PTTEP progresses with innovative R&D
PTT Exploration and Production Plc (PTTEP), the only SET-listed upstream petroleum company, is investing more in innovations that create its own know-how and technologies to further maintain its exploration facilities and cut the costs of imported services even more.
Chief operating officer Phongsthorn Thavisin told the Bangkok Post that the company already operates maintenance processes on its exploration and production facilities from innovation it has already invested in.
He said the processes have not only helped reduce maintenance costs, but also cut the maintenance period required by imported know-how and expertise.
He added PTTEP has been developing the technology to serve their own business for more than five years, when the company set up a new technology department under the name of Technology Development Steering Committee (TDSC).
“At present, PTTEP has around 40 projects, working mostly on increasing exploration ratio and efficiency from the oil and gas that we discover,” he said.
PTTEP established the TDSC department in 2013 to observe and develop various development and technologies both at home and abroad to develop their own exploration maintenance services.
Mr Phongsthorn said PTTEP has been so successful in creating its own technologies that the company is now able to provide maintenance services to other companies in the PTT Group, its parent company.
Projects that have been approved by the TDSC and are being executed in PTTEP’s operations include unmanned aerial vehicles that are used in plant inspections, which help increase safety, prevent possible exposure and unplanned plant shutdown.
PTTEP collaborated with Kasetsart University to develop and run lab tests for autonomous underwater vehicle for subsea pipeline inspections.
“These services can be used in our exploration and production and sometime we offer these services to other companies in the group. We are also mulling doing its as a new business to serve maintenance and inspection services to other companies in Thailand as well,” he said.
Mr Phongsthorn said the company has saved up to 10 billion baht in maintenance costs over the last few years through its innovations, which will help reduce the costs by another 10 billion baht over the next few years.
With these cost-cutting projects, PTTEP posted a net profit of US$372 million for 2016 despite volatile global oil prices. The result reversed a net loss of $854 million in the previous year.
The company is also accelerating its exploration and production at Australia’s Montara offshore block.
PTTEP shares closed on Friday on the Stock Exchange of Thailand (SET) at 91.75 baht, down 75 satang, in trade worth 824 million baht.