However, dividends paid out from net profits that are subject to tax under the Revenue Code are still entitled to tax credits for shareholder’s personal income tax assessment.
1.2 Proceed to the police station to declare the loss and provide details of the lost certificate.
1.3 Complete a request form for a new debenture certificate and attach the police declaration form and a copy of the debenture holder’s personal ID card.
If making the request in person, a new certificate will be issued immediately. If delegating another individual to come in person, please complete a proxy form to duly delegate authority to that person.
If requested via courier, the registrar will mail the new debenture certificate to the debenture holder’s address.
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PTTEP has established our sustainable development framework which comprises of three main components namely: High Performance Organization (HPO); Governance, Risk Management and Compliance (GRC); and Stakeholder Value Creation (SVC) as follows:
High Performance Organization (HPO) PTTEP is still focusing on EXECUTE and EXPAND strategies amid the challenging in industry landscape. Nevertheless, the company has sharpened our execution plans in order to adapt to the changing situation, enhance the company’s competitive advantage and promote sustainable growth
Governance, Risk Management and Compliance (GRC) PTTEP is committed to conduct its business with transparency and effectiveness by adhering to the good corporate governance principles, maintaining robust risk management and internal control system as well as strictly conforming to applicable laws and regulations to assure stable and sustainable growth of the company
Stakeholder Value Creation (SVC)
- Greenhouse Gas Reduction Strategy: PTTEP aims to become a Low Carbon Footprint organization and aims to reduce its greenhouse gas emissions intensity by at least 25% by 2030, compared to the 2012 base year.
- Circular Model for E&P Strategy: PTTEP’s work processes were redesigned and resources were reused and recycled. The target is to reuse at least 50% of main structures and equipment which are retained at appropriate, safe, and efficient conditions by 2030.
- Ocean for Life Strategy: PTTEP, whose operations are mostly offshore, aims to be a leader in conserving and restoring natural resources and marine ecosystems to support economic growth and community quality of life. The company has set the target to enrich marine biodiversity and improve local economy for communities, dependent on marine resources, compared to the 2020 base year.
PTTEP has revised its investment plan by reducing 2020 expenditure by 15-20%, with no impact to future operations and interruptions to the energy supply of the country through the following plans;
- Effective cost management on current producing assets
- Defer some exploration activities
- Reduce non-operation related expenses
The Company is ready to continue its 2020 work plans which focus on maintaining sales volume of legacy assets and its competitiveness. The priorities also include the transitions of G1/61 (Erawan field) and G2/61 (Bongkot field) and the support of the development projects overseas to ensure progress as planned
1) Strengthen PTTEP’s core business by optimizing development and production plan using competitive costs to ensure resiliency in the industry’s increasingly volatile environment and to continuously reduce unit cost to be at the top quartile in the industry (at the level of 25 USD/BOE) and average production growth (CAGR) of 5% by 2030. The Company plans to reduce investment spending throughout 2020 and beyond while deferring non-essential activities to optimize all asset’s values and synergize development plans according to post-COVID-19 demand forecasts. In addition, the Company will also be implementing new technologies to improve work efficiency and further cost reduction
2) Grow the E&P portfolio to maintain the reserves to production ratio of 7 years by seeking new opportunities during this crisis with world-class strategic partners
3) Drive the LNG value chain by reshaping the Company’s LNG strategy and targeting JV investments in the upstream and liquefaction plants while developing LNG capabilities
4) Diversify to new businesses such as the Power business and scale-up the A.I. & Robotics Venture (ARV) on 4 core sectors: Subsea, Agricultural, Medical and Drone Inspection. The Company’s target is that, within 2030, 20% of total net income will be from these new businesses
5) Transform to the New Normal by implementing transformation projects and redesigning human resources within the company. The new transformation projects consist of various initiatives to accelerate digital transformation aimed at improving long term efficiency, changing the organization’s mindset towards “One Team One Goal”, improving internal capabilities and work processes, introducing new ways of working in a post COVID-19 world, for instance
The company expects sales volume in 2020 to be lower than the previously target (at the end of last year) by 9 percent due to lower energy demand together with an increase in LNG import from the significantly drop in LNG spot price. However, the gas sales volume (accounted for 70% of total sales volumes) is in accordance with the minimum committed volume as prescribed in the long-term gas sales agreements.
In terms of selling price, the natural gas price has already been secured in accordance with the sales agreement with price formula partly linked to fuel oil with lag time in the price adjustment. Therefore, the gas price will not immediately be affected by falling oil prices. However, if the low-oil price environment is prolonged, it may impact PTTEP in future periods. While the crude oil price might be directly impacted by the oil price volatility, the Company has entered into oil price hedging contracts for certain crude oil portion to cope with the downside.
With a robust financial position represented by strong liquidity position with healthy operating cash flow from gas prices that have not been significantly affected this year and cash on hand over 3 billion USD while the minimum cash for operations is approximately 1 billion USD with no debt repayment obligations in short term, PTTEP is confident that it is able to sustain for at least 2-3 years in this period of volatility.
Block H Project located in the deep-water of offshore Sabah with capacity of 270 MMSCFD, with the first gas is expected in Q3/2020, slightly delayed from the original plan, due to extension of the Movement Control Order (MCO), which was required to complete the subsea structure installation works. Currently, the installation work has been proceeded
The Mozambique Area 1 Project
which is in the development phase, is a large LNG project located in offshore Mozambique. the project is in the process of finalizing the selection of the LNG Ship-owner and negotiating the terms of the Time Charter Party Agreement, which is expected to conclude and ready to sign the contract with the ship's owner as planned to further proceed with approval from the Mozambican government. Currently, the Project has signed loan agreements for Project Finance for the amount of US$14.9 billion, to advance the first two-train LNG development, with the plan for its first commercial cargo by 2024.
The Algeria Hassi Bir Rekaiz Project
which is in the development phase, is located onshore in the eastern part of Algeria. The project has started development on Phase 1 following the conclusion from an approved development plan by the government. Development activities of the project have commenced since Q1/2019 with expected first oil production for the initial phase of around 10,000-13,000 barrels per day (BPD) in 2021. In the second phase, production capacity is planned to ramp up to around 50,000-60,000 BPD in 2025.
The Vietnam B & 48/95 Project and the Vietnam 52/97 Project
The projects are currently in the negotiation process on commercial terms in order to push forward the Final Investment Decision (FID). The projects are expected to have its first gas by end of 2023 with production capacity gradually ramping up to 490 MMSCFD.
PTTEP has adopted the natural hedge method to manage FX risks by matching USD and USD-linked revenues from petroleum products with major USD expenses. Remaining FX risk exposures from non-USD revenues and expenses are managed by utilizing financial hedging instruments such as forwards and cross currency swaps.