Importance and Mission
PTTEP remains committed to building resilience against challenges that include oil price volatility, digital disruption, energy transition, or disease outbreaks like the COVID-19 pandemic. Continual transformation of the organization and work process is thus PTTEP's priority, to enhance sustainable competitiveness as envisaged by the Company's vision.
1) Reduce production cost per unit and increase revenue through the adoption of digital technology that will improve E&P efficiency and involve all activities of both principal and supporting units.
2) Enhance executives and staff's thinking capacity and life skills, preparing them for new work norms and future requirements. This includes digital skills and divergent thinking.
PTTEP has continuously transformed the organization and work process with frequent reviews to ensure timeliness. At present, the transformation process is carried out in 4 main aspects as follows:
- Organization Transformation Establish agile organizational structure and ways of working. The undertaking involves the restructuring of human resource management by changing mindset and behaviors, promoting the One Team One Goal collaborative culture, enhancing digital skills through Digital Academy and encouraging other activities that foster the traits suitable for the future business world for all executives and employees.
- Digital Transformation Utilize digital technology to improve operational efficiency and hence competitiveness. The process is undertaken through digital initiatives across all work groups within the E&P value chain; the building of data foundation platform and information surveillance system; the adoption of advanced analytics tools, process automation, artificial intelligence/machine learning (AI/ML); and the creation of a decision and monitoring dashboard for faster and more efficient exploration, production and development. PTTEP is presently sitting on at least 40 digital projects supported by the aforementioned digital technology.
- New Normal TransformationEducate employees and provide facilitating tools and equipment to support speedy transition to the new ways of working. In addition, awareness in financial disciplines is promoted across all functions under SPEND SMART Project, to seek cost-reduction means while maintaining efficiency.
- New Business Explore new business opportunities for future growth. Potential areas include AI & Robotics and natural gas power plants (Gas to Power).
With the adoption of digital technology for organizational development as outlined in our strategy, PTTEP is confident in achieving added value. While the cost per unit decreases, net profits will rise along with efficiency. The goal is faster work pace and shortened process will raise the success rate of petroleum exploration and production.
The transformation has been continually executed, to enhance employees' long-term capacity in terms of skills, thought process and creativity as PTTEP aspires to become a dynamic, flexible, adaptive, resilient and data-driven organization.