STRONG

2,9613,388 3,562

3,0743,514

2,866

1,535

2,010 1,679

1,671

1,742

1,775

328

0

2,000

4,000

6,000

2013 2014 2015 2016 2017 2018

MMUS$

Total Expenditures (2014-2018)* =

CAPEX =

OPEX =

Acquisitions

$25 bn

$16 bn

$ 9 bn

4,824 5,398 5,241 4,745 5,256 4,641Total

Expenditures

12 / 17


13/37

13

Agenda


Growth Strategy


13 / 17


14/37

14

Sales Volume, Price and Unit Cost

183,314 191,798 203,009

92,609 100,831104,254

0

100,000

200,000

300,000

Liquid Gas

BOED

275,923292,629

Gas ($/MMBTU)

Liquid ($/BBL)

Weighted Avg. ($/BOE)

Avg. Dubai ($/BBL)Avg. HSFO ($/BBL)

(High Sulfur Fuel Oil)

Revenue Mix(Gas : Liquid)

2012

2013

7.59

103.27

64.86

109.03

103.26

46 : 54

7.92

100.15

65.58

105.54

97.52

47 : 53

Sales Volume and Price

0

10

20

30

40

$/BOE

2012

14.95

33.94

DD&A

Royalties

G&A

Exploration Exp.

Operating Exp.

Lifting Cost

Success Ratio

Cash Cost Unit Cost

14.47

2013

15.33

7.65

3.17

1.61

6.18

4.88

38:55

13.61

7.80

3.09

2.11

5.61

4.28

43:54

32.22

Unit Cost

66%

34%

66%

34%

307,263

1H 14

66%

34%

7.96

102.82

66.35

105.22

95.60

47 : 53

20.08

7.14

2.63

1.47

8.11

5.60

17 : 22

1H 14

39.43

16.69

D) Exclude diluent cost for blending bitumen in KKD Oil Sands projectE) Exploration and Appraisal wells

A A

B B

CD

E

C

A) If Vietnam 16-1 retroactive sales are excluded, gas price is$ 8.01 for 2013 and 8.04 $ for 1H 2014

B) If Vietnam 16-1 retroactive sales are excluded, average selling price is66.09 for 2013 and 66.84 for 1H 2014

C) If exclude extra expense from MontarasDevelopment well (H5) :1H 14 Operating Exp. : 6.99$/BOE / Cash cost 15.56 $/BOE / Unit cost : 38.31 $/BOE

Record volume coupled with higher prices

14 / 17

C


15/37

15

1H 2014 Cash Flow PerformanceStrong operating cash flows from stronger sales volume

3,4703,675

1,778

100

200

300

400

0

1,000

2,000

3,000

4,000

2012 2013 1H 2014

Operating Cash Flows*

70% 71%

MMUSD KBOE/D

Cash Flow Performance

Sales Volume

EBITDAMargin

* Net of adjustment for the effect of exchange rate changes on cash and cash equivalents. Operating cash flows before exchange rate effect adjustment is:2012 = 3,455 MMUSD ; 2013 = 3,740 MMUSD ; 1H 14 = 1,783 MMUSD

** Operating cash flow included in Source of funds in 1H 14 is shown net of adjustment for the effect of exchange rate changes on cash and cash equivalents

71%

Source & Use of Funds 1H 2014

MMUSD

**

15 / 17

3,761

2,908

-

1,000

2,000

3,000

4,000

Sources Uses

Operating Cashflows CAPEXKKD Swap Asset Dividends Paid

Bonds Issuance Financing Activities

Hess TH Acquisition( Hybrid Bond + THB Bond )


16/37

16

Weighted AverageCost of Debt* (%)

[Fixed : Floating]

3.99

[79 : 21]

3.99

[75 : 25]

4.13

[76 : 24]

Average Loan Life*(Years) 7.50 6.81 7.51

1H 2014 Financial PositionHealthy capital structure with low gearing and cost of debt

10,711 11,719 13,251

3,7734,023

4,2745,153

5,8305,352

0.35 0.34 0.32

0.00

0.20

0.40

0.60

0.80

1.00

0

5,000

10,000

15,000

20,000

25,000

2012 2013 1H 2014

Equity (LHS) Interest Bearing Debt (LHS) Other Liabilities (LHS) Gearing Ratio D/E (RHS)

MMUSD D/E Ratio

* Excludes Hybrid bonds

US$89%

CAD11%

US$87%

CAD13%

Capital Structure

Asset

Debt Profi le*

Assets

22,87719,637

21,572

US$90%

CAD10%

16 / 17


17/37

17

Consistent and solid dividend payout

Dividend 1H 2014

2.55 2.61 2.803.00 3.00

2.482.79

3.003.00

40% 40%38%

40% 40%

0%

25%

50%

0

5

10

2010 2011 2012 2013 2014

Dividend Payment History(No Less Than 30% of Net Income)

1H 2H Payout Ratio

5.035.40

THB per share

Payout Ratio

5.806.00

17 / 17


18/37

18

Q & A

For more information, please visit our website at

http://www.pttep.com

OR

Contact us via email address at

[email protected]

OR

Call us at +66 2 537 4000

Exploring new horizons, we take every step as learning
http://www.pttep.com/mailto:[email protected]:[email protected]://www.pttep.com/


19/37

19

Supplementary Index

1. Thailands Energy Outlook

2. Relationship with PTT Plc

3. Overview of PTTEPs Key Focus Areas

4. PTTEP Project Information

5. PTTEP Management Team

6. 2013 Awards and Recognitions

7. Corporate Social Responsibility

8. Human Rights

9. Organization Structure

10. Ratio Formulas


20/37

20

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500 2014

0

400

800

1,200

1,600

2,000

2,400

2,800

2007 2008 2009 2010 2011 2012 2013 2014 2015 2020

Thailands Energy OutlookNatural gasenergy for the future

Source : PTT & EPPO

KBOED Energy Consumption

Source : EPPO

0

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011 2012 2013 2014 2015 2016

Contracted

Domestic

ContractedImport

Gas Demand

Gas MarketMMSCFD @1000 BTU

Gas ConsumptionBy Sector

0

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011 2012 2013 2014 2015 2016

Power

Industry

NGV

MMMSCFD

60%

19%

7%

15%

1%

4%

19%

34%

42%

0 %

2.3 %

15.6 %

45.6 %

36.5 %

Household &Petrochemical

MMSCFD @1000 BTU

Source : PTT & PTTEP

J F M A M J J A S O N D

2013

2011

2012

Gas Consumption

Petroleum Product

Coal & Lignite

Natural Gas

Hydro

Nuclear

LNG

Supplement 1 / 10

Source : PTT & EPPO

59%

20%

7%

14%

JanJun 2013 4,854 MMSCFD

JanJun 2014 4,845 MMSCFD


21/37

21

Strong Relationship with Majority ShareholderLeveraged and supported by PTT and the Thai Government

Notes:1 Ownership as of 8 August 20142 51.1% is directly held by the Government of Thailand (Ministry of Finance), with the remaining 14.9% held by the state-controlled Vayupak Fund I

PTTEP is the flagship oil & gas exploration and production

arm of PTT, and is critical to the Thai Economy PTTEP supplies approximately a fourth of Thailand's total

petroleum production

PTTEP supplies more than 80% of sales volume to PTT, afinancially strong corporate and Thailands main provider

of natural gas

PTTEP is engaged in long-term gas off-take agreements(generally 25 to 30 years) with PTT, a major source of PTTEPsstable revenue stream

Synergies between PTTEP and PTT in the natural gasvalue chain

PTTEP provides PTT with access to gas production

PTT provides leverage and support for PTTEPs relationships with

other government bodies and agencies

The relationship with PTT provides PTTEP with a competitiveposition to offer integrated solutions to counterparties

Ownership Structure1

Government of

Thailand

Thailands national energy company

66.0%2

65.3%

Supplement 2 / 10


22/37

22

Supplement 3.1 / 10

ThailandStrong home base with legacy assets maintaining production plateau

Production / Ramp-up Projects

Arthit

Bongkot South S1

Vietnam 16-1

Bongkot (44.4% interest)

Bongkotsproduction capacity of close to 1 Bcf/d represents approximately 20% of

Thailands natural gas supply

Average natural gas sales volume from the Bongkot fields was 860 MMSCFD during

1H 2014

Average condensate sales volume was 29 KBPD in 1H 2014

S1 (100% interest)

S1 is the largest onshore crude oil production field in Thailand

Average crude oil sales volume was 28 KBPD during 1H 2014

Arthit (80% interest)

Average sales volume during 1H 2014 was 217 MMSCFD of natural gas and 8.9

KBPD of condensates

Acquisition of Hess Assets in Thailand

PTTEP successfully acquired Hess Corporations working interests in the Contract 4project and Sinphuhorm project, and now holds 60% working interest in the Contract

4 project and 55% working interest in the Sinphuhorm project . PTTEP has also

become the operator of the Sinphuhorm project

The Contract 4 project had an average sales rate of 387 MMSCD for natural gas and

29 KBPD for condensates during 1H 2014

S1

Bongkot Arthit

Contract 4

Contract 4


23/37

23

Southeast Asia: Myanmar

A significant contributor to growth, with high potential blocks


Exploration / Appraisal Projects

Progress ofZawtikadevelopment

PSC-Gand EP-2

M3

Yadana

Zawtika

M11

Yetagun

Zawtika (80% interest)

Began delivering gas to Myanmar in March 2014, and to Thailand in August 2014

Currently delivering at full DCQ of 300 MMSCFD

M3 (80% interest) & M11 (45% interest)

Appraisal drilling campaign in M3 completed in August 2013, with gas andcondensate discoveries

Plan to drill 3 more appraisal wells during 2H 2014 to f irm up resource potential

The M11 project is in the process of assessing the potential of remaining areas inorder to plan for further exploration activities

PSC-G and EP-2 (90% interest) Completed 2D seismic acquisition in December 2013

Currently drilling 1 exploration well with 2 more planned during 2H 2014

MD-7 and MD-8 (100% interest)

Completed 2D seismic acquisition for planning of further exploration activities

MOGE-3 (85% interest)

Signed a PSC on August 8 thwith MOGE for exploration and production rights.

Yadana (25.5% interest)

Average sales volume of 726 MMSCFD of natural gas in 1H 2014

Yetagun (19.3% interest)

Sales volume averaged 347 MMSCFD for natural gas and 7.7 KBPD forcondensates in 1H 2014

MD-7 & MD-8

Zawtika Processing Platform andLiving Quarters

Supplement 3.2 / 10

MOGE-3


24/37

24

Southeast Asia: Vietnam and Indonesia

Reinforcing regional exposure through strategic partnerships

Vietnam 16-1 (28.5% interest)

Average crude oil sales volume of 35.7 KBPD in 1H 2014

Successful drilling of an appraisal well in area H5 in August 2013 with further

development plan to maintain production rate at 40,00045,000 BPD

Natuna Sea A (11.5%* interest)

Acquired interest from Hess Corporation through joint partnership with Pertamina in

December 2013

Average sales volume of natural gas was 217 MMSCFD, and average sales volume of

crude oil was 857 BPD during 1H 2014


Vietnam 16-1

Natuna Sea A

* Net participating interest from 50/50 joint partnership with Pertamina to acquire 23% interest in the project

Vietnam 16-1

Natuna Sea A

Source : Premier Oil

Supplement 3.3 / 10


25/37

25

East Africa: Mozambique

A region positioned for the Asia LNG Market

Source: Anadarko, Woodmackenzie

Area 1 (8.5% interest)

Advancing towards 50 MMTPA Abundant resource based estimated at 50 to 70+ TCF of recoverable natural gas

Reserve certification sufficient for two 5 MMTPA LNG trains

Secured non-binding Heads of Agreement for LNG off -take for more than one 5MMTPALNG train

Evaluation of competitive feed studies under way

Location and Cost Advantages

High quality reservoirs

Proximity to shore; 5 to 25 miles

Scalable onshore development

Supplement 3.4 / 10


26/37

26

AustraliaEnsuring smooth Montara production ramp-up and Cash/Maple development


Exploration / Appraisal Projects

Montara

Cash / Maple

Montara (100% interest)

First production began in June 2013 through the Montara Venture FSPO

Currently producing from 8/9 wells at an average rate approximately 25 KBPD

In relation to the Montara Incident, 98% of the amount recoverable underPTTEPAA's insurance policy, US$242m has been received as of 1H 2014

Cash / Maple (100% interest)

Spudded Maple-East exploration well during Q2 2014, with results expectedduring 2H 2014

Currently in the process of considering commercial options for the development ofthe field

Montara Venture FPSO

Supplement 3.5 / 10


27/37

27

Canada Mariana Oil SandsFlexibility to pursue strategic direction in the long-term growth project

The Asset Swap

On 28 May 2014, the conditions precedent to closing, prescribed in thePartnership Unit Redemption Agreement (PURA), have been duly satisfied, andthe PURA has been completed.

PTTEP Canada Limited now owns and operates 100% of the Thornbury,Hangingstone and South Leismer areas (THSL), and has received from StatoilCanada a total of 419 million US dollars.

PTTEP will begin the Winter Evaluation program of the Thornbury field inDecember 2014.

Supplement 3.6 / 10

Hangingstone

Thornbury

South Leismer


28/37

28

PTTEP Projects Information (1 / 4)

Project PTTEPsShare

Partners 1H 2014 Average Sales Volume * 2014 Key ActivitiesGas Oil and Other

Production Phase

Thailand and JDA1 Arthit 80% Chevron

MOECO16%

4%217 MMSCFD

Condensate: 8.9 k BPD- Ensure gas deliverability level above 220 MMSCFD

Drill Exploration/Appraisal wells

2 B6/27 60% JX NOEX 40% N/A N/A Completed 1 exploration well (Nok Kaew-1)

3 B8/32 & 9A 25% ChevronMOECOKrisEnergyPSTL

51.66%16.71%

4.63%2%

111 MMSCFD Crude: 30 k BPD Drill Development wells

4 Bongkot 44.4445% TOTALBritish Gas

33.3333%22.2222%

860 MMSCFDCondensate: 29 k BPD

- Drill Exploration / Appraisal / Development wells

5 Contract 3(Formerly

Unocal III)

5% ChevronMOECO 71.25%23.75% 635 MMSCFDCondensate: 18.6 k BPD Crude: 23k BPD

Drill 1 Exploration well / Development wells

6 Contract 4(Formerly

Pailin)

60% ChevronMOECO

35%5%

387 MMSCFDCondensate: 18 k BPD

- Drill Exploration / Appraisal / Development wells

7 E5 20% ExxonMobil 80% 12 MMSCFD -

8 G4/43 21.375% ChevronMOECOPSTL

51%21.25%6.375%

2.4 MMSCFD Crude: 5k BPD Drill Exploration / Development wells

9 G4/48 5% ChevronMOECO

71.25%23.75%

11 MMSCFD Crude: 1.5 k BPD

10 L53/43 &L54/43

100% - Crude: 151 BPD Drill Exploration/ Appraisal wells

11 PTTEP1 100% - Crude: 284 BPD

12 S1 100% 27 MMSCFD Crude: 28 k BPD Maintain production level above 30,000 BPD Continue Exploration and development activities

13 Sinphuhorm 55% ApicoExxonMobil

35%10%

120 MMSCFDCondensate: 497 BPD

- Drill 1 Development well

14 MTJDA 50% Petronas-Carigali

50% 325 MMSCFDCondensate: 6.8 k BPD

- Drill 2 Appraisal wells

* Sales volume stated at 100% basis.Supplement 4.1 / 10


29/37

29


* Sales volume stated at 100% basis.

Project PTTEPsShare

Partners 1H 2014 Average Sales Volume * 2014 Key Activities

Gas Oil and Other

Production Phase

Overseas15 Oman 44 100% 27 MMSCFD

Condensate:2.1 k BPD

- Drill Exploration / Appraisal wells Maintain production rate

16 Vietnam 9-2 25% PetroVietnamSOCO

50%25%

15 MMSCFD Crude: 5.5 k BPD Drill 1 Development well

17 Yadana 25.5% TOTALChevronMOGE

31.24%28.26%

15%

726 MMSCFD - 3D Seismic acquisition of 3,335 sq.km.

18 Yetagun 19.3178% Petronas-Carigali

MOGENippon OilPC Myanmar(Hong Kong)

30.00140%

20.4541%19.3178%

10.90878%

347 MMSCFDCondensate:

7.7 k BPD

- Drill 1 exploration well and 2 development wells

19 Vietnam 16-1 28.5% PetroVietnamSOCOOPECO

41%28.5%

2%

57 MMSCFD Crude: 35.7K BPD

Drill 1 development well H5 development Sanction expected in Q2 2014

20 PTTEP Australasia(PTTEP AA)

20%-100%(varied by

permits)

- Crude: 16 k BPD Completed 1 exploration well (Dillion South-1) Drilling 1 exploration well (Maple East-1)

21 Natuna Sea A 11.5% Premier OilKUFPEC

PetronasPertamina

28.67%33.33%

15%11.5%

217 MMSCFD Crude: 857 BPD

22 Zawtika(M9 & a part of M11)

80% Myanma Oiland GasEnterprise(MOGE)

20% 30 MMSCFD - Successfully delivering gas to Myanmar since lateMarch 2014

Successfully delivering gas to Thailand since earlyAugust 2014

Daily contractual quantity at 300 MMSCFD (80% toThailand and 20% to Myanmar)

Supplement 4.2 / 10


30/37

30


Project PTTEPsShare

Partners 2014 Key Activities

Development Phase:

Thailand and JDA23 L22/43 100% Drill 3 Exploration wells

Fabrication and installation of Wellhead production facility

Overseas

24 Algeria 433a & 416b(Bir Seba)

35% PetroVietnamSonatrach

40%25%

Drill 4 Development wells Continue Engineering, Procurement & Construction (EPC) work First oil expected in the end of 2014

Project PTTEPsShare


Exploration Phase

Thailand and JDA

25 A4, 5 /48 100% G&G Studies

26 G9/43 100%

27 L28/48 70% Resourceful Petroleum(Thailand)

30% To P&A Ratana-1 and Ratana-2 well

Overseas

28 Myanmar M3 80% MOECO 20% Drill 3 appraisal wells

29 Mozambique RovumaOffshore Area 1

8.5% Anadarko, Mitsui,ENH, Bharat Petroleum,BREML, OVL

26.5%,20%15%,10%,10%,10%

Drill 6 Exploration and 5 Appraisal wells Complete FEED / FID for Mozambique LNG Project

30 Algeria Hassi BirRekaiz

24.5% CNOOCSonatrach

24.5%51%

Drill 3 Appraisal wells Studies and FDR Preparation 3D seismic acquisition of 1,000 sq.km

31 Indonesia Semai II 28.33% MurphyINPEXPT Pertamina Hulu EnergiSemai II

28.33%28.33%

15%

Drill 2 Exploration wells G&G Studies

Supplement 4.3 / 10


31/37

31


Project PTTEPsShare


Exploration Phase (cont)

Overseas (cont)32 Indonesia South

Mandar34% Talisman

TOTAL33%33%

Negotiation with Total (Operatorship transfer & Carry cost)

33 Indonesia Malunda 100% Conduct new 3D seismic over the new oil plays Continue divestment effort

34 Myanmar M11 45% TOTALJX NOEX

40%15%

G&G Studies

35 Vietnam B & 48/95 8.5% ChevronMOECOPVEP

42.38%25.62%

23.5%

Negotiate a GSA with the Vietnamese government

36 Vietnam 52/97 7% ChevronPVEP

MOECO

43.4%30%

19.6%

Negotiate a GSA with the Vietnamese government

37 MyanmarPSC-G and EP-2

90% WinPreciousResources 10% Drill 2 Exploration wells

38 MozambiqueRovuma Onshore

10% Anadarko, Maurel&Prom,ENH, Wentworth Resources

35.7%,27.7%15%,11.6%

Drill 2 Exploration wells Acquire 2D seismic acquisition over prospect area

39 Kenya L10A 31.25% BG, Pan Cont. 50%,18.75% Conduct G&G studies Completed 1 Exploration well (Sunbird-1) 3D seismic acquisition of 2,000 sq.km.

40 Kenya L5, L7, L11,L11B, L12

10% Anadarko, Total 50%,40% Drill 1 Exploration well in Block L11B Conduct G&G Studies

41 Myanmar MD 7 andMD 8 100%

2D seismic acquisition and processing

42 Mariana Oil Sands 100% Completion of asset swap on 28 May 2014 Pre-FEED for the first production phase of the Thornbury field

43 Barreirinhas AP1 25% BG Brasil 75% 3D seismic acquisition

44 MOGE 3 85% Palang Sophon OffshoreWinPreciousResources

10%5%

Environmental Impact Assessment/ Social Impact Assessment

Supplement 4.4 / 10


32/37


33/37

33

Certified Member of Thailands Private Sector Collective Action

Coalition against Corruption Council (CAC)-Thailands Private Sector Collective Action Coalition

against Corruption Council (CAC)

2014 DJSI Listed Company in the Sustainability World Index ofthe Oil & Gas Sector .

-The Dow Jones Sustainability Indexes (DJSI)

Global CSR Award 2014 : Best Community Program

- Pinnacle Group International Singapore

Best Public Company 2014 inthe Resources Industry

-Money and Banking magazine

(Pictured right)

Best CEO (IR), Best CFO(IR),Best EnvironmentalResponsibility,and Best IR Company

-Corporate Governance Asia

Top 50 Publicly Listed

Company in Thailand :ASEAN Corporate GovernanceScorecard 20132014

-Thai Institute of Directors (IOD)

Best CEO and Best CFO

-The Investment Analysts

Association (IAA)

(Pictured Left)

Picture

(Award)

Best Strategic Corporate CSR & Best Senior Management IRSupport

- Alpha Southeast Asia Magazine

2014 Awards and RecognitionsAccolades of excellence in operations and management from accredited institutions

Supplement 6 / 10

C S


34/37

34

Corporate Social ResponsibilityCommitted to Sustainable Development through Environmental Conservationand Community Development everywhere we operate

LEGEND

Cultural Heritage Preservation5 Sites; e.g. Khao Yai, Kampaeng Phet

Marine Habitat RestorationArtificial Reefs, Fisheries

Environmental & Reforestat ion Projects

In Thailand : 200,000 rais between 2013-2020

Promot ion of Educat ionScholarships, Mobile Libraries, Tutor Camps

Promo tion o f Health, Hygiene, & Social NeedsHealth Stations, Hospital Renovations, Utilities Improvement

Myanmar

Canada

Australia

Oman

Thailand

Supplement 7 / 10


35/37

35

Human RightsEmphasis on the well-being of employees, partners and customers

PTTEP

Is responsible for labor rights in any operational area,strictly prohibiting child labor and forced labor

Makes fair employment and fosters safe workenvironment, regardless of local laws on human rights,in which PTTEP operates

Works only with ethical partners, who have no record ofany infringement of human rights

Promotes communication between executives andemployees through employee empowerment

Is ready to provide proper and necessary benefits toenrich employees' quality of living

Supplement 8 / 10


36/37

36Supplement 9 / 10

Corporate StructureBoard of Directors and committees to ensure transparency and integrity

Nominating Committee

Remuneration Committee

Risk ManagementCommittee

President and CEO

Strategy andBusiness

DevelopmentGroup

Geosciencesand

ExplorationGroup

Engineeringand

DevelopmentGroup

OperationsSupport Group

Technologyand

SustainabilityDevelopment

Group

HumanResources and

BusinessServices Group

Finance andAccounting

Group

DomesticAsset Group

InternationalAssetGroup

Legal DivisionCorporate

Secretary OfficeInternal AuditDepartment

Board of Directors

Corporate Governance Committee

Audit Committee


37/37

37

Ratio Formulas

Ratio

Formula

Lifting Cost ($/BOE)(Operating Exp.Transportation CostStock VariationOther expense not related to lifting) / Production

Volume

Cash Cost ($/BOE) (Operating Exp. + SG&A + Royalty & SRB) / Sales Volume

Unit Cost ($/BOE) (Operating Exp. + Exploration Expense + SG&A + Royalty + DD&A) / Sales Volume

Reserves Replacement Ratio 5-Yr Additional Proved Reserves / 5-Yr Production Volume

Reserves Life Index (Year) Proved Reserves / Production Volume

Success Ratio Number of wells with petroleum discovery / Total number of exploration and appraisal wells

EBITDA (Sales + Revenue from pipeline transportation) - (Operating expenses + Exploration expenses +

Administrative expenses + Petroleum royalties and remuneration + Management's remuneration)

EBITDA Margin EBITDA / Sales Revenue

Total Interest Bearing DebtShort-term loans from financial institution + Current portion of long-term debts + Bonds + Long-term loans

from financial institution

Total Debt to Equity RatioTotal interest bearing debt/ Shareholders' equity

Total Debt to EBITDA RatioTotal interest bearing debt / Trailing-12-month EBITDA

Dividend Payout Ratio Dividend Payment / Net Profit

Date post:	02-Jun-2018
Category:	Documents
Upload:	prakarn-korkiat
View:	219 times
Download:	0 times

DocumentSSHE_ReportFile_2985CLSA Distribution Final - CLSA Investors’ Forum September 17 - 18,...

Documents