PTTEP Tackles Industry Challenges, Prepares for Future with 3Rs

Thailand’s upstream-focused PTT Exploration and Production (PTTEP) Public Company Ltd. (Pcl) is implementing a strategy to reset, refocus and renew (3Rs) as it repositions to cope with the industry downturn triggered by low oil prices, Chief Operating Officer Phongsthorn Thavisin said March 23 at a media briefing held during the Offshore Technology Conference Asia in Kuala Lumpur, Malaysia.

PTTEP, like its counterparts elsewhere, has experienced reduced profitability in recent years. The firm incurred a net loss of $854 million last year, down from a net profit of $677 million and $1.847 billion in 2014 and 2013, respectively.

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