56-1 One Report / Annual Report 2024

Sustainability Report Incorporated

Throughout its 40-year journey, PTTEP has remained committed to ensure
the nation’s energy security, with a clear mission to explore and produce
petroleum to support economic development and enhance
the quality of life of the Thai people, all the while continue to deliver
sustainable benefits to the community, society and the environment
and uphold the principles of good corporate governance
and fostering a sustainable future for all.
Contents
2024 Part 2: 124 Attachment 276
Overview Corporate Governance
• Attachment 1: 276
• Message from Chairman and CEO 4 • Corporate Governance 125 Information of the Board of
• Financial Highlights 8 • Governance Structure and Key 158 Directors, Management, Controlling
• Environmental, Social, Governance 10 Data on the Board of Directors, Persons and Company Secretary
Highlights Sub-Committees, Management, • Attachment 2: 320
• Value Creation 12 Employees, and Others Directors of Subsidiaries
• Stakeholders’ Voices 14 • Corporate Governance Milestones 188 and Associated Companies
• Awards of Success 16 • Internal Control 218
• Attachment 3: 332
and Connected Transactions
Details of the Head of the Internal
• General Information 249
Audit Division and the Head of
and Other Significant Information
the Compliance Function
Part 1: 20
• Attachment 4: 334
Our Business Asset Revaluation

• Structure and Business Operations 21

Part 3: 256 • Attachment 5: 335
• Risk Management 88 Driving Business for Good Corporate Governance
and Business Ethics
• Management Discussion 106 Sustainability • Attachment 6: 336
and Analysis of Operating Results
Audit Committee Report
• Pathway to Sustainability 257
• Driving Business Excellence
• Advancing Climate Action
• Safeguarding Marine Sustainability
• Building Stronger Society
Financial Report 338
• Strengthening SSHE and GRC Culture

For cases where this Annual Report (56-1 One Report) references information disclosed on the Company’s website the disclosed information shall be deemed
to be part of Form 56-1 One Report. The Board of Directors certifies the correctness and completeness of such disclosed information which is the same as
information disclosed in Form 56-1 One Report.
4 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Message from Chairman and CEO 5

Message from
Chairman and CEO

Krairit Euchukanonchai Montri Rawanchaikul

Chairman Chief Executive Officer

Dear Shareholders, rate from G1/61 Project (Erawan, Platong, Satun, and Funan fields) to 800 million cubic feet per
day (MMSCFD), ahead of schedule under the Production Sharing Contract. The Company strives
The year 2024 continues to be a challenging time for the energy industry, with key challenges to maintain this production level moving forward. When combined with other key projects such as
including the development of new energy sources – both conventional and clean energy – as well as G2/61 Project, Arthit Project, and Contract 4 Project, PTTEP’s domestic natural gas production
the need to balance energy production with greenhouse gas reduction efforts to mitigate global accounts for 82 percent of Thailand’s total natural gas output. This supports the energy demands
warming. of both the industrial and household sectors while strengthening the country’s energy security.

PTTEP remains committed to providing energy security while striving to become a low-carbon Regarding PTTEP’s international expansion, the Company has strengthened its investment in
organization. This is driven by its three strategy pillars: Drive Value, strengthening and monetizing strategic areas. PTTEP acquired a participating interest in the Ghasha Concession Project in the
the petroleum exploration and production business; Decarbonize, reducing greenhouse gas United Arab Emirates (UAE), one of the country’s largest offshore natural gas fields. Additionally,
emissions; and Diversify, expanding into new businesses focusing on future energy and advanced the Abu Dhabi Offshore 2 Project has received government approval for its field development plan
technology. and is now progressing toward the Final Investment Decision (FID) before entering the development
phase. In Algeria, PTTEP acquired the share capital of E&E Algeria Touat B.V., resulting in an indirect
In 2024, PTTEP takes great pride in contributing to alleviating the impact of energy prices on public investment in the Touat Project, an onshore natural gas field. This acquistion supports PTTEP’s
and driving the country’s economy. This has been achieved by increasing the natural gas production long-term growth strategy.

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
6 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Message from Chairman and CEO 7

In 2024, PTTEP also paid THB 50,450 million

of income taxes, royalties and other remunerations
to the government. This strongly supports national
development in various areas such as community,
education, and research & development (R&D).

To enhance operational efficiency, PTTEP has developed In the realm of clean energy, the HyDuqm Project – Driven by a commitment to business operations, alongside
the “DigitalX” project, leveraging digital technologies an integrated green hydrogen project in Oman – is concerns for the community, society, the environment, and
such as AI and Machine Learning to analyze and process currently assessing wind and solar resources and good corporate governance, PTTEP has been recognized
data with greater speed and accuracy. Additionally, conducting a feasibility study. Engineering design is set to with 36 awards from 24 institutions at both the national
the company has developed “X.brain,” a self-learning commence in 2025. PTTEP remains focused on exploring and international levels in 2024. This serves as another
AI engine that continuously improves to support workforce investment opportunities in clean energy businesses to testament to the Company’s achievement.
agility. PTTEP also prioritizes advancing digital literacy, support its goal of becoming a low-carbon organization
skills and creativity among employees to further drive and facilitating the energy transition. On behalf of the Board of Directors, management,
organization efficiency. and employees, we would like to express our sincere
For the 2024 financial performance, PTTEP generated gratitude to our shareholders, business partners, financial
In support of the Net Zero Greenhouse Gas Emissions a total revenue of THB 327,415 million (equivalent to USD institutions, government and private sector agencies, and
target by 2050, PTTEP has achieved a cumulative 9,273 million). The average sales volume reached 488,794 all stakeholders for their continuous support. In 2025,
greenhouse gas emissions by 4.08 million tonnes of barrels of oil equivalent per day, reflecting an approximate PTTEP will celebrate its 40th anniversary. We all pledge
CO2 equivalent from base year 2020. Furthermore, 6 persent increase from the year 2023, primarily driven by to continue our dedicated efforts to fulfill our mission
PTTEP has implemented restoration and conservation the natural gas production ramp-up from G1/61 Project. of ensuring energy security for the Thai people and
of terrestrial and mangrove forest to help increase As a result, the Company reported a net profit of the country, with the goal of delivering a sustainable
CO2 absorption areas. Another key development is THB 78,824 million (equivalent to USD 2,227 million). energy future for all.
the Carbon Capture and Storage (CCS) project at This net profit will be pivotal in financing capital investments
PTTEP-operated Arthit gas field in the Gulf of Thailand for the development and production of petroleum to meet
which has been incorporated into the Nationally domestic energy demand and support future growth.
Determined Contribution Action Plan on Mitigation In 2024, PTTEP also paid THB 50,450 million of income
2021–2030 approved by the Thai Cabinet in 2024. PTTEP taxes, royalties, and other remunerations to the government.
is currently preparing for the FID of the project. Arthit CCS This strongly supports national development in various
project aims to reduce CO2 emissions by approximately areas such as community, education, and research & Krairit Euchukanonchai Montri Rawanchaikul
700,000–1,000,000 tonnes of CO2 per year. development (R&D). Chairman Chief Executive Officer

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
8 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Financial Highlights 9

Financial Highlights

Financial Highlights Total Assets Total Liabilities Total Equity

Total Revenues Profit for the year - Owners of the parent
(USD Million)
2022 2023 2024
30,000 28,401 Dividend per Share (THB) 9.25 9.50 9.625*
26,380 Dividend Yield (%)** 5.24 6.35 8.09
25,168
25,000 * Total dividend of 2024 at the rate of THB 9.625 per share includes the interim dividend at the rate of THB 4.50 per share and the second
half-year dividend at the rate of THB 5.125 per share. Payments of the interim dividend and the second half-year dividend will be proposed
in 2025 General Shareholder’s Meeting on March 31, 2025, for acknowledgment and approval, respectively.
20,000 ** Calculated from PTTEP’s closing share price on the year-end date.
15,767
14,593 2022 2023 2024
15,000 13,515
12,634 Financial Ratios
11,653 11,787
9,660 9,057 9,273 EBITDA Margin (%) 75 74 73
10,000
Debt to Equity (times) 0.28 0.25 0.24
Return on Equity (%) 15.41 15.71 14.68
5,000
1,999 2,208 2,227 Return on Assets (%) 8.22 8.57 8.13
0
Return on Capital Employed (%) 12.54 13.05 12.38
2022 2023 2024

Net cash flows provided Net cash flows used Net cash flows used Petroleum Proved Reserves Petroleum and Natural Gas Natural Gas to Liquid Ratio
by operating activities* in investing activities in financing activities (MMBOE) Sales Volume for Sales Volume
(BOED)

2022 4,674 2022 (1,695) 2022 (1,999) 2022 1,442 2022 468,130 27%
2022
2023 4,372 2023 (2,371) 2023 (1,521) 2023 1,436 2023 462,007 73%

2024 5,709 2024 (4,266) 2024 (1,524) 2024 1,637 2024 488,794
28%
2023
Cash and cash equivalents Cash and cash equivalents Unit Cost Average Selling Price 72%
at the beginning of the year** at the end of the year** (USD per BOE) (USD per BOE)
27%
2022 2,559 2022 3,539 2022 28.36 2022 53.39 2024
73%
2023 3,539 2023 4,019 2023 27.65 2023 48.21
(USD Million) Natural Gas
2024 4,019 2024 3,938 * Including the impact of exchange rate changes 2024 29.58 2024 46.78
** Excluding short-term investment Liquid

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
10 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Environmental, Social, Governance Highlights 11

Environmental, Social, Governance

Highlights
Accumulated greenhouse 4.0
Greenhouse gas emissions 21.2
Capital expenditure GRC maturity level
gas emissions reduction* intensity reduction, (CAPEX) budget allocated
(million tonnes of CO2 equivalent against 30% reduction to energy transition business
from base year 2020) 2.4 target in 2030 11.9 (USD million)

* Calculated from active

1.5 (% reduction from
base year 2020*)

* The base year data was updated

8.2

725 3.84/5
(Managed—Transform Level)
greenhouse gas emissions 2022 2023 2024 to align with the Company’s 2022 2023 2024
intensity reduction performance additional investments

Hazardous waste Produced water CSR project Average social return

to landfill* discharge to environment* (no. of projects) on investment from
(tonnes) (cubic meters) strategic CSR projects
2022
2023
2024
0 2022
2023
2024
0 139 3.68:1
* For operations in Thailand only * For operations in Thailand only

Ratio of female employees* Male employees Accumulated completed forest Tree survival rate in PTTEP’s
(%)

2022
32%

2023
33%

2024
33%
Female employees conservation and restoration
(rai of land) 82,947 plantations in collaboration
with government agencies
(%)

89
Accumulated income increased
68%

* Better than the average of oil and gas industry

67% 67%
for local communities from forest
conservation and restoration activities
(USD million)
4.4
Lost Time Injury Frequency (LTIF) Total Recordable Injury Rate (TRIR) Increased income of focused Accumulated Marine
(per one million man hours worked) (per one million man hours worked) communities participating 53.8 and Coastal Resources 7,891
in PTTEP projects under Conservation Nerworks
39.7

0.80
5,795

0.24
Ocean for Life strategy (no. of networks)
(% compared to baseline data before 3,563
project implementation) 20.5

(On par with the latest average performance of IOGP) (Better than the latest average performance of IOGP)

2022 2023 2024 2022 2023 2024

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
12 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Value Creation 13

Value Creation
Financial Capital Production Capital Human Capital Intellectual Capital Social and Relationship Capital, and Natural Resources Capital
• Interest-bearing liabilities: • Over 50 projects in 12 countries • 5,592 employees of more than 21 nationalities • Total spending on technology • Total spending on CSR projects in 4 aspects – basic needs, education, environment and
USD 3,761 million • Unit cost: USD 29.58 per barrel • Average 53 hours per year for employees’ development and training and innovation development: culture: USD 14.6 million (CSR projects and activities, and donations to support stakeholders’
• Debt to equity ratio: 0.24 times of oil equivalent • Total spending on training and development: more than THB 338 million USD 13.4 million including technology expectations)
(Policy <0.5 times) • Net procurement value: USD 2,755 million • Sustainability awareness building among employees through internal communication, related to greenhouse gas (GHG) • Employee volunteering on CSR projects more than 10,186 hours
• Shareholders’ equity: • Over 490 initiatives for efficiency including Sustainability Day, with over 1,500 domestic and international participants management at USD 1.7 million • Accumulated completed forest conservation and restoration of 82,947 rai of land
USD 15,767 million (Ordinary shares improvement and cost reduction • Sustainability and greenhouse gas emissions reduction training for the board of • Capital expenditure (CAPEX) budget • Total spending on Sustainable Ocean Health workstream under Ocean for Life strategy
3,969,985,400 shares) - Over 65 major active digital solutions directors, executives, and employees allocated to energy transition business: including PTTEP Ocean Data Platform: USD 1.1 million
• 100% of employees received training and acknowledgement on Good Corporate USD 725 million • Total spending on GHG management: USD 51.1 million
Input

Governance and Business Ethics (CG&BE) • Collaboration with over 37 external - GHG emissions reduction projects: USD 45.3 million
• IT BCM and incident response procedure testing 5 times organizations on technology - Offsetting projects through blue carbon: USD 5.8 million
• 2,063 suppliers and innovation development • Total spending on environmental management: USD 30.3 million
• Suppliers, dealers and business partners’ skills • Energy consumption: 54.8 million gigajoules
and experiences • Water consumption: 0.9 million cubic meters

Vision Sustainability Framework Business Strategic Pillars

Energy Partner
Process

• Drive Value
of Choice • Decarbonize
through competitive
performance and innovation • Diversify
for long-term value creation

• Total revenue: USD 9,273 million • Production volume about 692,000 barrels • Lost Time Injury Frequency (LTIF) and Total Recordable Incident Rate (TRIR) • 42 technology projects in development • 139 CSR projects in 4 aspects – basic needs, education, environment and culture
• Sale volume: 488,794 barrels of oil equivalent per day (historically highest at 0.24 and 0.80 (per one million man hours worked) respectively phase • Average social return on investment 3.68:1 from strategic CSR projects
of oil equivalent per day production volume) with 76% natural gas • Loss of Primary Containment Rate (LOPC) 0.28 per one million man hours worked • Accumulated 19 projects implemented • Stakeholder engagement level at support level
• Earnings Before Interest, Tax, • Crude oil, condensate and LPG production: and Oil and Chemical Spill Rate 0.15 tonnes per million tonnes of production with a return of USD 305 million • Accumulated income increased for local communities by over USD 4.4 million through forest
Depreciation and Amortization 61 million barrels of oil equivalent • SSHE Culture Maturity Level at 4.34/5 (Proactive Level) • Accumulated intellectual properties conservation and restoration
(EBITDA): USD 6,462 million • Natural gas production reaching • 100% of individual competency reviewed, 90% completing individual (31 granted patents, 9 registered • Increased income of focused communities participating in PTTEP projects under Ocean for Life
• Net income: USD 2,227 million 2,026 billion cubic feet (192 million barrels development plan software copyrights, 71 pending patent strategy: more than 53.8% (compared to baseline data before PTTEP project implementation)
• Royalty and income taxes: of oil equivalent) • Employee competency increased by 6.04% compared to 2023 average score applications) • Accumulated 7,891 of conservation networks of marine and coastal resources established
Output

USD 2,123 million • Proved reserves: 1,637 million barrels of • 75% employee engagement score • Current new businesses: AI and • PTTEP Ocean Data Platform that includes meteorological and oceanographic data and PTTEP’s
• Dividend payout ratio: 49%, oil equivalent • 33% female employee ratio, better than the average of oil and gas industry robotics business, eco-tech services, project implementation with accumulated over 14,000 accesses to the information
or Dividend yield: 8.09% • Reserves to Production (R/P) ratio or • 81% local employment ratio, average from every country where PTTEP operates green hydrogen production, and • Accumulated GHG emissions reduction by more than 4.0 million tonnes of CO2 equivalent
• Return on Capital Employed (ROCE): reserves life at 6.4 years • GRC Maturity Level at 3.84/5 (Managed–Transform Level) offshore wind including a solar power from base year 2020
12.38% • Total value generated over USD 346 million • Zero case of information security breaching plant for internal operation • GHG emissions intensity reduction by 21.2% from base year 2020*
• Credit ratings: BBB+ (S&P), from efficiency improvement and cost • Expected new businesses: technology • Energy consumption and energy recovery reduction: 3.3 million gigajoules
Baa1 (Moody’s), BBB+ (Fitch), reduction initiatives services expanding internationally, • Zero produced water discharge to environment**
AAA (TRIS) - Total value generated over USD 159 million CCS as a service and blue hydrogen • Zero hazardous waste and industrial waste to landfill**
from digital solutions production • Waste diverted from disposal: 0.4 million tonnes
Stakeholder
Groups

Government Agencies Suppliers Customers Employees Shareholders Business Partners Communities Media
and Regulators and Contractors and Directors and Financial Institutions and Joint Ventures and Society

* The base year data was updated to align with the Company’s additional investments. ** For operations in Thailand only

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
14 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Stakeholders’ Voices 15

Stakeholders’ Voices

Mr. Pavich Kesavawong Mr. Songkran Sorachaisumrit Mr. Chajchai Sarit-apirak Mr. Wiwat Techakijkachorn
Deputy Director General General Manager Managing Director, Chief Investment Officer Business Development Division Manager
Department of Climate Change and Environment Thai Nippon Steel Engineering & Construction BBL Asset Management Company Limited Global Power Synergy Public Company Limited
PTTEP is a leading organization with strong capabilities Corporation Limited PTTEP stands out as a leader in GRC implementation, We are confident that PTTEP prioritizes and upholds
in driving greenhouse gas reduction and environmental PTTEP continuously supports joint capability development, especially in risk management and the disclosure of high safety standards in their operations while creating
initiatives. With their expertise, financial resources, skilled sharing and exchanging beneficial knowledge, including essential information. The approach fosters confidence opportunities through technological development and
personnel, and robust network of partners, the Company updates of relevant regulations and guidelines. This and supports informed investment decision-making. innovation. This has led to the expansion into new
effectively manages and mitigates environmental helps suppliers effectively and sustainably drive their businesses to support energy transition.
impacts. organizations in both social and environmental aspects.

Mr. Satit Jiasiripongkul General Nithi Chungcharoen Mr. Sombat Chitphinit Miss Chiraporn Morakotchinda
Vice President Plant PPP/MT Independent Director, Member of the Nomination Chief Executive of the Nikhom Phatthana Editor-in-Chief, Economic News Division
UAC Global Public Company Limited and Remuneration Committee and Member of Subdistrict Administrative Organization Thai News Agency MCOT
As a long-standing customer, we trust in PTTEP’s the Risk Management Committee Beyond providing in-kind and financial supports, PTTEP PTTEP strives for good corporate governance, prioritizing
capability to deliver a sufficient supply of natural gas, PTTEP continuously assists our community in promoting health comprehensive stakeholder engagement. CSR projects
aligned with our business growth plan, and to efficiently Compared to international competitors, PTTEP through training programs and health check-ups. are implemented across all areas where the Company
meet the increasing future demands of customers. demonstrates strong competitive potential due to their Additionally, reforestation projects help enrich the operates, both domestically and internationally,
focus on human resource development. This dedication environment, indirectly contributing to improved health. with a strong focus on communication and fostering
has cultivated a workforce with extensive knowledge and understanding to appropriately address various
expertise across various fields within the organization. situations.

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
16 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Awards of Success 17

Awards of Success
In the year 2024, PTTEP received a total of 36 awards and certifications across all dimensions of sustainability from
24 institutions at both national and international levels.

Sustainability Awards Business Management Awards

Listed as a member of the 2024 Dow Jones Best-in-Class Indices for the 10th year in the World Index in
the Oil & Gas Upstream & Integrated industry, the S&P Global Sustainability Yearbook 2025 for the 12th consecutive
year, and the FTSE4Good Index Series for the 9th consecutive year. Additionally, the Company received rating by various
ESG raters, including being rated at BBB Level by the MSCI ESG Ratings, the lowest ESG risk rating (a ranking of 30th SET Award of Honor: Best Best CEO award and Best IR Best Overall Investor Relations,
among 301 companies in the Oil & Gas Producers industry) by Morningstar Sustainalytics, and AA Level by Investor Relations, recognizing award for the 3rd consecutive year Best Investor Relations Officer
the SET ESG Ratings. companies that have consistently in the Energy and Infrastructure and Best Use of Social Media and
demonstrated excellence in sector from IAA Awards for Listed Video from IR Magazine Forum
investor relations for 4 consecutive Companies 2024 & Awards South East Asia 2024
years, and the SET Award of
Honor: Best Innovative Company,
awards to companies excelling in
innovation for three consecutive
years

Asia’s Best CEO award for the Best Public Company of the Year
7 th consecutive years, Asia’s 2024 on the Stock Exchange of
Best CFO award for the 11 th Thailand (SET) and Best Public
consecutive years, Best Investor Company of the Year 2024 in
Relations Company award for the Energy Sector from Money
the 12 th consecutive years, & Banking Awards 2024
and Best Investor Relations
Professional award for the 4 th
consecutive years and Sustainable
Asia Award for the first time from
Asian Excellence Awards 2024

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
18 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Awards of Success 19

Corporate Governance Awards Environment and Social Development Awards

Green World Award 2024 – Global Best Environmental Excellence

Silver awards for Corporate Social Award – Gold level at the 16th
Responsibility in the Wildlife and Annual Global CSR & ESG Summit
Conservation category and CSR and Awards 2024 from Integrated
category Waste Management Project.
Thailand Executive of the Year Thailand Top Company Awards Thailand Corporate Excellence
award and Thailand Employee 2024 in Exploration, Production of Awards in the Leadership
Engagement of the Year award Natural Resource and Public Utility Excellence category (Leadership
in the Oil & Gas category from Industrial category Excellence Award) from the TMA
the Asian Management Excellence Excellence Awards 2024
Awards 2024

Sustainability Award 2024 in To p C o m m u n i t y C e n t r i c Golden Peacock Global Award for

“Sustainability Initiative of the Companies award at the Asia ESG 2024 recognizes PTTEP’s
Year” category from Business Corporate Excellence & o u t s t a n d i n g p e r fo r m a n c e
Intelligence Group Sustainability Awards 2024 (ACES in Environmental, Social, and
Awards 2024) Governance (ESG) management

Technology Awards
Cer tificate of Thai Private Gold-level Top-tier Award for Recognition with the highest-level
Sector Collective Action Against 2024 Role Model Organization rating of “Excellent” or five symbols,
Corruption’s (CAC) certified on Human Rights in the State along with Top Quartile placement
membership Enterprise Sector from the among the listed companies
Department of Rights and Liberties with a market capitalization of
Protection, Ministry of Justice at least THB 10,000 million in
the Corporate Governance Report
of Thai Listed Companies 2024 Thailand Technology Excellence National Innovation Award 2024 “Digital Transformation Initiative of
(CGR 2024) Award for AI – Oil & Gas at for Innovation Organization in the Year – Thailand” award from
the Asian Technology Excellence the Large Enterprise category from the Asian Oil & Gas Awards 2024
Awards 2024 from “AI Innovation the National Innovation Agency
under the Digital Transformation (Public Organization)
Project”

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
20 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Part Our Business

Ensuring national energy security remains

the core mission of PTTEP as Thailand’s leading
petroleum exploration and production company,
by driving and enhancing the value of our core
exploration and production business. However, amid
the rapidly changing global trends, coupled with
the challenges of the energy transition and addressing
climate change, PTTEP continues to focus on
strengthening our capabilities and driving the Company
towards becoming a sustainable organization including
achieving Net Zero Greenhouse Gas Emissions
Reduction target and diversifying into new businesses
with a focus on innovative technology, decarbonization,
and future energy. This transformation is aimed at
delivering shared value to all stakeholders and achieving
the vision of becoming the “Energy Partner of Choice.”

Structure and Business Operations 21

Risk Management 88
Management Discussion and Analysis of 106
Operating Results

PTT Exploration and Production Public Company Limited

Structure and Business Operations 21

1. Structure and Business Operations

1.1 Policy and Business Operation Overview
1.1.1 Vision and Mission

PTTEP is a leading Thai E&P company with global business operations, dedicated to supporting Thailand’s energy security
and the energy demand of the countries where we operate. We proactively prepare for the coming energy transition
by focusing on an integrated natural gas business and related ventures in line with PTTEP Sustainability Framework.
This includes managing greenhouse gas emissions, investing in future energy ventures to support greenhouse gas
emissions reduction, while striving to create sustainable value for all stakeholders. Our vision, mission, and strategy
are defined as follows:

Vision: Mission:

“Energy Partner of Choice” PTTEP operates globally to

through Competitive provide reliable energy supply
Performance and Innovation for and sustainable value to
Long-term Value Creation all stakeholders

Procedure to Determine the Company’s Vision and Mission

PTTEP Board of Directors (Board) annually reviews and approves the Company’s vision and mission. The meetings are
convened for the Board and management to discuss and redefine the Company’s vision and mission including business
strategy in alignment with the prevailing business environment. The systematic strategy planning process commences by
updating the existing business environment, analyzing the evolving trends within the E&P industry, and assessing their
implications on the Company in terms of opportunities and risks as well as integrating stakeholder inputs. In addition,
the Company conducts a comprehensive review of our investment portfolio, evaluating both returns and risks. This
evaluation serves as a foundation to define the vision, mission, and both short-term and long-term strategic directions to
ensure alignment with the changing business landscape. The management will then develop the Company’s workplan,
budget, and key performance indicators (KPIs), based on the given strategic directions and policies, to be proposed
for approval by the Board prior to implementation. Upon approval, they will be cascaded to all relevant functions for
detailed plan development to ensure effective implementation.

The Board is accountable for regularly overseeing and monitoring the management’s execution of the strategic plans to
ensure alignment with the strategic directions while the management is responsible for reporting performance against
the strategic plans to the Board for acknowledgment on a quarterly basis.

PTT Exploration and Production Public Company Limited

22 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

1.1.2 PTTEP and Sustainability

PTTEP has a firm belief that the “Right Balance” of economic, social, and environmental aspects leads to a strong
foundation for business sustainability. We have therefore developed “Sustainability Framework” to steer our business
operations. This framework plays a pivotal role in ensuring business continuity to promote energy security while
safeguarding both society and the environment. At PTTEP, we realize that it is important to build sustainability from within
by fostering strong business performance on a robust business foundation. The goal is to create long-term value for
all stakeholders while contributing to the sustainability of society as a whole (From We to World), aligning with our vision to
become the “Energy Partner of Choice.” The Sustainability Framework includes the following aspects: High Performance
Organization (HPO); Governance, Risk Management, and Compliance (GRC); and Sustainable Value Creation (SVC).
The framework supports 17 United Nations Sustainable Development Goals (UN SDGs), focusing on Goals 3, 7, 8, 9, 12,
13, 14, 15 and 16, which are directly related to the Company’s strategies, business operations, and long-term targets.

High Performance Governance, Sustainable

Organization Risk Management, Value Creation
and Compliance

HPO GRC SVC

Emphasizing continuous Emphasizing transparent Emphasizing long-term value

performance improvement and efficient operations for creation for
to become more effective, the organization’s stability all stakeholder groups
efficient, and productive and sustainability through through organizational
in response to governance, appropriate risk sustainability, responsible
the energy transition management, and internal operations, natural resource
with a focus on technology control as well as strict conservation, environmental
and innovation, compliance with relevant rehabilitation as well as
decarbonization, laws and regulations community and social
and future energy development

PTT Exploration and Production Public Company Limited

Structure and Business Operations 23

The Board plays a vital role as the top supervisor and advocates for sustainability to ensure concrete implementation
across the organization, guiding PTTEP on the path towards becoming a sustainable organization. The Board has
approved the Sustainability Statement as a guideline for all employees and stakeholders, the Corporate Governance and
Sustainability Committee to supervise, promote, monitor and review sustainability performance at least four times a year.

In addition, PTTEP has disclosed the Sustainability Policy endorsed by Chief Executive Officer on PTTEP website, under
the Sustainability Policy and Guidelines sub-topic. Click here for more information To ensure seamless integration of
sustainability across PTTEP’s business operations, together with continual improvement and effective communication,
the Corporate Sustainability Strategy Function bears the responsibility of ensuring effective implementation across
all relevant functions. PTTEP Sustainability Governance and Structure can be found on PTTEP website under Sustainability
topic, Sustainability Governance Structure sub-topic. Click here for more information

Sustainability
Statement
PTTEP’s sustainability means being a responsible and resilient organization. We aim to embrace
energy transition and create sustainable value to the Company and our stakeholders with commitment
to achieving Net Zero Greenhouse Gas Emissions by 2050. Our Sustainability Framework is based on
three pillars: High Performance Organization (HPO); Governance, Risk Management, and Compliance
(GRC); and Sustainable Value Creation (SVC).

While growing our business through the gas value chain, we will diversify beyond E&P with focus on
technology and innovation, decarbonization, and future energy. Our competitiveness is driven by robust
operations and efficiency improvement. We strive to become a GRC role model and zero incident
organization. At PTTEP, we operate responsibly to ensure business sustainability with due care for
the community, society, and environment.

Approved by PTTEP’s Board of Directors on August 19, 2022

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24 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Additionally, PTTEP emphasizes the importance AA1000APS (2018). The material topics reflected national
of sustainability reporting to publicly disclose the and international sustainability trends corresponding
performance of PTTEP’s operational control activities in with the United Nations Sustainable Development Goals
Thailand and overseas, in alignment with the material topics and Sustainability Accounting Standards Board’s SASB
significant to our stakeholders in Environmental, Social, and Materiality MapTM for Oil & Gas – Exploration & Production
Governance (ESG) dimensions. This reporting complies Industry. The materiality assessment results served as part
with the guidelines of Global Reporting Initiative Standards: of the crucial inputs for shaping and improving corporate
GRI Standards “In Accordance” criteria under GRI 11: Oil strategies. These results were also integrated into the
and Gas Sector 2021, and other international sustainability Enterprise Risk Management process, empowering PTTEP
reporting frameworks. In this report and our website, to proactively address any risks related to the Company’s
the information of sustainability reporting contains material sustainability material topics. The assessment process can
topics and outstanding sustainability performance in 2024 be summarized as follows:
in alignment with PTTEP Sustainability Framework and
Strategy. Details of the execution and results are published 1) Understanding the Organization’s Context
on PTTEP website under Sustainability topic, Click here for
more information , which is designed as a centralized • Review entire business activities, business relationships,
information portal for easy online access. The selected sustainability context, and all stakeholders throughout
information on safety, occupational health and environment, the value chain.
human resource, and supply chain including the execution • Review global trends, conduct peer reviews across
details was verified for accuracy and completeness the industry, and engage with relevant stakeholders
according to AA1000 Accountability Principles Standard: to predetermine material issues.
AA1000APS (2018) principles concerning stakeholders’
engagement, the scope of material topics, and responses 2) Identifying Actual and Potential Impacts
to stakeholders’ expectations. This information received
Limited Assurance from SGS (Thailand) Limited. The • Identify actual and potential impacts of material issues
assurance statement was shown in Assurance Statement encompassing environment, society (including impacts
sub-topic on PTTEP website. Click here for more on human rights) as well as governance and economy,
information which include both positive and negative impacts in
the short term and long term, covering all PTTEP’s
1.1.3 Materiality Assessment business activities throughout the value chain via
conducting an interview session with relevant
In 2024, PTTEP reviewed material topics on sustainability stakeholders and gathering other perceptions via
including ESG issues based on Double Materiality an online survey.
approach, considering the significance of topics in terms
of impact on PTTEP and impact on environment, society 3) Assessing the Significance of the Impacts
(including impacts on human rights) as well as governance
and economy, from the perspective of eight key stakeholder Based on the principles of double materiality, the
groups: (1) Government Agencies and Regulators, assessment method is shown as follows:
(2) Suppliers and Contractors, (3) Customers, (4) Employees
and Directors, (5) Shareholders and Financial Institutions, • Engage with external stakeholders to obtain their
(6) Business Partners and Joint Ventures, (7) Communities perceptions on the Company’s impacts on environment,
and Society, (8) Media. The material topics were prioritized society (including impacts on human rights) as well as
based on Double Materiality and in line with Global governance and economy.
Reporting Initiative Standards: GRI Standards (2021) and

PTT Exploration and Production Public Company Limited

Structure and Business Operations 25

• Engage with internal stakeholders (employee group) • Group interconnected material issues into material
to obtain their perceptions on sustainability-related topics and submit to the Management Committee
impacts on the Company. for approval and the Corporate Governmence and
• Assess and determine the significance of identified Sustainability Committee for acknowledgement.
impacts from stakeholder engagement by considering • Incorporate material topics as part of the key inputs for
two dimensions: (1) severity (scale, scope, shaping and enhancing the Company’s sustainability
irremediability) and (2) likelihood of the impacts. strategy.
• Gather data on sustainability performance across
4) Prioritizing the Most Significant Impacts all material topics for public disclosure through diverse
channels to efficiently respond to each stakeholder
• Define selection criteria for key material issues. group. Then, collect feedback and recommendations
• Validate key material issues against external from relevant stakeholders to improve the efficiency of
professional views covering ESG dimensions. Then, business operations.
combine the impact score from expert testing with
the score obtained from the stakeholders.

Material Topic

• Energy Transition and Business Model Resilience

Significant Issues

• Governance, Risk Management, and Compliance

• Safety, Security, and Occupational Health
• Climate Change and Net Zero
• Technology Development, Innovation, and Digitalization
• Human Resource Management
• Environmental Management and Operational Eco-Efficiency

•
Foundation Issues

Contribution to Communities and Society

• Human Rights
• IT Security, Cybersecurity, and System Availability
••• Stakeholder Management
• Biodiversity and Ecosystem Services Management
••• Supply Chain Management
• Governance and Economic Dimension • Environmental Dimension • Social Dimension

Full details on materiality assessment result can be found on PTTEP website under Sustainability topic, Sustainability
Framework and Long-Term Target sub-topic. Click here for more information

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26 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Structure and Business Operations 27

1.1.4 Corporate Strategy and Long-Term Target

PTTEP is committed to delivering sustainable value from within to support the wider society (From We to World) and supporting the UN SDGs while considering the benefits of all stakeholders involved. Our corporate strategy is formulated with a focus on ensuring
energy security and business resilience to address the ongoing global crisis and navigate the energy transition, together with environmental conservation. Therefore, PTTEP has established a three-pillar strategic framework and long-term targets encompassing ESG
dimensions as follows:

Three Business Drive Value Decarbonize Diversify

Strategic Pillars • Strengthen exploration and production (E&P) business and ensure • Manage E&P to reach Net Zero Greenhouse Gas (GHG) Emissions • Scale up AI and Robotics Ventures (ARV)
Thailand energy security, supporting domestic natural gas demand target • Explore renewable energy opportunities
in particular • Execute GHG emissions reduction plan by leveraging relevant • Explore the business in relation to Carbon Capture, Utilization and
• Maximize natural gas and crude oil production from existing technology application Storage (CCUS), hydrogen, and future energy
projects • Accelerate the development of Carbon Capture and Storage (CCS)
• Expedite development of new projects under development phase projects
• Accelerate monetization from recent petroleum discovery • Maximize the use of renewables and explore clean future energy
projects application in operational areas
• Enhance unit cost competitiveness • Study and pursue carbon offsetting preparation through initiatives
• Expand gas-weighted portfolio and LNG, especially in upstream such as forestation and blue carbon to absorb CO2 in coastal and
and midstream marine ecosystems under the “Ocean for Life” strategy

ESG Long-term • Sustain 5 percent average production • Achieve Net Zero GHG Emissions by • Achieve Net Positive Impact (NPI) on • Achieve zero incidents (Target Zero) • Achieve zero fraud and corruption
growth (Compound Annual Growth 2050 (Scope 1 and Scope 2) of E&P ocean Biodiversity and Ecosystem • Achieve stakeholder engagement and zero non-compliance
Target and SDGs Rate – CAGR) business under PTTEP’s operational Services (BES) value for offshore level at the highest levels as • Achieve high-impact risk
in Focus • Maintain reserves to production ratio control operations by 2030, compared to appropriate for each stakeholder identification with effective
(R/P) to be greater than five years • Reduce GHG emissions intensity base year 2019 group. mitigation
• Maintain competitive unit cost for by at least 30 percent by 2030 and • Avoid operation in World Heritage • Achieve 50 percent increase in • Achieve 100 percent improvement
E&P 50 percent by 2040 (from base year sites as defined by UNESCO income of focused communities for control deficiency
• Allocate 10 percent of PTTEP’s total 2020) • Maintain no gross deforestation for participating in PTTEP projects, • Increase GRC maturity level to
capital expenditure (CAPEX) budget • Reduce methane emission intensity E&P projects compared to baseline data before level 4+ (Transform and Advantaged)
for transition business during to less than 0.2 percent by 2030 • Conserve and restore 200,000 rai of PTTEP project implementation
2024–2030 • Reuse at least 50 percent of main forestations by 2030
structures, with safety awareness • Achieve zero oil and chemical spill
and efficient conditions by 2030 • Establish 16,000 conservation
• Achieve zero waste to landfill by networks by 2030
2030

Supporting SDGs

PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
28 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

1.2 Nature of Business Operation

1.2.1 Business Value Chain
PTTEP primarily engages in petroleum exploration and production activities both domestically and internationally which
are categorized as part of the upstream segment of the Petroleum Value Chain. With its principal petroleum products
including natural gas, crude oil, and condensate, PTTEP is committed to its mission of ensuring energy security while
delivering sustainable value to all stakeholders.
In addition to its core operations, PTTEP has strategically expanded its portfolio through joint ventures in midstream
petroleum operations and international gas pipeline projects. The company emphasizes strategic growth in emerging
business areas, such as artificial intelligence and robotics technologies, Carbon Capture and Storage (CCS), renewable
energy, and hydrogen to support a sustainable transition towards future energy demands.

Diagram of PTTEP Business

Upstream Midstream Downstream Consumer

Liquefaction Imported Liquefied

Natural Gas (LNG)

Natural Gas • Power Plants

• Industrial Sectors
Core Business

Natural Gas

Gas Processing

• Petrochemical Sectors
LPG and • Industrial Sectors
Exploration and Petrochemicals • Transportation Sectors
Production • Commercial and
Residential Sectors

Crude Oil and Condensate Refining Petroleum Products Transportation Sectors

New Businesses

Al and Robotics Carbon Capture and Energy from Renewable

Technology Storage (CCS) as a Service Sources and Hydrogen

PTT Exploration and Production Public Company Limited

Structure and Business Operations 29

1.2.2 Fueling Energy Security through Additionally, with regard to our international operations,
Petroleum Exploration and Production PTTEP MENA Limited (PTTEP MENA), a subsidiary of
Business PTTEP, signed a Sale and Purchase Agreement (SPA)
to acquire a 10 persent stake in the Ghasha Concession
PTTEP conducts business in petroleum exploration in the United Arab Emirates (UAE) from Wintershall
and production primarily to support Thailand’s energy Dea Middle East GmbH. The SPA, including necessary
security and the energy demand of countries where regulatory approval, had completed on June 11, 2024.
we operate. For Thailand, PTTEP dedicates ourself to The Ghasha Concession is a significant natural gas
natural gas production where natural gas serves as field located in shallow waters off the western coast of
a primary energy source utilized in domestic electricity Abu Dhabi, UAE, with the Abu Dhabi National Oil Company
generation. Presently, we operate three key projects in (ADNOC) as the operator. It encompasses nine petroleum
the Gulf of Thailand (GoT), namely G1/61, G2/61, and Arthit fields where petroleum potential has been discovered,
projects. Increasing natural gas delivery from G1/61 Project some of which are currently in the development phase
has been PTTEP’s priority over the past two years. Indeed, under concession. This concession is set to produce over
PTTEP has put all efforts into speeding up the production 1,500 MMSCFD of natural gas before the end of 2030,
rate and improving the integrity of facilities and equipment contributing not only to UAE’s natural gas self-sufficiency,
to ensure safety. To date, additional 12 wellhead platforms but also to increase the reserves of PTTEP. This investment
and subsea pipelines were installed, along with aligns with PTTEP’s strategy of focusing on prolific areas,
the drilling campaign of more than 300 production wells. including the expansion of its presence in the Middle East,
The gas delivery was increased to 800 million standard to strengthen PTTEP’s future growth.
cubic feet per day (MMSCFD), as targeted, on March 20,
2024, to serve the energy demand and support the Thai
economy.

G1/61 Project Gas Production Average Sales Volume

Increased to 800 MMSCFD, Increased to 488,794 barrels
to serve the energy demand of oil equivalent per day
and support Thailand’s economy. =
6% increased when compared to
the previous year

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30 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

1.2.3 Key Developments and Changes in the On April 5, 2022, PTTEP Treasury Center Company
Past Three Years Limited (PTTEP TC), a wholly-owned subsidiary of PTTEP
Group, successfully completed the issuance of senior
Year 2022 guaranteed debentures with a bondholders’ representative
to institutional and high net-worth investors, for a total of
On January 21, 2022, PTTEP International Limited (PTTEPI), THB 12,000 million. The debentures have three tranches
a wholly-owned subsidiary of PTTEP, was notified by consisting of five-year tranche totaling THB 5,000 million,
TotalEnergies EP Myanmar for its intention to withdraw, seven-year tranche totaling THB 1,000 million, and
as both partner and operator, from Yadana Project and 10-year tranche totaling THB 6,000 million, carrying
Moattama Gas Transportation Company Limited (MGTC). coupon rates of 2.09 percent, 2.69 percent, and 3.05
percent per annum respectively, and are fully guaranteed
On March 1, 2022, the acquisition of a 25 percent stake by PTTEP.
in the Sharjah Onshore Area C Project in UAE from Eni
Sharjah B.V. through PTTEP MENA Limited (PTTEP MENA), On April 19, 2022, PTTEP Energy Development Company
a subsidiary of PTTEP, was completed. Limited (PTTEP ED), a wholly-owned subsidiary of PTTEP
and an operator of G1/61 and G2/61 projects, together
On March 14, 2022, PTTEP Group announced the change with the Department of Mineral Fuels as sellers, entered
in operatorship of Yadana Project and Moattama Gas into Gas Sale Agreement, Condensate Sale Agreement,
Transportation Company Limited (MGTC) to be PTTEP and Crude Sale Agreement with PTT Public Company
International Limited (PTTEPI), a wholly-owned subsidiary Limited. PTTEP ED also reached an agreement with MP
of PTTEP and a partner in the project, with an effective G2 (Thailand) Limited, a subsidiary of Mubadala Petroleum
date of July 20, 2022. (Thailand) Holdings Limited (Mubadala), for PTTEP ED to
be the sole investment operator and shall recognize all
On March 22, 2022, PTTEP HK Offshore Limited (PTTEP revenues and costs from the petroleum produced with
HKO), a wholly-owned subsidiary of PTTEP Group, and effective date from December 1, 2021. This will ensure
SapuraOMV Upstream (Sarawak) Inc. were awarded continual petroleum production from G1/61 Project per
the exploration Block SB412, which is located offshore development plan, as well as strengthen the country’s
northwest of Sabah, from the Malaysia Bid Round 2021. energy security.
The consortium had signed a Production Sharing Contract
(PSC) with Petroliam Nasional Berhad (PETRONAS), with On April 24, 2022, PTTEP Energy Development Company
the participation interests for PTTEP HKO at 60 percent Limited (PTTEP ED), a wholly-owned subsidiary of PTTEP,
(the operator) and SapuraOMV at 40 percent. became an operator under a Production Sharing Contract
of G1/61 and G2/61 projects.
On March 31, 2022, PTTEP Group dissolved an inactive
subsidiary, namely PTTEP Sadang Limited, in order to On April 29, 2022, PTTEP International Limited (PTTEPI)
reduce administrative costs with no impact on PTTEP and PTTEP Offshore Investment Company Limited
Group’s operations. (PTTEPO), subsidiaries of PTTEP, notified their decisions
to withdraw from Yetagun Project and gas transportation
On April 1, 2022, PTTEP Group dissolved an inactive company, Taninthayi Pipeline Company LLC (TPC),
subsidiary, namely Partex Services Portugal – Serviços to all partners of Yetagun Project, with an effective date
para a Indústria Petrolífera, S.A. (PSP), in order to reduce on May 31, 2022.
administrative costs with no impact on PTTEP Group’s
operations.

PTT Exploration and Production Public Company Limited

Structure and Business Operations 31

On May 17, 2022, PTTEP Business Center Company On August 5, 2022, PTTEP Group announced that on
Limited (PTTEP BC), a subsidiary of PTTEP, signed the sale August 4, 2022, the Malaysia-Thailand Joint Authority
and purchase agreement to divest its share in PTT Global (MTJA), an authority established under an Agreement
LNG Company Limited (PTTGL) to Siam Management between the Government of Malaysia and the Government
Holding Company Limited, a subsidiary of PTT Group. of the Kingdom of Thailand, had concluded the annexation
of Production Sharing Contract (PSC) of the Malaysia-
On June 1, 2022, the Algeria Hassi Bir Rekaiz Project, Thailand Joint Development Area (MTJDA) with PTTEP
in partnership with SONATRACH SPA, successfully International Limited (PTTEPI), a wholly-owned subsidiary
commenced the production with the crude oil production of PTTEP, and PETRONAS Carigali (JDA) Limited (PC
target at 13,000 barrels per day. JDA), a subsidiary of PETRONAS Carigali Sdn. Bhd.
The annexation, which has been duly approved by the
On July 15, 2022, PTTEP Group dissolved an inactive governments of Thailand and Malaysia, attains the rights
subsidiary, namely PTTEP FLNG Holding Company to an additional area for exploration and production (Open
Limited (PTTEP FH), in order to reduce administrative costs Area) and a 10-year production period extension until
with no impact on PTTEP Group’s operations. 2039, as well as securing an additional gas volume of
at least 30 MMSCFD until 2025 to satisfy Thailand’s gas
On August 1, 2022, PTTEP Group announced a successful demand.
gas discovery in a deeper zone, of the first exploration well
XF-002 in Abu Dhabi Offshore 2 Project, located in the On August 31, 2022, PTTEP Netherlands Holding
north-west of Abu Dhabi, UAE. The XF-002 exploration well Coöperatie U.A. (PTTEP NH) and PTTEP Brazil Investment
discovered significant raw gas in place for both shallow B.V. (PTTEP BI), subsidiaries of PTTEP, entered into a Sale
and deep targets, totaling approximately 2.5-3.5 trillion and Purchase Agreement (SPA) to sell their investments in
cubic feet (TCF). The project will continue drilling nearby PTTEP Brazil Investments in Oil and Gas Exploration and
prospects to further evaluate the potential of the block. Production Limitada (PTTEP BL), which were registered in
Brazil, altogether with all obligations to Ubuntu Engenharia
On August 1, 2022, PTTEP International Limited (PTTEPI), e Serviços Ltda. PTTEP BL was holding a 25 percent
Yangon Branch, a wholly-owned subsidiary of PTTEP, interest in the Barreirinhas AP1 Project and a 20 percent
found a leakage at the Zawtika’s onshore pipeline which interest in the Brazil BM-ES-23 Project. The divestment
resulted in the gas pressure drop, causing temporary was completed and effective from February 23, 2023,
natural gas supply suspension to Thailand. The preliminary after the fulfillment of conditions prescribed in the SPA.
investigation found no trace of explosion or fire. This marks the complete withdrawal of PTTEP Group’s
The onshore pipeline repair had been completed and gas investment in Brazil.
delivery to Thailand fully resumed from August 14, 2022.
On October 25, 2022, the Government of the Republic
of the Union of Myanmar (Myanmar) approved the
relinquishment of exploration blocks of Myanmar MD-7
project, at a 50 percent participating interest, after
fulfillment of the requirements of the Production Sharing
Contract, the relinquishment request was submitted in
October 2020.

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32 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

On October 26, 2022, PTTEP MENA Limited (PTTEP On December 23, 2022, PTTEP Group dissolved an
MENA), a subsidiary of PTTEP, signed Farm-in/Farm-out inactive subsidiary, namely Participations and Explorations
Agreement to acquire a 25 percent stake in the Sharjah Corporation (PEC), in order to improve operational
Onshore Area A Project from Eni Sharjah B.V. (Eni). efficiency and minimize administrative costs with no impact
The completion was on December 23, 2022. After on PTTEP Group’s operations.
completion, the participation interest for this project
would be as follows: Eni (Operator) 50 percent, SNOC 25 On December 30, 2022, PTTEP Group dissolved an
percent, and PTTEP MENA 25 percent. inactive subsidiary, namely PTTEP South Sageri Limited
(PTTEP SS), in order to improve operational efficiency and
On November 21, 2022, PTTEP Australasia (Ashmore minimize administrative costs with no impact on PTTEP
Cartier) Pty Ltd (PTTEP AAA) reported that it had Group’s operations.
participated in the mediation process of the class action,
as ordered by the Federal Court of Australia, and in line Year 2023
with the normal legal process under Australian Law. PTTEP
AAA reached an in-principle agreement with the group of On January 10, 2023, PTTEP Group established
Indonesian seaweed farmers, that PTTEP AAA will pay subsidiaries to develop artificial intelligence and new
AUD 192.5 Million (equivalent to approx. USD 129 Million) technology business, namely Bedrock Analytics Company
in full and final settlement of the class action (including Limited (Bedrock), in order to support the Geospatial
PTTEP AAA’s appeal). The in-principle settlement was Location Intelligence Platform and AI Technology to
made on a no admission of liability basis. provide advanced location insights, and Bind Systems
Company Limited (Bind) to support Web 3.0 technology to
On November 22, 2022, PTTEP Group established Xplor provide security, privacy, and seamless access to Digital
Ventures Company Limited (XPV) to support future Identity and Personal/Enterprise data.
investments.
On January 10, 2023, PTTEP Group established
On December 16, 2022, PTTEP (Angola) Corporation a subsidiary to develop and commercialize Artificial
(PANG), a subsidiary of PTTEP, entered into a Sale and Intelligence business, namely S2 Robotics Company
Purchase Agreement (SPA) to sell its entire 2.5 percent Limited (S2), which provides subsea pipeline maintenance
participation interest in Block 17/06 Project in Angola services using AI and Robotics, so called Nautilus, with
to SOMOIL BLOCO 17/06 (SU), S.A., a wholly-owned reduced risks and repair time.
subsidiary of Sociedade Petrolifera Angolana, S.A
(SOMOIL). The divestment was completed and effective On February 15, 2023, PTTEP Sarawak Oil Limited (PTTEP
from December 22, 2023, after the fulfillment of conditions SKO), a wholly-owned subsidiary of PTTEP Group, along
prescribed in the SPA. This marks the complete withdrawal with PETRONAS Carigali Sdn. Bhd. (PCSB), and Petroleum
of PTTEP Group’s investment in Angola. Sarawak Exploration & Production Sdn. Bhd. (PSEP) were
awarded the exploration Block SK325 from Malaysia Bid
On December 22, 2022, PTTEP Group announced Round 2022. The consortium entered into a Production
successful gas discovery at the second exploration well, Sharing Contract (PSC) with Petroliam Nasional Berhad
Paprika-1, in Malaysia SK410B Project, located in offshore (PETRONAS), with the participation interests for PCSB at
Sarawak, Malaysia. PTTEP Group will conduct further 60 percent as the operator, PTTEP SKO at 32.5 percent,
studies in order to evaluate future development plan. and PSEP at 7.5 percent respectively.

PTT Exploration and Production Public Company Limited

Structure and Business Operations 33

On February 23, 2023, the Federal Court of Australia On March 29, 2023, PTTEP Group dissolved an inactive
approved an in-principle agreement to settle the class subsidiary, namely Partex (Brazil) Corporation (PBC),
action following the mediation agreement between PTTEP in order to improve operational efficiency and minimize
Australasia (Ashmore Cartier) Pty Ltd (PTTEP AAA) and administrative costs. This has no impact on PTTEP Group’s
the group of Indonesian seaweed farmers, ordered on operations.
November 21, 2022. The approach to the distribution of
the settlement amount of AUD 192.5 million (equivalent On May 10, 2023, PTTEP Group successfully completed
to approx. USD 129 million) to the group members the issuance of senior guaranteed debentures with
remains the subject of further orders of the Federal Court a bondholders’ representative to institutional investors
of Australia. Following the court’s determination of those for THB 1,500 million through PTTEP Treasury Center
issues, the settlement sum will be paid as per agreed Company Limited (PTTEP TC), a wholly-owned subsidiary
procedures. of PTTEP Group, for three-year period carrying the coupon
rate of 2.51 percent per annum and is fully guaranteed by
On February 23, 2023, the divestment of PTTEP Brazil PTTEP. The debentures are one of the first issuance via
Investments in Oil and Gas Exploration and Production Web Portal under the Digital Infrastructure, developed
Limitada (PTTEP BL) was completed after the conditions by the Securities and Exchange Commission, Thailand
precedent to completion prescribed in the Sale and (SEC), which digitizes bond issuance process, to enhance
Purchase Agreement, which had been entered into on efficiency and security.
August 31, 2022, had been fulfilled.
On May 11, 2023, PTTEP Group reported to the Stock
On March 3, 2023, PTTEP Group dissolved inactive Exchange of Thailand that the Company had a plan to
subsidiaries, namely PTTEP Australia Pty Ltd (PTTEP manage liability exercise to ensure efficiency in financial
AU) and PTTEP Australia Offshore Pty Ltd (PTTEP AO), management and in response to the current market
in order to improve operational efficiency and minimize conditions. The exercise consisted of transferring all
administrative costs. This has no impact on PTTEP Group’s outstanding debenture of the USD 490,000,000 Senior
operations. Debentures due in 2042 (the 2042 Notes) issued by PTTEP
Canada International Finance Limited (PTTEP CIF) and
On March 7, 2023, PTTEP Energy Development Company guaranteed by PTTEP to PTTEP Treasury Center Company
Limited (PTTEP ED), a subsidiary of PTTEP, won the rights Limited (PTTEP TC). Concurrently, PTTEP CIF would like
for petroleum exploration and production according to to make an offer to partially repurchase the 2042 Notes
the Ministry of Energy’s announcement of the result of and PTTEP TC to make an offer to partially repurchase
the 24th Bid Round for Offshore Exploration Blocks in the the USD 650,000,000 Senior debentures, guaranteed by
Gulf of Thailand. On June 1, 2023, PTTEP ED signed the PTTEP (the 2059 Notes). On June 12, 2023, the required
Production Sharing Contract (PSC) for G1/65 and G3/65 consents have been obtained from the bondholders to
Project with 100 percent interest and PTTEP ED as the amend the indenture of the 2042 Notes and PTTEP CIF
operator of both blocks, and the PSC would be effective has completed the transfer of all outstanding 2042 Notes
starting from such date. This achievement aligns with to PTTEP TC. In addition, PTTEP Group would like to
PTTEP’s investment strategy, which aims to promote announce the result of the repurchase: USD 31,894,000
growth in strategic focus areas. for the 2042 Notes and USD 50,000,000 for the 2059
Notes, resulting in a remaining outstanding principal
amount of USD 458,106,000 and USD 600,000,000 for
each respective debenture.

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34 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

On June 21, 2023, PTTEP Group was awarded the Green On September 29, 2023, PTTEP Sarawak Oil Limited
Hydrogen Concession Block in the Sultanate of Oman (PTTEP SKO), a subsidiary of PTTEP, entered into
(Oman) and entered into the Project Development a Farm-out Agreement to transfer 10 percent of its
Agreement and Sub-Usufruct Agreement with Hydrogen participating interest in Block SK405B Production Sharing
Oman SPC (Hydrom) for the exclusive business Contract (PSC) to PETRONAS Carigali Sdn Bhd (PCSB).
development and production rights of green hydrogen The divestment was completed and effective from April
project in Block Z1-02 for 47 years, together with consortium 30, 2024, after the fulfillment of conditions prescribed in
partners, consisting of the FutureTech Energy Ventures the SPA. After completion, the participation interests in
Company Limited (FTEV), a wholly-owned subsidiary of the project are PTTEP SKO (Operator) at 49.5 percent,
PTTEP Group, together with POSCO Holdings, Samsung PCSB at 25 percent, and MOECO Oil (Sarawak) Sdn. Bhd.
Engineering Co., Ltd., Korea East-West Power Co., Ltd., at 25.5 percent.
Korea Southern Power Co., Ltd., and MESCAT Middle East
DMCC. The consortium will further carry out the feasibility On December 7, 2023, PTTEP Group announced that New
and technical studies, in order to finalize the total capital oil and natural gas discoveries had been made in three
expenditure requirement for the project. fields, offshore Sarawak, Malaysia, including Chenda-1
exploration well in Block SK405B, Bangsawan-1 and
On August 18, 2023, PTTEP Australasia (Ashmore Cartier) Babadon-1 exploration wells in Block SK438, especially
Pty Ltd (PTTEP AAA), a subsidiary of PTTEP, entered into Babadon-1 revealing massive sweet gas sandstone
a Sale and Purchase Agreement (SPA) to sell its entire reservoirs with net thickness approximately 200 meters,
interests in petroleum retention lease, Cash Maple (AC/ considered as a sizable field in the offshore Sarawak
RL7), to INPEX Cash Maple Pty Ltd and TotalEnergies region which PTTEP has discovered in Malaysia,
Exploration Australia Pty Ltd. PTTEP AAA was holding following the earlier achievement at the Lang Lebah Field.
100 percent interests in the retention lease. The sale Furthermore, PTTEP had achieved a positive outcome with
transaction was completed on December 22, 2023, after Sirung-2 appraisal well in Block SK405B, with affirmed
the conditions precedent as prescribed in the Sale and petroleum potential resources. This success followed the
Purchase Agreement had been satisfied. prior discovery of oil and gas in Sirung-1 exploration well
in 2021. The project is now moving towards the Pre-Front
On August 31, 2023, PTTEP Group dissolved an inactive End Engineering Design (Pre-FEED).
subsidiary, namely PTTEP G7 Limited (PTTEP G7), in
order to improve operational efficiency and minimize On December 11, 2023, PTTEP Group established
administrative costs. This has no impact on PTTEP Group’s FutureTech SG Pte. Ltd. (FSG) with a registered capital of
operations. USD 50,000, consisting of 50,000 ordinary shares at USD
1 each, to support future investments in the new business
On September 1, 2023, PTTEP International Limited for energy transition. This company is wholly owned by the
(PTTEPI), a subsidiary of PTTEP, signed an agreement FutureTech Energy Ventures Company Limited (FTEV),
to acquire a 33.3333 percent stake in block G12/48 from a subsidiary of PTTEP. Hence, FSG is also a subsidiary
TotalEnergies EP Thailand. After completion, PTTEPI, of PTTEP.
which is the operator, will hold 100 percent interest in
the block.

PTT Exploration and Production Public Company Limited

Structure and Business Operations 35

On December 21, 2023, FutureTech SG Pte. Ltd. (FSG), On December 29, 2023, PTTEP Group dissolved an
a wholly-owned subsidiary of PTTEP Group, entered inactive subsidiary, namely PTTEP South Mandar Limited,
into a Share Purchase Agreement (SPA) to acquire in order to improve operational efficiency and minimize
50 percent share capital in TotalEnergies Renewables administrative costs. This has no impact on PTTEP Group’s
Seagreen Holdco Ltd (TERSH), currently renamed operations.
as Renewable Energy Seagreen HoldCo Limited (RESH),
from TotalEnergies Renewables UK Ltd (TERUK), On December 31, 2023, PTTEP Group dissolved an
a subsidiary in TotalEnergies SE (TotalEnergies), for a total inactive subsidiary, namely PTTEP Canada International
estimated investment of approximately GBP 522 million Finance Limited, in order to improve operational efficiency
(equivalent to approximately USD 689 million), subject to and minimize administrative costs. This has no impact on
customary net working capital and closing adjustments PTTEP Group’s operations.
from the signing date until completion. TotalEnergies
Group will maintain its holding of the remaining 50 percent Year 2024
shares in RESH. Presently, RESH holds a 51 percent stake
in the Seagreen Offshore Wind Farm project, located in On March 2, 2024, PTTEP Group dissolved an inactive
the North Sea, off the coast of Scotland, United Kingdom. subsidiary, namely PTTEP Australasia (Staff) Pty Ltd
The project has 114 turbines with a total generating (PTTEP AAS), in order to improve operational efficiency
capacity of approximately 1.1 GW, the largest offshore wind and minimize administrative costs. This has no impact on
farm in Scotland. The project commenced its full operation PTTEP Group’s operations.
in October 2023. SSE Renewables Services (UK) Ltd.,
an experienced renewable energy company from Scotland, On April 5, 2024, PTTEP Group announced that Unocal
is the operator and holds the remaining 49 percent stake in Myanmar Offshore Company Limited (UMOC), a wholly-
the project. This acquisition was completed and effective owned subsidiary of Chevron Group, had decided
from May 31, 2024, after the fulfillment of conditions to withdraw its investment in the Yadana project.
prescribed in the SPA. After the completion, PTTEP Group All withdrawal processes were subsequently fulfilled
and TotalEnergies indirectly hold 25.5 percent and 25.5 on April 5, 2024. Following the withdrawal, UMOC’s
percent investment in the project respectively. participating interest was distributed to the remaining
partners, resulting in PTTEP’s participating interest of
On December 22, 2023, PTTEP Group announced that 62.9630 percent in the Yadana project, effective from
the divestment of 2.5 percent interest in Block 17/06 April 1, 2024.
Project in Angola to SOMOIL BLOCO 17/06 (SU), S.A.,
renamed as ETU ENERGIAS – BLOCO 17/06 (SU), S.A., On April 30, 2024, the partial divestment of 10 percent of
a subsidiary of Sociedade Petrolifera Angolana, S.A. participating interest in Block SK405B Production Sharing
(renamed to ETU ENERGIAS, S.A.), had been completed. Contract (PSC) of PTTEP Sarawak Oil Limited (PTTEP
The conditions precedent, as prescribed in the Sale and SKO), a subsidiary of PTTEP to PETRONAS Carigali
Purchase Agreement had already been fulfilled, and Sdn. Bhd. (PCSB) was completed after the conditions
the sale transaction was completed. A Sale and Purchase precedent as prescribed in the Farm-Out Agreement had
Agreement (SPA) was signed on December 16, 2022. been satisfied. With this transfer, the new participating
interest shall be as follows: PTTEP SKO (Operator) 49.5
percent, Moeco Oil (Sarawak) Sdn. Bhd. 25.5 percent,
and PCSB 25 percent. The Farm-Out Agreement for this
divestment was entered into since September 29, 2023

PTT Exploration and Production Public Company Limited

36 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

On May 31, 2024, the investment in the Seagreen Offshore On August 28, 2024, PTTEP Group established PTTEP
Wind Farm project in Scotland, United Kingdom of Joint Development Company Limited (PTTEP JD) with
FutureTech SG Pte. Ltd. (FSG), a wholly-owned subsidiary a registered capital of THB 1,000,000, divided into 10,000
of PTTEP Group through the acquisition of share capital in ordinary shares with a value of THB 100. This entity has
TotalEnergies Renewables Seagreen Holdco Ltd (TERSH), been set up to support PTTEP’s future investment and
currently renamed to Renewable Energy Seagreen is wholly owned by the PTTEP Joint Ventures Company
HoldCo Limited (RESH), from TotalEnergies Renewables Limited (PTTEP JV), a subsidiary of PTTEP. As a result,
UK Ltd (TERUK), a subsidiary in TotalEnergies SE PTTEP JD is also a subsidiary of PTTEP.
(TotalEnergies) was completed after the conditions
precedent to completion prescribed in the Sale and On September 17, 2024, PTTEP Mexico E&P Limited, S. de
Purchase Agreement (SPA) had been fulfilled. PTTEP Group R.L. de C.V (PTTEP MEP), a subsidiary of PTTEP, entered
and TotalEnergies indirectly hold 25.5 percent and into a Sale and Purchase Agreement (SPA) to sell its entire
25.5 percent investment in the project respectively. participation interest of 16.67 percent in Mexico Block
The SPA had been entered into since December 21, 2023. 29 (2.4) Project, in Mexico, to REPSOL EXPLORACIÓN
MÉXICO, S.A. DE C.V. The completion of this transaction
On June 10, 2024, PTTEP MENA Limited (PTTEP MENA), is subject to the conditions prescribed in the SPA.
a subsidiary of PTTEP, entered into a Sale and Purchase
Agreement (SPA) to acquire a 10 percent stake in On November 15, 2024, PTTEP Group established PTTEP
the Ghasha Concession in United Arab Emirates (UAE) SG Holding Pte. Ltd. (PTTEP SH) with a registered capital
from Wintershall Dea Middle East GmbH. The conditions of USD 50,000, divided into 50,000 ordinary shares with
precedent as prescribed in the SPA, including necessary a value of USD 1 each. This entity has been set up to
regulatory approval, had been satisfied, with the support PTTEP’s future investment and is wholly owned
completion date of this transaction occurring on June 11, by PTTEP Business Center Company Limited (PTTEP BC),
2024. The Ghasha Concession is a significant natural gas a subsidiary of PTTEP. As a result, PTTEP SG Holding Pte.
field located in shallow waters off the western coast of Ltd. is also a subsidiary of PTTEP.
Abu Dhabi, United Arab Emirates, with Abu Dhabi National
Oil Company (ADNOC) as the operator. It encompasses On December 20, 2024, PTTEP SG Holding Pte. Ltd.
nine petroleum fields where petroleum potential has been (PTTEP SH), a subsidiary of PTTEP, entered into a Sale
discovered. Some of these fields are currently in the and Purchase Agreement (SPA) to acquire 34 percent
development phase under concession, where reserves share capital in E&E Algeria Touat B.V. from ENGIE
addition can be recognized immediately. This Concession International Corporation B.V. (ENGIE). The completion
is set to produce more than 1.5 billion standard cubic feet of this transaction is subject to the conditions precedent
per day (BSCFD) of natural gas before the end of 2030. as prescribed in the SPA, including necessary regulatory
approval. Upon the completion, PTTEP will indirectly
On August 27, 2024, PTTEP Group established PTTEP Joint hold a 22.1 percent investment in Touat Project.
Ventures Company Limited (PTTEP JV) with registered Other partners in the Project are Eni Energy Touat Holding
capital of THB 1,000,000, divided into 10,000 ordinary B.V., a subsidiary of ENI, holding a 42.9 percent share
shares with a value of THB 100 each. This entity has and SONATRACH S.P.A., Algeria’s national oil company,
been set up to support PTTEP’s future investment and with a 35 percent stake. Touat Project is the natural gas
is wholly owned by PTTEP Energy Holding (Thailand)
Company Limited (PTTEP EH), a subsidiary of PTTEP.
As a result, PTTEP Joint Ventures Company Limited is also
a subsidiary of PTTEP.

PTT Exploration and Production Public Company Limited

Structure and Business Operations 37

producing field, under the Production Sharing Contract 1.2.6 Revenue Structure
(PSC), located in onshore Timimoun petroleum basin in
Algeria, with estimated remaining natural gas reserves and PTTEP and our subsidiaries generate revenues primarily
condensate of 1.92 trillion cubic feet and 5.4 million barrels from sales of petroleum products, the prices of which
of oil equivalent respectively (as of January 1, 2024). are pegged to the world fuel price in US Dollar.
Gas production commenced in 2019 with a current Thus, PTTEP and its subsidiaries’ revenue structure
production capacity a approximately 435 MMSCFD with of 2022-2024 is presented in US Dollar to reflect the
a potential production ramp-up in coming years. Company’s revenue structure. The petroleum exploration
and production projects in the production phase of PTTEP
1.2.4 Use of Proceeds and its subsidiaries in 2024 are G1/61, G2/61, Arthit, S1,
Contract 4, PTTEP1, L22/43, L53/43 & L54/43, E5, G4/43,
As of December 31, 2024, details on the use of proceeds Sinphuhorm, B8/32 & 9A, G4/48, G12/48, MTJDA, Zawtika,
are as follows: Yadana, Projects in Malaysia, Vietnam 9-2, Vietnam 16-1,
Natuna Sea A, Dunga, Oman Block 61, Oman Block 6,
Domestic Bonds Oman Block 53, Algeria 433a & 416b, and Algeria Hassi
Bir Rekaiz.
The funds derived from all baht bonds of PTTEP,
PTTEP296A and PTTEP26NA, and of PTTEP TC In addition, PTTEP and our subsidiaries proportionately
(guaranteed by PTTEP), PTTEPT274A, PTTEPT294A, recognize revenues from gas pipeline transportation from
PTTEPT324A, and PTTEPT265A, were fully utilized Moattama Gas Transportation Company (MGTC) and
according to the objectives stated in the indenture and Andaman Transportation Limited (ATL). Moreover, there is
offering documents. diversification to Beyond E&P businesses, including Green
Hydrogen Project, Offshore Wind Farm Project, Carbon
Foreign Bonds Capture and Storage (CCS) Project, Solar Power Project,
together with AI and Robotics Technology Business.
The funds derived from all USD bonds of PTTEP TC The Company has set strategic directions by focusing on
(guaranteed by PTTEP), consisting of USD 458 million the sustainability of E&P business together with venturing
Bond issued in 2012, USD 600 million Bond issued in 2019, into Beyond E&P business during the energy transition
USD 350 million Bond issued in 2020, and USD 500 million and to reduce greenhouse gas emissions.
Bond issued in 2020, were fully utilized according to the
objectives stated in the indenture and offering documents.

1.2.5 PTTEP’s Obligations According to Bond

Issuance

- None -

PTT Exploration and Production Public Company Limited

38 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Revenue Structure of PTTEP and Our Subsidiaries during 2022–2024

2022 2023 2024

% of shares
Operated
Product held by the Revenue Revenue Revenue
by
Company (million US % (million US % (million US %
dollar) dollar) dollar)
Revenue from sales
Crude oil PTTEP - 290.46 3.00 382.57 4.20 430.02 4.62
PTTEPI1 100 54.34 0.56 40.87 0.45 64.59 0.69
PTTEP Siam 100 635.63 6.57 510.36 5.61 528.84 5.68
PTTEP ED2 100 88.52 0.91 178.09 1.96 - -
Orange 53.9496 65.08 0.67 28.45 0.31 55.92 0.60
B8/32 Partners 25.0009 30.16 0.31 13.18 0.14 25.91 0.28
PTTEP HV 100 28.66 0.30 32.82 0.36 20.61 0.22
PTTEP HL 100 130.64 1.35 96.30 1.06 78.68 0.85
Natuna 50 2.47 0.03 2.95 0.03 1.78 0.02
PTTEP AG 100 86.31 0.89 66.83 0.73 64.28 0.69
PTTEP SBO 100 403.97 4.17 273.73 3.01 253.22 2.72
PTTEP SKO3 100 216.64 2.24 164.60 1.81 136.20 1.46
POC 100 468.00 4.83 407.45 4.48 411.85 4.42
PKC 100 49.92 0.52 38.28 0.42 64.62 0.69
Natural gas PTTEP Siam - 2,281.46 23.57 1,447.39 15.91 1,107.23 11.89
PTTEP ED2 100 1,078.50 11.14 1,109.10 12.19 1,190.82 12.79
Orange 100 51.77 0.53 38.25 0.42 44.32 0.48
B8/32 Partners 100 278.63 2.88 966.26 10.62 1,390.70 14.94
PTTEP HV 53.9496 18.85 0.19 10.18 0.11 22.74 0.24
PTTEP HL 25.0009 8.74 0.09 4.72 0.05 10.54 0.11
Natuna 100 1.60 0.02 1.23 0.01 1.22 0.01
PTTEP SP 100 0.71 0.01 0.92 0.01 0.70 0.01
Natuna 50 72.70 0.75 52.17 0.57 44.60 0.48
PTTEP SP 100 194.74 2.01 208.08 2.29 237.53 2.55

PTT Exploration and Production Public Company Limited

Structure and Business Operations 39

2022 2023 2024

% of shares
Operated
Product held by the Revenue Revenue Revenue
by
Company (million US % (million US % (million US %
dollar) dollar) dollar)
PTTEP SBO 100 201.31 2.08 155.93 1.71 159.28 1.71
PTTEP SKO3 100 149.04 1.54 130.78 1.44 93.43 1.00
PTTEP MENA 100 326.04 3.37 225.17 2.47 244.12 2.62
PKC 100 0.01 0.00 - - 0.01 0.00
LPG PTTEP - 7.41 0.08 7.38 0.08 8.06 0.09
PTTEP Siam 100 22.24 0.23 22.15 0.24 24.17 0.26
PGC 100 47.92 0.50 36.62 0.40 38.90 0.42
Condensate PTTEP - 1,119.38 11.56 639.44 7.03 480.33 5.16
PTTEPI1 100 123.72 1.31 114.99 1.26 128.74 1.38
PTTEP Siam 100 1.29 0.01 0.85 0.01 0.88 0.01
PTTEP ED2 100 162.57 1.68 472.75 5.20 743.19 7.98
PTTEP SP 100 81.29 0.84 66.14 0.73 59.55 0.64
PTTEP SBO 100 4.09 0.04 2.99 0.03 2.57 0.03
PTTEP SKO3 100 13.48 0.15 11.77 0.14 7.31 0.08
PTTEP MENA 100 298.47 3.08 149.32 1.64 148.43 1.59
Naphtha PGC 100 22.37 0.23 18.70 0.21 18.81 0.20
Deemed income for PTTEP MENA 100 148.43 1.53 381.32 4.19 352.25 3.78
tax payment by
POC 100 - - - - 1.49 0.02
the Oman government
Total revenue from sales 9,270.56 95.77 8,511.08 93.53 8,698.46 93.41
Revenue from pipeline transportation
Pipeline transportation MGTC4 62.9630 99.60 1.03 75.76 0.83 94.85 1.02
TPC 19.3178 0.21 0.00 - - - -
ATL 80 51.11 0.53 52.31 0.57 48.99 0.53
Total revenue from pipeline transportation 150.92 1.56 128.07 1.40 143.84 1.55
Other income
Gain on foreign - - 48.13 0.53 6.49 0.07
exchange rates

PTT Exploration and Production Public Company Limited

40 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

2022 2023 2024

% of shares
Operated
Product held by the Revenue Revenue Revenue
by
Company (million US % (million US % (million US %
dollar) dollar) dollar)
Gain on remeasuring of - - - - 11.09 0.12
financial instruments
Gain on disposal of - - 73.24 0.81 - -
participating interests
Interest income 44.03 0.45 152.27 1.67 238.34 2.56
Other income 195.14 2.02 144.55 1.59 174.59 1.88
Total other income 239.17 2.47 418.19 4.60 430.51 4.63
Total revenues 9,660.65 99.80 9,057.33 99.53 9,272.81 99.59
Share of profit of associates and joint ventures 19.56 0.20 42.56 0.47 37.75 0.41
Grand total after inclusion of share of 9,680.21 100.00 9,099.89 100.00 9,310.56 100.00
profit of associates and joint ventures
Remarks:
1 Unocal Myanmar Offshore Company Limited, a partner of Yadana project with a participating interest of 41.1016 percent, decided to withdraw all
investments. As a result, from April 1, 2024, onwards, PTTEP International Limited (PTTEPI), a subsidiary of the Company and an operator of this
project, increased the participating interest to 62.963 percent in Yadana project. The withdrawal processes were subsequently fulfilled on April 5,
2024.
2 On June 17, 2024, PTTEP Energy Development Company Limited (PTTEP ED), a subsidiary of the Group, complied with the Production Sharing
Contract (PSC) requirement to maintain a production level of 800 million standard cubic feet per day continuously for 90 days. On August 9, 2024,
PTTEP ED received a letter of guarantee from the Department of Mineral Fuels.
3 On September 29, 2023, PTTEP Sarawak Oil Limited (PTTEP SKO), a subsidiary of the Group, signed a Farm-Out Agreement with PETRONAS Carigali
Sdn. Bhd. (PCSB) to dispose of a 10 percent participating interest in Block SK405B Production Sharing Contract (PSC), located offshore Sarawak
in Malaysia. The sale transaction was completed on April 30, 2024, and PTTEP SKO remains the operator with a 49.5 percent participating interest.
4 Chevron Global Ventures Ltd., a shareholder of Moattama Gas Transportation Company Limited (MGTC) with a participating interest of 41.1016
percent, decided to withdraw all investments. As a result, from April 1, 2024, onwards, PTTEP Offshore Investment Company Limited (PTTEPO),
a subsidiary of the Company and an operator of this project, increased the participating interest to 62.963 percent in MGTC. The withdrawal processes
were subsequently fulfilled on April 5, 2024.

PTT Exploration and Production Public Company Limited

Structure and Business Operations 41

In 2024, PTTEP and its subsidiaries reported total revenues Natural Gas is a hydrocarbon mixture in gas or vapor state
of USD 9,273 million (equivalent to THB 327,415 million), at atmospheric temperature and pressure. Natural gas
an increase of USD 216 million or two percent compared to usually contains methane as its major component.
the total revenues of USD 9,057 million in 2023 (equivalent
to THB 315,216 million). The main reason was an increase Condensate is a low-density liquid hydrocarbon mixture,
in revenue from sales by USD 187 million, according to as a result of condensation from hydrocarbon gas
a higher average sales volume by 6 percent, mainly from occurred when the gas is produced at the surface where
the ramp-up in natural gas production of G1/61 Project temperature and pressure are lower than those in the
to 800 MMSCFD in March 2024, along with the increase reservoir.
in participating interest in Yadana Project following a
partner’s withdrawal in April 2024. However, it was offset Natural Gas Liquids (NGLs) are components of natural
with the average selling price decrease by three percent gas that are separated from the gas state in the form of
to 46.78 USD/BOE (2023: 48.21 USD/BOE). liquid. This separation occurs in a field facility or a gas
processing plant. There are several types of natural gas
1.2.7 Products and Services liquids including Liquefied Petroleum Gas (LPG), which is
obtained from crude oil refinery or natural gas separation
(1) Petroleum Exploration and Production process, and primarily consisting of Butane and Propane.

Petroleum Products Crude oil, Condensate, and NGL are measured in barrel,
while natural gas is measured in cubic foot at the standard
Petroleum is defined as a naturally occurring hydrocarbon conditions (1 atm at 60 degrees Fahrenheit). All petroleum
mixture, including crude oil, natural gas, condensate, products can be converted to Barrel of Oil Equivalent
related products, and other hydrocarbon products which (BOE) based on their heat contents. One cubic foot of
are naturally occurred and in a free state. natural gas has a heating value of approximately 1,000
British thermal units (BTU), whereas one barrel of crude
Crude Oil is the portion of petroleum that remains in oil has a heating value of approximately 6,000,000 BTU.
liquid form at atmospheric pressure and temperature. It
is obtained directly from oil wells and separation process,
yet to be refined or purified.

PTT Exploration and Production Public Company Limited

42 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated Structure and Business Operations 43

Business Overview Phase

Exploration
PTTEP Group’s core business is the exploration and Development
production of petroleum in Thailand and overseas. As Production
of December 31, 2024, PTTEP Group had petroleum
exploration and production projects in 12 countries with
details as follows: Algeria12
Overlapping Area
• Algeria 433a & 416b
• MTJDA Project Project
Thailand1, 2 Participation Interest 50% Participation Interest 35%
• E5 Project Operator: CPOC
• G1/61 Project Participation Interest 20% Operator: GBRS
Participation Interest 60% Operator: ExxonMobil • G9/43 Project • Algeria Hassi Bir Rekaiz
Operator: PTTEP Group Participation Interest 100% Project
• G4/43 Project Operator: PTTEP Group
• G2/61 Project Participation Interest Participation Interest 49%
Participation Interest 100% 21.375% Operator: GHBR
Operator: PTTEP Group
Myanmar
Operator: Chevron Mozambique
• Arthit Project • Zawtika Project
• Sinphuhorm Project Participation Interest 80%
Participation Interest 80% Participation Interest • Mozambique Area 1
Operator: PTTEP Group Operator: PTTEP Group Project
80.48% • Vietnam B & 48/95 Project
• S1 Project Operator: PTTEP Group • Yadana Project5 Participation Interest 8.5%
Participation Interest • Malaysia Block H Project Participation Interest 8.5% Operator: TotalEnergies
Participation Interest 100% • B8/32 & 9A Project Participation Interest • Malaysia SK314A Project Operator: Vietnam Oil and
Operator: PTTEP Group 62.963% Oman UAE8,9
Participation Interest Operator: PTTEP Group 42-56% Participation Interest 59.5% Gas Group Australia
• Contract 4 Project 25.001% Operator: PTTEP Group Operator: PTTEP Group • Oman Block 61 Project • Ghasha Concession10
• Myanmar M3 Project • Vietnam 52/97 Project • PTTEP Australasia
Participation Interest 60% Operator: Chevron • Malaysia SK325 Project Participation Interest 7% Participation Interest 20% Participation Interest 10%
Operator: Chevron Participation Interest 100% • Malaysia SK410B Project Project13
• G4/48 Project Operator: PTTEP Group Participation Interest 42.5% Participation Interest 32.5% Operator: Vietnam Oil and Operator: BP Operator: ADNOC Participation Interest 100%
• PTTEP1 Project Participation Interest 5% Operator: PTTEP Group Operator: PCSB Gas Group • Oman Block 6 Project • Abu Dhabi Offshore 1 Operator: PTTEP Group
Participation Interest 100% Operator: Chevron Malaysia 6
• Malaysia SK417 Project • Malaysia SB412 Project (PDO) Project
Operator: PTTEP Group • G12/48 Project4 Participation Interest 80% Participation Interest 60% Indonesia Participation Interest 2% Participation Interest 30% Mexico
• Malaysia Block K Project
• B6/27 Project3 Participation Interest Participation Interest Operator: PTTEP Group Operator: PTTEP Group • Natuna Sea A Project Operator: Petroleum Operator: Eni • Mexico Block 12 (2.4)
Participation Interest 100% 67.6667% 7.1666-56% • Malaysia SK405B Participation Interest 11.5% Development Oman • Abu Dhabi Offshore 2 Project14
Operator: PTTEP Group Operator: PTTEP Group Vietnam Operator: Harbour Energy
Operator: PTTEP Group Project7 • Oman Block 53 Project Project Participation Interest 20%
• L22/43 Project • G1/65 Project and Shell Participation Interest 49.5% • Vietnam 9-2 Project Participation Interest 1% Participation Interest 30% Operator: PETRONAS
Participation Interest 100% Participation Interest 100% Operator: PTTEP Group Participation Interest 25% Kazakhstan Operator: Occidental Operator: Eni
• Malaysia SK309 • Mexico Block 29 (2.4)
Operator: PTTEP Group Operator: PTTEP Group and SK311 Project and shell Operator: HV JOC • Dunga Project • Oman Onshore Block 12 • Abu Dhabi Offshore 3 Project15
• L53/43 & L54/43 Project • G3/65 Project Participation Interest • Malaysia SK438 Project • Vietnam 16-1 Project Participation Interest 20% Project Project Participation Interest
Participation Interest 100% Participation Interest 100% 42-59.5% Participation Interest 80% Participation Interest 28.5% Operator: Dunga Operating Participation Interest 20% Participation Interest 30% 16.67%
Operator: PTTEP Group Operator: PTTEP Group Operator: PTTEP Group Operator: PTTEP Group Operator: HL JOC GmbH Operator: TotalEnergies Operator: Eni Operator: Repsol
1 The concessions of Bongkot Project Block B16 and Block B17, with PTTEP 4 On September 1, 2023, the company entered into a Sale and Purchase 7 The partial divestment of 10 percent of participating interest in SK405B Dea Middle East GmbH. The acquisition has been completed and effective by the second quarter of 2025.
Group’s participating interest at 66.6667 percent, ended on March 7, 2023. Agreement (SPA) to acquire additional interest of 33.3333 percent from Project, held by PTTEP Sarawak Oil Limited (PTTEP SKO), a subsidiary from June 11, 2024. 14 The minimum work commitment including exploration well drilling, as
The operatorship has been transferred to PTTEP Energy Development TotalEnergies EP Thailand. Upon completion of the acquisition, which is of PTTEP, to PETRONAS Carigali Sdn. Bhd. (PCSB) was completed and 11 The first exploration phase of Abu Dhabi Offshore 1 Project in the UAE, in required under the concession of Mexico block 12 (2.4) Project, has
Company Limited (PTTEP ED) under G2/61 Production Sharing Contract expected in the first quarter of 2025, PTTEP’s interest will increase to 100 effective from April 30, 2024, where PTTEP SKO’s remaining participating which PTTEP Group holds a 30 percent participating interest, ended on been completed, with no petroleum potential discovered. The block
(PSC). However, the concessionaire still has joint decommissioning percent. interest is 49.5 percent and is still the operator. January 11, 2025, with no petroleum potential discovered. The block was relinquishment is currently underway, with completion expected by the
obligations as required by relevant laws. 5 Unocal Myanmar Offshore Company Limited (UMOC), a subsidiary of 8 The first exploration period of Sharjah Onshore Area A Project in the UAE, then returned to the government, and the concession was terminated. second quarter of 2026.
2 The concession of Contract 3 Project, with PTTEP Group’s participating Chevron Group, had decided to withdraw its investment in the Yadana in which PTTEP Group holds a 25 percent participating interest, ended on 12 On December 20, 2024, PTTEP SG Holding Pte. Ltd. (PTTEP SH), 15 On September 17, 2024, PTTEP Mexico E&P Limited, S. de R.L. de C.V.
interest at 5 percent, ended on April 23, 2022. The operator had submitted Project. All withdrawal processes were subsequently fulfilled on April September 30, 2024, with no petroleum potential discovered. The block a subsidiary of PTTEP, entered into a Sale and Purchase Agreement (SPA) (PTTEP MEP), a subsidiary of PTTEP, entered into a Sale and Purchase
the block relinquishment. However, all partners in the project still have joint 5, 2024. Following the withdrawal, UMOC’s participating interest was was then returned to the government, and the concession was terminated. to acquire 34 percent of the share capital in E&E Algeria Touat B.V. from Agreement (SPA) to sell its entire participation interest, at 16.67 percent,
decommissioning obligations as required by relevant laws. distributed to the remaining partners, resulting in PTTEP’s participating 9 The second exploration period of Sharjah Onshore Area C Project in the ENGIE International Corporation B.V. (ENGIE). The completion of this in Mexico Block 29 (2.4) Project to REPSOL EXPLORACIÓN MÉXICO, S.A.
3 On February 5, 2023, the concession of B6/27 Project, which PTTEP interest increase to 62.9630 percent, effective from April 1, 2024. UAE, in which PTTEP Group holds a 25 percent participating interest, ended transaction is subject to the conditions precedent as prescribed in the SPA, DE C.V. The completion of this transaction is subject to the fulfillment of
Group holds 100% participating interests, has ended. PTTEP Group 6 The first exploration period of Malaysia PM407 Project, in which PTTEP on December 31, 2024, with no petroleum potential discovered. The block including necessary regulatory approval. Upon the completion, PTTEP will conditions prescribed in the SPA, with completion expected by the first
returned the block. However, the concessionaire still has joint obligations Group held 55 percent participating interest and was the operator, ended was then returned to the government, and the concession was terminated. indirectly hold a 22.1 percent investment in Touat Project, located in Algeria. quarter of 2025.
for decommissioning until it has been finished as required by the specific on March 20, 2024, with no petroleum potential discovered. PTTEP 10 On June 10, 2024, PTTEP MENA Limited (PTTEP MENA), a subsidiary of 13 The only remaining project is Oliver Field (AC/RL12), in which PTTEP Group
laws. submitted the block relinquishment, which had already been approved PTTEP, entered into a Sale and Purchase Agreement (SPA) to acquire holds 100 percent participating interest. It is currently under the process
by the Malaysian Government. a 10 percent stake in Ghasha Concession Project in UAE from Wintershall of block relinquishment to the government, with the completion expected
PTT Exploration and Production Public Company Limited PTT Exploration and Production Public Company Limited
44 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Principal Projects in Operation Arthit Project

The following is a summary of the project activities carried The Arthit Project is natural gas and condensate
out in 2024. The production figures provided below producing project located in the southern Gulf of Thailand.
represent the total production (at 100 percent interest) for PTTEP Group holds an 80 percent participating interest
each respective project. in the project and is the operator.

1) Project Activity Highlights in Thailand: Most of In 2024, the project achieved production target to surpass
PTTEP Group’s projects in Thailand are in the Production Daily Contracted Quantity under the GSA and continued
Phase, situated both in the Gulf of Thailand and onshore. to drill the production wells in order to boost production.
Below are the key highlights of project activities in Thailand The average natural gas and condensate production was
during 2024. 292 MMSCFD (approximately 48,012 BOED) and 14,036
BPD respectively.
G1/61 Project
Block G8/50, located adjacent to Arthit Project in
The G1/61 Project is a natural gas, condensate, and the north, is also operated by PTTEP Group with an
crude oil producing project located in the Gulf of Thailand. 80 percent participating interest. Natural gas from the
PTTEP Group holds a 60 percent participating interest and G8/50 Project is processed through the Arthit Project’s
has served as the operator under the Production Sharing central processing platform and sold under Arthit
Contract (PSC) since April 24, 2022. Project’s GSA. Gas production of G8/50 Project has been
suspended since March 2019. In 2024, the project was in
The daily gas production has been increased from 400 the process of production well drillings, with production
to 800 MMSCFD since March 20, 2024, with ongoing resumption anticipated to begin in 2025.
investment for additional wellhead platforms installation
and production well drillings. In 2024, the average natural S1 Project
gas and condensate production was 682 MMSCFD
(approximately 107,236 BOED) and 22,011 BPD respectively. The S1 Project is the largest onshore oil field in Thailand,
with the production area covering parts of Kamphaeng
G2/61 Project Phet, Sukhothai, and Phitsanulok provinces. PTTEP Group
is the operator with a 100 percent interest. The project
The G2/61 Project is a natural gas, and condensate extension was officially approved for another 10 years
producing project located in the Gulf of Thailand. of petroleum production period, from March 15, 2021, to
PTTEP Group holds a 100 percent participating interest March 14, 2031.
and has served as the operator under the Production
Sharing Contract (PSC) since April 24, 2022. Products from the S1 Project consist of crude oil, natural
gas, and liquefied petroleum gas (LPG). Crude oil
In 2024, the average natural gas production was 730 produced at S1 is sold to PTT and is transported via
MMSCFD (approximately 117,284 BOED), surpassing truck and rail to the refineries of Thai Oil Public Company
the production levels stipulated in the Production Sharing Limited, Bangchak Corporation Public Company Limited
Contract (PSC) and Gas Sales Agreement (GSA), with (Bangchak) refineries, PTT Global Chemical Public
ongoing production platforms construction and installation, Company Limited, and IRPC Public Company Limited.
and producing wells were also continuously drilled to The produced gas from the project is sold to PTT, UAC
sustain natural gas production. Global Public Company Limited, and Thai Housewives
Product for Climate Change Protection Cooperative

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Structure and Business Operations 45

Limited (TCCT), and the other part that undergoes LPG L22/43 Project
separation will be sold to PTT.
The L22/43 Project is a crude oil producing project, located
In 2024, the project continuously drilled development in Phitsanulok and Phichit provinces. PTTEP Group is the
and production wells to sustain its production level. sole owner and operator. The project has been under
Environmental impact assessments were also undertaken production suspension since 2018.
in both existing and new production sites. The average
crude oil, natural gas, and LPG production were 26,075 From October 30, 2024, crude oil production has been
BPD, 3 MMSCFD (approximately 690 BOED), and resumed and is being processed using S1 Project’s
168 metric tons per day (approximately 1,400 BOED) production facility, with the crude jointly sold alongside
respectively. S1 Project’s production. In 2024, the average crude oil
production was 12 BPD.
Contract 4 Project
L53/43 and L54/43 Project
The Contract 4 Project and Block G7/50 are located in
the Gulf of Thailand. PTTEP Group holds a 60 percent The L53/43 and L54/43 Projects are located in Suphan
interest in the project, with Chevron as the operator. Buri, Kanchanaburi, Phra Nakhon Si Ayutthaya, and Ang
All of the natural gas and condensate produced from Thong provinces. PTTEP Group is the sole owner and
the project is sold to PTT under long-term gas and operator. Crude oil produced from the project is sold to
condensate sales agreements. PTT and is transported via truck to the Bangchak refinery.

In 2024, the average natural gas and condensate In 2024, the L54/43 Project has drilled four development
production was 395 MMSCFD (approximately 64,195 wells to increase the field potential and enable the
BOED) and 14,261 BPD respectively. The project project to maximize oil production. The average crude oil
continued to drill additional development wells aiming to production of the L54/43 Project was 870 BPD while the
sustain the production plateau. production of the L53/43 Project has been suspended
since 2019.
PTTEP1 Project
E5 Project
The PTTEP1 Project is located in Suphan Buri and Nakhon
Pathom provinces. PTTEP Group is the sole owner and The E5 Project is located in Khon Kaen Province.
operator. Crude oil produced from the project is sold to PTTEP Group holds a 20 percent participating interest in
PTT and is transported via truck to the Bangchak refinery. the project with ExxonMobil as the operator holding an 80
In 2024, the average crude oil production was 115 BPD. percent participating interest. All natural gas produced by
the E5 Project is sold to PTT under a long-term GSA for the
B6/27 Project duration of the concession. The natural gas is transported
via pipelines to EGAT’s Nam Phong Power Plant.
The B6/27 Project is located in the Gulf of Thailand, off the
coast of Chumphon Province. PTTEP Group is the sole In 2024, the average natural gas production was 6.3
owner and operator. The concession contract ended on MMSCFD (approximately 1,011 BOED).
February 5, 2023. Currently, the Final Decommissioning
Plan (FDP) and Decommissioning Cost Estimation (DCE)
have been approved by the Department of Mineral Fuels.

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G4/43 Project G4/48 Project

The G4/43 Project is located in the Gulf of Thailand. The G4/48 Project is located in the Gulf of Thailand,
PTTEP Group holds a 21.375 percent interest in the project off the coast of Surat Thani Province. PTTEP Group
with Chevron as the operator. The project has long-term holds a 5 percent interest in the project with Chevron as
mutual GSA and crude oil sale agreements with the B8/32 the operator. The project has mutual long-term GSA and
& 9A Project. crude oil sale agreements for spot cargo.

In 2024, the average crude oil and natural gas production In 2024, the average natural gas and crude oil production
was 5,467 BPD and 3.7 MMSCFD (approximately 646 was 0.4 MMSCFD (approximately 52 BOED) and 5 BPD
BOED), respectively. respectively.

Sinphuhorm Project G12/48 Project

The Sinphuhorm Project is located in Udon Thani and The G12/48 Project, located adjacent to the east of
Khon Kaen provinces. PTTEP Group is the operator Bongkot South Field, is held and operated by PTTEP Group
with an 80.48 percent direct and indirect participating with a 69.6667 percent participating interest. After Bongkot
interest, after the acquisition of APICO. The natural gas concession ended on March 7, 2023, the production of
is supplied via the pipeline to EGAT’s Nam Phong Power the G12/48 Project has been produced through G2/61
Plant. The investment and development plan of this Project’s central processing platform.
project is intended to sustain the sales volume to meet the
contracted gas commitment under the new GSA. On September 1, 2023, the Company entered into a Sale
and Purchase Agreement (SPA) to acquire an additional
In 2024, the average natural gas and condensate interest of 33.3333 percent from TotalEnergies EP
production was 105 MMSCFD (approximately 17,226 Thailand. Upon completion of the acquisition, which is
BOED) and 222 BPD respectively. expected in the first quarter of 2025, PTTEP’s interest will
increase to 100 percent.
B8/32 & 9A Project
In 2024, the average production was 7.4 MMSCFD
The B8/32 & 9A Project is located in the Gulf of Thailand, for natural gas (approximately 1,201 BOED) and
off the coast of Chumphon Province. PTTEP Group holds approximately 109 BPD for condensate.
a 25.001 percent interest in the project with Chevron
as the operator. The project currently has a long-term GSA G1/65 Project
and annual crude sales agreement with PTT.
The G1/65 Project is located in the northern Gulf of
In 2024, the project continued the development well Thailand. PTTEP Group is the operator with a 100
drilling and waterflood operations to maintain the crude oil percent interest. On June 1, 2023, PTTEP Group signed
production levels. The average crude oil and natural gas the Production Sharing Contract (PSC), which includes
were 10,931 BPD and 50 MMSCFD (approximately 8,892 a 6-year exploration period and a 20-year production
BOED) respectively. period.

In 2024, geological studies and petroleum resource

assessments were conducted to support exploration
drilling plans and 3D seismic processing. Additionally,
the 2025 work program and budget were approved by the
Department of Mineral Fuels. 3D seismic acquisition and
exploration well drilling are scheduled in 2025.

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Structure and Business Operations 47

G3/65 Project 2) International Projects: PTTEP Group has overseas

projects separated into the following regions.
The G3/65 Project is located in the northern Gulf of
Thailand. PTTEP Group is the operator with a 100 2.1) Project Activity Highlights in Other Southeast Asia
percent interest. On June 1, 2023, PTTEP Group signed Countries
the Production Sharing Contract (PSC), which includes
a 6-year exploration period and a 20-year production PTTEP Group has projects in this region which are located
period. in Myanmar, Malaysia, the Socialist Republic of Vietnam
(Vietnam), and the Republic of Indonesia (Indonesia).
In 2024, geological studies and petroleum resource The following section highlights the project activities.
assessments were conducted to support exploration
drilling plans and 3D seismic processing. Additionally, Zawtika Project
the 2025 work program and budget were approved by the
Department of Mineral Fuels. 3D seismic acquisition and The Zawtika Project is a natural gas project located in
exploration well drilling are scheduled in 2025. the Gulf of Mottama, Myanmar. PTTEP Group holds an
80 percent participating interest and is the operator,
Projects Located in Overlapping Areas with Myanmar Oil and Gas Enterprise (MOGE) holding
the remaining 20 percent interest. The gas produced
Malaysia-Thailand Joint Development Area (MTJDA) from this project is sold to PTT under long-term GSA
Project on a Take-or-Pay basis, supplying Thai gas demand.
A portion of the gas produced is sold to MOGE under
The MTJDA Project, where PTTEP Group has a 50 percent the long-term sales contract for domestic consumption in
participating interest with Carigali-PTTEPI Operating Myanmar. To transport natural gas from Zawtika Project
Company Sdn. Bhd. (CPOC) as the operator. PTTEP Group, to Thailand, PTTEP Group and the joint venture partner
together with PETRONAS (Malaysia’s national oil company) established Andaman Transportation Limited (ATL),
and the Malaysia-Thailand Joint Authority (MTJA) entered a gas transportation company, responsible for constructing
into a Gas Sales Agreement (GSA) for the sales of the and operating an offshore and onshore pipeline from
natural gas from the MTJDA Project to PTT and PETRONAS, the project to the Thailand-Myanmar border.
while crude oil and condensates produced from the project
were sold through auction. In 2024, despite the local unrest situation in Myanmar,
the project continued to deliver gas as committed under
In 2024, the project continuously drilled production wells the GSA. Nonetheless, the situation is being closely
to maintain the production level, and exploration and monitored and PTTEP has identified potential risks and
development wells for the development of new phases. ensured asset readiness to maintain an uninterrupted
The average natural gas and condensate production was supply of natural gas.
290 MMSCFD (approximately 46,784 BOED) and 10,514
BPD respectively. In addition, the project successfully completed production
well drilling as per the work plan in July 2024 and began
G9/43 Project constructing wellhead platforms according to the Field
Development Plan for the next phase. In 2024, the average
The G9/43 Project is located in the Gulf of Thailand, in natural gas production was 302 MMSCFD (approximately
the overlapping claims area between Thailand and 47,679 BOED).
Cambodia, with PTTEP Group as the sole owner and
operator. At present, all activities for this project are
suspended, pending the resolution of the boundary
dispute between the governments of Thailand and
Cambodia.

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Yadana Project Malaysia SK309 and SK311 Project

The Yadana Project is a natural gas field located in the Gulf The Malaysia SK309 and SK311 Projects are crude oil,
of Mottama, Myanmar. PTTEP Group is the operator, with condensate, and natural gas producing fields located in
Myanmar Oil and Gas Enterprise (MOGE) as a partner in shallow water offshore Sarawak, Malaysia. PTTEP Group
the project. The gas produced from this project is sold to holds a 42 percent participating interest in the East Patricia
PTT under long-term GSA on a Take-or-Pay basis. A portion oil field, and a 59.5 percent interest in all remaining areas,
of the gas produced is sold to MOGE under the long-term where it operates all the fields.
sales contract for domestic consumption in Myanmar.
Gas from Yadana Project is transported to Thailand In 2024, the average crude oil, condensate, and natural
through an offshore and onshore pipeline operated by gas production was 12,739 BPD, 779 BPD, and 170
Moattama Gas Transportation Company (MGTC). MMSCFD respectively.

Following the withdrawal of the partner in the project, Malaysia Block H Project
effective from April 1, 2024, PTTEP’s participating interest
increased from 37.0842 percent to 62.9630 percent, with The Malaysia Block H Project is a natural gas field located
the remaining interest of 37.0370 percent held by MOGE. in the deepwater offshore Sabah, Malaysia. PTTEP Group
In 2024, the average natural gas production was 443 holds a 56 percent participating interest in Rotan Field and
MMSCFD (approximately 55,449 BOED). a 42 percent in the remaining areas.

Myanmar M3 Project In 2024, the average natural gas production was 244
MMSCFD. The exploration drilling plan is currently
The Myanmar M3 Project is a natural gas field located in underway, with two exploration wells scheduled for drilling
the Gulf of Mottama, Myanmar. PTTEP Group holds a 100 in 2025, in line with the minimum work commitment.
percent participating interest and is the operator.
The development of the Aung Sinkha field has been Malaysia SK410B Project
approved by the government, and negotiations for the
relevant agreements are currently underway. The final The Malaysia SK410B Project is located offshore Sarawak,
investment decision is expected in 2025. Malaysia. PTTEP Group holds a 42.5 percent participating
interest in the project and is the operator. Currently, the
Malaysia Block K Project project is in the process of Re-engineering design to
strengthen the project’s economic viability.
The Malaysia Block K Project consists of Kikeh, Siakap
North-Petai (SNP), and Gumusut-Kakap (GK) fields which Malaysia SK417 Project
are producing oil fields located offshore Sabah, Malaysia.
PTTEP Group holds a 56 percent participating interest The Malaysia SK417 Project is located in the shallow
in the Kikeh and a 22.4 percent interest in the SNP field, water of offshore Sarawak, Malaysia. PTTEP Group holds
where it serves as the operator. Shell is the operator of GK an 80 percent participating interest and is the operator.
field, with PTTEP holding a 7.1666 percent participating Following the successful discoveries at the exploration
interest. wells Dokong-1 and Nangka-1, preparations are currently
underway for drilling one exploration well in 2025, in
In 2024, the average crude oil and natural gas production accordance with the minimum work commitment.
was 19,590 BPD and 13 MMSCFD respectively.

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Structure and Business Operations 49

Malaysia SK405B Project Malaysia SB412 Project

The Malaysia SK405B Project is located in the shallow The Malaysia SB412 Project is located in the shallow to
water of offshore Sarawak, Malaysia. PTTEP Group holds a deep water offshore Sabah, Malaysia. PTTEP Group holds
49.5 percent participating interest in the project and is the a participating interest of 60 percent and is the operator.
operator. Successful discoveries of crude oil and natural In 2024, the minimum work commitment was fulfilled.
gas reservoirs were reported from the Sirung-1, Sirung-2, The project is undergoing petroleum potential evaluation
and Chenda-1 wells between 2021 to 2024. for further consideration to proceed with the second
exploration phase.
In 2024, the Pre Front-End Engineering Design (Pre-FEED)
was completed, and a development plan will be Vietnam 9-2 Project
established, with completion expected by 2025.
The Vietnam 9-2 Project is producing natural gas and
Malaysia SK438 Project crude oil located offshore southeast of Vietnam. PTTEP
Group has a 25 percent interest in the project with
The Malaysia SK438 Project is located in the shallow water Hoan Vu Joint Operating Company (HV JOC) as the
of offshore Sarawak, Malaysia. PTTEP Group holds an operator. The crude oil produced from the project is sold to
80 percent participating interest in the project and is the domestic refineries while the produced natural gas is sold
operator. The massive sweet gas sandstone reservoirs to Vietnam Oil and Gas Group, a state-owned enterprise,
were discovered with thickness up to 200 meters, for domestic consumption.
considered as another sizable field of PTTEP in Malaysia,
following the earlier achievement at the Lang Lebah field. In 2024, the average natural gas and crude oil production
Another exploration well will be drilled in 2025, according was 9 MMSCFD (approximately 1,834 BOED) and 2,791
to the minimum work commitment. BPD respectively. The petroleum contract extension has
been approved for an additional five years, until 2032.
Malaysia SK314A Project Preparations are currently underway for the contract
signing, which is expected to take place in the first quarter
The Malaysia SK314A Project is located in the shallow of 2025.
water of offshore Sarawak, Malaysia. PTTEP Group
holds a participating interest of 59.5 percent in the Vietnam 16-1 Project
project and is the operator. In 2024, the evaluation of
remaining petroleum potential is in progress to plan for The Vietnam 16-1 Project is producing natural gas
further exploration campaign. The two exploration wells and crude oil located offshore southeast of Vietnam.
will be drilled in 2026, according to the minimum work PTTEP Group has a 28.5 percent participating interest in
commitment. the project, with Hoang Long Joint Operating Company
(HL JOC) as the operator. The crude oil production of the
Malaysia SK325 Project project is sold to domestic refineries. Natural gas is sold to
the Vietnam Oil and Gas Group, a state-owned enterprise,
The Malaysia SK325 Project is located in shallow water for domestic consumption.
offshore Sarawak. PTTEP Group holds a participating
interest of 32.5 percent and is a joint venture partner. In 2024, the average natural gas and crude oil production
In 2024, the project is in the preparation process for the was 4 MMSCFD (approximately 920 BOED) and 9,596
geophysical study, 3D seismic data acquisition, and BPD respectively. The petroleum contract extension has
evaluating petroleum potential to further plan for the been approved for an additional five years, until 2031.
committed exploration wells which are expected to be Preparations are currently underway for the contract
drilled in 2026. signing, which is expected to take place in the first quarter
of 2025.

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Vietnam B & 48/95 Project 2.2) Project Activity Highlights in Central Asia

The Vietnam B & 48/95 Project is located off the coast of PTTEP Group’s project in this region is located in
Vietnam. PTTEP Group holds an 8.5 percent participating Kazakhstan, with the key project highlights as follows:
interest in the project with Vietnam Oil and Gas Group
as the operator. On May 17, 2024, Final Investment Dunga Project
Decision (FID) was approved. It is currently under Phase
1A development, with the first production expected in late The Dunga Project is a producing oil field located onshore
2027. The production, combining the production from west of Kazakhstan. PTTEP Group holds a 20 percent
Vietnam B & 48/95 & Vietnam 52/97 Project, will gradually interest, with Dunga Operating GmbH as the operator.
ramp up to 490 MMSCFD. The project is continuing with the development of Phase 3
to increase production capacity, with completion expected
Vietnam 52/97 Project in the first quarter of 2025.

The Vietnam 52/97 Project is located offshore of Vietnam. In 2024, the average crude oil and natural gas production was
PTTEP Group holds a 7 percent of participating interest 13,311 BPD and natural gas of 1.5 MMSCFD (approximately
in the project with Vietnam Oil and Gas Group as the 255 BOED) respectively.
operator. On May 17, 2024, Final Investment Decision
(FID) was approved. It is currently under Phase 1A 2.3) Project Activity Highlights in the Middle East
development, with the first production expected in late
2027. The production, combining the production from PTTEP Group’s projects in this region are located in Oman
Vietnam B & 48/95 & Vietnam 52/97 Project, will gradually and UAE, with the key project highlights as follows:
ramp up to 490 MMSCFD.
Oman Block 61 Project
Natuna Sea A Project
The Oman Block 61 Project is a producing onshore
The Natuna Sea A Project is located to the west of the gas block situated in central Oman. PTTEP Group has
Natuna Sea in Indonesia. In 2013, PTTEP Group jointly signed a Sale and Purchase Agreement (SPA) to acquire
signed a share purchase agreement with Pertamina, on a a 20 percent interest from BP Exploration (Epsilon)
50:50 basis, to acquire subsidiaries of Hess Corporation, Limited, which is the operator, and the agreement was
which held a 23 percent interest in the Natuna Sea A completed on March 23, 2021. In 2024, the average
Project. As a result, PTTEP holds an 11.5 percent interest natural gas and condensate production was 1,511
in the project, with Premier Oil, now known as Harbour MMSCFD (approximately 267,746 BOED) and 56,087
Energy, as the operator. The crude oil and condensate BPD respectively.
produced are sold through the National Oil Company
(Pertamina), while natural gas produced is sold to Oman Block 6 Project (PDO)
Singapore through the subsea pipeline for domestic
consumption. The Oman Block 6 Project (PDO) is the largest producing
oil asset in central Oman, covering an area of approximately
In 2024, the average natural gas and crude oil production one-third of the country. PTTEP Group holds a 2 percent
was 94 MMSCFD (approximately 16,745 BOED) and 618 participating interest in this project, with Petroleum
BPD respectively. Development Oman (PDO) as the operator (Operating
Consortium). In 2024, the average crude oil production
was 699,490 BPD.

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Structure and Business Operations 51

Oman Block 53 Project prospect that can be commercially developed. The first
exploration phase ended on January 11, 2025. The block
The Oman Block 53 Project is a large producing onshore was then returned to the government, and the concession
oil field located in southern Oman. PTTEP Group holds was terminated.
a 1 percent participating interest in this project, with
Occidental as the operator. In 2024, the average crude Abu Dhabi Offshore 2 Project
oil production was 75,227 BPD.
The Abu Dhabi Offshore 2 Project is located in the
Oman Onshore Block 12 Project offshore northwest of Abu Dhabi, UAE. PTTEP Group holds
a 30 percent participating interest in the project, with Eni
The Oman Onshore Block 12 Project is a large onshore Abu Dhabi B.V. as the operator. In 2022, the project has
natural gas exploration block with an acreage of around successfully made a significant gas discovery in a deeper
10,000 square kilometers, located in central Oman. PTTEP zone of the exploration well XF-002. The field development
Group holds a 20 percent participating interest in the plan was approved by the Government in September 2024,
project, with TotalEnergies as the operator. In 2024, the two and Final Investment Decision (FID) is expected in 2025.
exploration wells were completed. Currently, geological
and geophysical studies are underway. Abu Dhabi Offshore 3 Project

Ghasha Concession Project The Abu Dhabi Offshore 3 Project is located in the offshore
northwest of Abu Dhabi, UAE. PTTEP Group holds a 30
PTTEP MENA Limited (PTTEP MENA), a subsidiary of percent participating interest in the project, with Eni Abu
PTTEP, entered into a Sale and Purchase Agreement Dhabi B.V. as the operator. Currently, it is in the progress
(SPA) to acquire a 10 percent stake in Ghasha Concession of geological study and further evaluation of petroleum
Project in UAE from Wintershall Dea Middle East GmbH. potential for the preparation of appraisal and exploration
The acquisition has been completed and effective from wells drilling which is planned in 2025–2026.
June 11, 2024.
2.4) Project Activity Highlights in Africa
Ghasha Concession Project is a sizable natural gas
field, located in the offshore northwest of Abu Dhabi, PTTEP Group’s projects in this region are located in
with Abu Dhabi National Oil Company (ADNOC) as the Algeria and Mozambique, with the key project highlights
operator. The project includes nine petroleum fields as follows:
where petroleum potential has been discovered, with two
fields – Dalma Gas and Hail and Ghasha – currently in the Algeria 433a & 416b Project
development phase. First production from Dalma Gas is
expected to commence in 2025, while Hail and Ghasha The Algeria 433a & 416b Project is an onshore producing
are expected to begin production in 2028. crude oil field, located in eastern Algeria. PTTEP Group
holds a 35 percent participating interest in the project, with
Abu Dhabi Offshore 1 Project Groupement Bir Seba (GHBR - Joint Operating Company)
as the operator. In 2024, the additional two production
The Abu Dhabi Offshore 1 Project is located in the offshore wells drilling was completed. The average crude oil
northwest of Abu Dhabi, UAE. PTTEP Group holds a 30 production was 15,326 BPD.
percent participating interest in the project, with Eni Abu
Dhabi B.V. as the operator. In 2024, the project completed
the petroleum potential evaluation with no discovered

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Algeria Hassi Bir Rekaiz Project 2.6) Project Activity Highlights in North and South America

The Algeria Hassi Bir Rekaiz Project is located onshore PTTEP Group’s projects in this region are located in
in eastern Algeria. PTTEP Group holds a 49 percent Mexico. The following are significant activities in this
participating interest in the project, with Groupement region:
Hassi Bir Rekaiz (GHBR - Joint Operating Company) as
the operator. In 2024 the average crude oil production was Mexico Block 12 (2.4) Project
17,000 BPD. Currently, a study and plan for the second
phase development are underway, aiming to increase The Mexico Block 12 (2.4) Project is located in the Mexican
production to 30,000 BPD and 60,000 BPD by the end of Ridges, western Gulf of Mexico. PTTEP Group holds a
2029 and 2030 respectively. 20 percent participating interest and PETRONAS is the
operator. The exploration well drilling was completed
Mozambique Area 1 Project according to work commitment under the concession,
with no petroleum potential confirmed. The relinquishment
The Mozambique Area 1 Project, a large LNG project process to the Government is currently underway and
located offshore Mozambique, is currently in the completion is expected by the second quarter of 2026.
development phase. PTTEP Group holds an 8.5 percent
participating interest in the project, with TotalEnergies as Mexico Block 29 (2.4) Project
the operator.
The Mexico Block 29 (2.4) Project is located in the
Since April 2021, the operator has decided to suspend Campeche basin, southern Gulf of Mexico. PTTEP Group
all construction activities following a Force Majeure holds a 16.67 percent participating interest, with Repsol as
declaration due to unrest near the project site. Currently, the operator of the project. On September 17, 2024, PTTEP
the evaluation of site re-access readiness is underway for Mexico E&P Limited, S. de R.L. de C.V., a subsidiary of
further construction resumption. PTTEP, entered into a Sale and Purchase Agreement
(SPA) to sell its entire participating interest to REPSOL
2.5) Project Activity Highlights in Australasia EXPLORACIÓN MÉXICO, S.A. DE C.V. The completion of
this transaction is subject to the fulfillment of conditions
The PTTEP Group has a project in this region which is prescribed in the SPA, which is anticipated in the first
located in the Timor Sea, the Commonwealth of Australia quarter of 2025.
(Australia) with the project highlight as follows:
Projects Ended Concession Divestment
PTTEP Australasia Project and Relinquishment in 2024

PTTEP Australasia Project is located in Australia, the Malaysia PM407 Project

only remaining project is Oliver Field (AC/RL12), in which
PTTEP Group holds a 100 percent participating interest. The Malaysia PM407 Project is located in the shallow water
It is currently under the process of block relinquishment of offshore Peninsular, Malaysia. PTTEP Group holds a
to the government, with the completion expected by the 55 percent participating interest in the project and is the
second quarter of 2025. operator. In 2024, the project completed the remaining
petroleum potential evaluation with no discovered
prospect that can be commercially developed. The first
exploration period ended on March 20, 2024. PTTEP then
submitted the block relinquishment, which had already
been approved by the Malaysian Government.

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Structure and Business Operations 53

Sharjah Onshore Area A Project Mitsubishi Corporation 2.8 percent, Mitsui & Co 2.8 percent,
and Itochu 0.9 percent.
The Sharjah Onshore Area A Project is an onshore field,
located in Sharjah, UAE. PTTEP holds a 25 percent For QLNG, The partners in QLNG include the Oman
participating interest in the project, with Eni Sharjah B.V. Investment Authority (OIA) 46.8 percent, Naturgy 7.4
as the operator. percent, Mitsubishi Corporation 3 percent, Itochu
3 percent, Osaka Gas 3 percent, and OLNG at 36.8
In 2024, the project completed the petroleum potential percent which makes POC indirectly holds 0.7 percent
evaluation with no discovered prospect that can be in QLNG.
commercially developed. The first exploration period
ended on September 30, 2024. The block was then ADNOC Gas Processing (AGP)
returned to the government, and the concession was
terminated. PTTEP by PTTEP Gas Corporation (PGC), formerly Partex
Gas Corporation, owns a 2 percent of ADNOC Gas
Sharjah Onshore Area C Project Processing (AGP) with ADNOC Gas Facilities, the new
ADNOC subsidiary responsible for gas business owning
The Sharjah Onshore Area C Project is an onshore field, a 68 percent stake while Shell and TotalEnergies each
located in Sharjah, UAE. PTTEP holds a 25 percent own 15 percent.
participating interest in the project, with Eni Sharjah B.V.
as the operator. ADNOC Gas Operations and Marketing, formerly known as
GASCO, is an operating company engaged in processing
In 2024, the project completed the petroleum potential associated and non-associated natural gas from UAE’s
evaluation with no discovered prospect that can be onshore and offshore fields. Gas is supplied to AGP
commercially developed. The second exploration period via pipelines from ADNOC’s upstream entities: ADNOC
ended on December 31, 2024. The block was then Onshore, ADNOC Offshore, and other non-associated
returned to the government, and the concession was gas fields.
terminated.
Associated gas supplied from ADNOC Onshore’s oil
(2) Midstream fields is processed in Asab 0/3, Bab and Bu Hasa gas
processing facilities. The AGP Joint Venture partners are
Oman LNG (OLNG) entitled to the respective share of C3+, i.e. LPG (Propane
and Butane) and Paraffinic Naphtha production from
PTTEP by PTTEP Oman E&P Corporation (POC), formerly this associated gas until the concession ends in 2028.
Partex Oman Corporation, has a 2 percent stake in Oman
LNG LLC (OLNG) located near Sur, Oman. OLNG has two (3) Gas Transportation Pipeline
3.4 million tons per annum capacity liquefaction trains.
The third liquefaction train by a separate company, Qalhat PTTEP operates the gas transportation pipeline businesses
Liquefied Natural Gas SAOC (QLNG) in which OLNG is a through PTTEP Offshore Investment Company Limited
joint investor, has an additional capacity of 3.6 million tons (PTTEPO), a wholly-owned subsidiary of PTTEP. PTTEPO
per annum. Recent improvements upgraded the installed holds an 80 percent stake in Andaman Transportation
plant capacity to 11.4 million tons per annum. Limited (ATL) and a 62.9630 percent stake in Moattama
Gas Transportation Company Limited (MGTC). These
The partners in OLNG include the Oman Investment companies operate gas pipelines that transport gas from
Authority (OIA) 51 percent, Shell 30 percent, TotalEnergies the offshore production sites of the Zawtika and Yadana
5.5 percent, Korea Gas Corporation (KOGAS) 5 percent, projects in the Gulf of Moattama to Thailand-Myanmar
border.

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In 2024, PTTEPO’s Stake in MGTC increased from 37.0842 by the Marine Safety and Environment Bureau of
percent to 62.9630 percent following the withdrawal of the Marine Department of Thailand. The jetty is
a subsidiary of Chevron Group from Yadana Project, therefore recognized as one of the country’s leading
effective from April 1, 2024. shore-based facilities for petroleum exploration and
production activities.
(4) Jetty and Warehouse
Warehousing service facilities are divided into
Petroleum Development Support Base was established four sections, namely the storage yard, storage
to provide jetty and warehouse services to support warehouse, free zone storage yard, and free zone
PTTEP Group’s offshore exploration and production storage warehouse for optimal storage of materials
activities both in Thailand and abroad. The following are and equipment. This facility is also used for certain
the key projects that have been accommodated by the goods that have been granted tax and duty benefits
Support Base. in its duty-free areas.

• Projects in Thailand, such as Bongkot Project, Arthit 2) Petroleum Development Support Base (Ranong
Project, G1/61 Project, G2/61 Project. Branch) (Total area of 25 rais) provides marine jetty
• International projects operating in Myanmar including berthing and warehousing services which are operated
Zawtika Project, Yadana Project, and Myanmar M3 by PTTEPI. However, the jetty berthing service is
Project. operated through a multipurpose jetty of the Port
Authority of Thailand. The jetty has a 150-meter wharf
Moreover, the Support Base can also support offshore which is capable of simultaneously berthing two supply
operating projects of other oil and gas companies, such as vessels with the size of more than 500 gross tonnages
PTT, Chevron Thailand Exploration and Production Limited, each (maximum vessel length 80 meters). The Support
Carigali-PTTEPI Operating Company Sdn. Bhd. (CPOC). Base is also fully equipped with storage facilities and
standard material-handling equipment. Warehousing
Currently, our Support Base consists of two sites in the service facilities are divided into four sections as
provinces of Songkhla and Ranong. with the Petroleum Development Support Base
(Songkhla Branch).
1) Petroleum Development Support Base (Songkhla
Branch) (Total area of 121 rais) solely provides marine To ensure that the services of both Support Base branches
jetty berthing and warehousing services. It is owned meet high international standards and safety levels,
and operated by PTTEP International Limited (PTTEPI), performance audits are continually conducted at both
a subsidiary of PTTEP. The jetty is equipped with sites, emphasizing safety, security, occupational health,
a 380-meter wharf which is capable of simultaneously and the environment. The Company has been accredited
berthing six supply vessels with a size of more than International Environment Control Program (ISO 14001
500 gross tonnage each (maximum vessel length certification), and the Occupational Health and Safety
80 meters). The jetty is also equipped with storage Management System (ISO 45001 certification).
facilities and operated with a high standard of The Company has also prepared a Business Continuity
material-handling equipment for offshore support Plan under the ISO 22301 standard to handle unexpected
bases. The Support Base also operates under an and emergency cases. The Company regularly conducts
international management system which focuses drills to ensure that our Support Bases are capable of
on safety and security while taking into account the responding to emergency situations with the adoption
issues of occupational health and the environment. It of the latest technologies and methods for operational
strictly follows the International Ship and Port Facilities continuity.
Security Code (ISPS Code) which has been approved

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Structure and Business Operations 55

(5) Information Technology and Communication To enhance the staff’s capability to effectively support
Services PTTEP’s operations, PTTEP Services has provided
several training and development programs based on
PTTEP owns 20 percent of shares in PTT Digital Solutions PTTEP’s business requirements. The programs focus on
Company Limited (PTT Digital). PTT Digital has been hired compulsory Safety, Security, Health, and Environment
to provide the Company with all information technology (SSHE) training, Functional Training as well as Soft Skills
and communication services. The agreement covers Training in areas of innovation and interpersonal skills.
infrastructure design and implementation, consultancy, In addition, the Company has provided basic training
procurement, and outsourcing services in accordance with on subjects including English, digital development, and
the Holistic Management Strategy of PTT Group which information technology to assist staff in order for them
aims to enhance the efficiency of operations. The current to perform their jobs effectively.
service agreement is valid for five years, starting from
January 1, 2021. PTTEP Services’ business has continuously grown and
expanded. Apart from supplying manpower for PTTEP,
(6) Property Leasing the Company has also provided manpower for Carigali-
PTTEPI Operating Company Sdn. Bhd. (CPOC), a PTTEP
PTT and PTTEP have jointly established, constructed, and joint venture company in Malaysia.
managed the Energy Complex Investment Project under
Energy Complex Company Limited (EnCo). The Complex (8) AI and Robotics Technology
is considered to be Thailand’s energy hub, housing
the Ministry of Energy, subsidiaries, and associated PTTEP established AI and Robotics Ventures Company
companies of PTT Group. The construction of the Complex Limited (ARV) on September 21, 2018 as a wholly-owned
was fully completed by the end of 2009. subsidiary dedicated to advancing robotics and artificial
intelligence (AI) technologies. ARV is committed to
Currently, EnCo provides services across three enhancing operational efficiency and capabilities in
main business areas: Property Management, Facility the energy sector, creating innovative solutions that have
Management, and Property Development. a positive societal impact, and continuously exploring new
business opportunities beyond the energy industry.
(7) Manpower Services
Currently, ARV oversees five subsidiaries, covering target
PTTEP Services Limited (PTTEP Services) was established industries both domestically and internationally, including
with the objective of supplying manpower to support Rovula (Thailand) Company Limited (Rovula), Skyller
PTTEP Group’s operational activities and accommodating Solutions Company Limited (Skyller), Varuna (Thailand)
PTTEP’s domestic and international expansions which Company Limited (Varuna), Cariva (Thailand) Company
have a high demand for competent staff. Limited (Cariva), and Bedrock Analytics Company Limited
(Bedrock).
PTTEP Services has recruited and hired various types
of staff, such as specialists, engineers, operators, ARV is committed to pioneering innovative technologies
technicians, etc., both Thais and non-Thais, to serve that elevate the energy industry by integrating AI and
PTTEP since July 1, 2004. The Company has continuously autonomous robotics across land, air, and subsea
developed and improved its remuneration, welfare, operations via an advanced cloud platform. This innovative
and benefits to ensure that staff are provided with fair approach to offshore operations enhances the efficiency
remuneration and good welfare and benefit programs that of patrols, inspections of production platforms and
make them feel motivated. This has also helped improve subsea structures, and the safe and swift transportation of
the Company’s competitiveness in the market. materials between platforms and onshore facilities, while

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reducing personnel risks, cutting costs, and lowering Furthermore, ARV has expanded its services under
carbon emissions. With up to 75 percent of inspections the “Smart City Digital Data Platform” to over 200
and maintenance automated, it reduces travel time by municipalities and launched the “MoreAnama” system,
40 percent and saves over 15,000 liters of fuel annually, a centralized health information management tool that
significantly advancing both efficiency and sustainability. integrates real-time health data, geospatial technology,
health monitoring devices, and AI for symptom analysis. The
In 2024, ARV demonstrated its technological capabilities system, which has been successfully piloted at Subdistrict
through Proof-of-Concept collaborations with leading Health Promoting Hospitals (SHPHs) in Roi Et Province,
energy companies. These included Thailand’s first is set to expand to over 9,800 SHPHs nationwide. This
Beyond Visual Line of Sight (BVLOS) drone operation initiative aims to modernize local healthcare institutions,
for real-time offshore safety surveillance, capable of enhance convenience, and increase community access
rapidly detecting anomalies, and Southeast Asia’s first to essential healthcare services, ultimately contributing to
deployment of the autonomous underwater vehicle (AUV), an improved quality of life for communities.
XPLORER equipped with non-contact sensors for cathodic
protection (CP) surveys, which successfully inspected ARV’s next-phase business development plan focuses
over 155 kilometers of subsea pipelines in Malaysia. on efficiently growing its existing portfolio businesses.
These key accomplishments highlight ARV’s readiness This includes expanding technology services to a broader
for commercial-scale deployment. In addition, ARV’s customer base, both domestically and internationally,
innovative technologies earned prestigious recognition, including Asia and the Middle East. The plan also
including the Spotlight on New Technology Award from emphasizes sustainable community development by
OTC Asia 2024 and the Best Innovative Company Award doubling support for local municipalities compared to
from the SET Awards 2024, reaffirming ARV’s commitment 2024. Additionally, ARV is committed to forging strategic
to advancing industry potential and driving sustainable, partnerships with industry experts to further develop its
long-term value creation. technologies and expand into new industries. By offering
seamless, integrated, end-to-end services, ARV is poised
ARV continues to relentlessly advance the development to drive long-term, sustainable growth for its businesses.
and delivery of deep technology, to create sustainable
value and business growth with a focus on making a lasting, (9) Energy Transition Businesses
positive impact on the environment, society, and corporate
governance. Notably, the expansion of the “Smart Forest PTTEP has laid out strategies and growth directions in
Platform,” a comprehensive forest management system, new businesses to support the energy transition, align with
which has been implemented across more than 300,000 rai Thailand’s future needs for developing a low-carbon
of forested areas, along with the “Drone Plantation” society, and create sustainable value for stakeholders.
technology, which autonomously disperses seeds
into target areas, improving efficiency and reducing Considering various internal and external environments
reforestation time. This service has now expanded to and the rapid development of technology today, along with
Lao PDR, targeting over 50,000 rai, contributing to national PTTEP’s competitiveness and relevance to the value chain
and global efforts toward achieving Net Zero targets. it is currently operating, PTTEP has set investment targets
in three business areas as follows:

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Structure and Business Operations 57

Carbon Capture and Storage as a Service (CCSaaS) through investments in high-potential projects located
in countries with supportive measures for low-carbon
PTTEP is committed to leveraging our knowledge and hydrogen production and low production costs.
capabilities in petroleum exploration and production to
develop carbon capture and storage projects (CCS) In 2023, FutureTech Energy Ventures Limited (FTEV),
and operate carbon capture and storage projects as a subsidiary of PTTEP, and five leading global companies,
a service (CCSaaS) both domestically and internationally. including POSCO Holdings, Samsung Engineering
Besides creating a new business line for the Company, Company Limited, Korea East-West Power Company
it aims to help reduce carbon dioxide emissions into Limited, Korea Southern Power Company Limited, and
the atmosphere according to the country’s greenhouse gas MESCAT Middle East DMCC, a subsidiary of ENGIE from
reduction action plan (NDC action plan) and the long-term France, won a concession bid for a large green hydrogen
low greenhouse gas emission development strategy production project in Oman. Currently, FTEV and its
(LT-LEDs) where the goal is to capture and store up to partners have established a joint venture, Hydrogen Duqm
40 million tons of carbon dioxide per year by 2050 to LLC (HDL), in Oman and are in the process of assessing
achieve carbon neutrality. wind and solar energy potential (Renewable Resource
Assessment) and conducting a feasibility study to evaluate
In 2024, under an international collaboration between the investment value and profitability of the project prior
the Department of Mineral Fuels and the Japan starting engineering design.
Organization for Metals and Energy Security (JOGMEC),
PTTEP together with INPEX CORPORATION from Japan, Renewable Power
conducted activities under a Joint Study Agreement to
study and assess the geological potential for carbon Renewable energy is seen as the most crucial factor in
storage in the upper part of the Gulf of Thailand. The study reducing greenhouse gas emissions from the energy
results will be crucial in developing the Eastern Thailand sector. PTTEP has established FutureTech Solar (Thailand)
CCS Hub, with cooperation from companies within Limited (FST) under FutureTech Energy Ventures Limited
PTT Group to push for relevant legal and policy support. to operate a solar power plant business. Currently, it has
a production capacity of 9.9 megawatts to supply
Low-Carbon Hydrogen electricity to S1 Project, replacing electricity production
from natural gas.
PTTEP emphasizes the importance of the low-carbon
hydrogen business as it is a new clean fuel that can store Additionally, PTTEP also aims to invest in offshore wind
energy and transport it across continents. Currently, many energy, a business that can leverage our expertise from
countries in Europe, Japan, and Korea have set targets offshore operation to support clean electricity production,
for using low-carbon hydrogen in various industries. which is a key component in producing green hydrogen.
For Thailand, according to the draft Power Development PTTEP, therefore, invested in Seagreen Offshore Wind
Plan (PDP 2024), the goal is to blend low-carbon hydrogen Farm project in 2024, holding a 25.5 percent stake with
with natural gas to reduce carbon dioxide emissions from an investment value of approximately USD 689 million.
electricity production. This aligns with industries that The Seagreen project is the largest offshore wind power
cannot directly use electricity from renewable energy plant in Scotland, starting electricity production in October
(electrification), such as steel, refining, and petrochemical 2023, with a total production capacity of approximately
industries, which are studying the commercial feasibility of 1.1 gigawatts. SSE Renewables Services (UK) Limited
using low-carbon hydrogen. PTTEP is committed to being a major renewable energy producer in Scotland, operates
part of supply for low-carbon hydrogen for the country the project, with TotalEnergies as a partner.

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To achieve sustainable growth, PTTEP recognizes (1) Demarcation of Petroleum Exploration

the need for comprehensive and close development and Production Areas
of related technologies through in-house technology
management and investment in technology start-ups The Department of Mineral Fuels, Ministry of Energy,
via corporate venture capital (through Explore Ventures as the government authority, is responsible for overseeing
Limited or XPV). This aims to enhance competitiveness petroleum operations in accordance with the petroleum
in both petroleum exploration and production and energy law. It establishes the criteria, methods, terms, and areas
transition-related businesses, supporting the company’s for exploration and production (Block). Oil companies
goal of net-zero greenhouse gas emissions. This is part can apply for exploration and production rights through
of the measures to mitigate the risk of sudden energy concession, production sharing contract, or services
business disruptions that could impact PTTEP’s business agreement. The Petroleum Committee advises the Minister
investments. In 2024, the company invested in Zap Energy, of Energy on approvals, and the Minister, with the approval
a start-up developing nuclear fusion technology, a clean of the Cabinet, signs the agreements granting these
energy source with significant potential to transform rights. The State carefully considers each applicant’s
the future energy industry. qualifications, including their investment funds, knowledge
and technology transfer, employment of Thai nationals,
1.2.8 Permission to Operate, Concession, and the utmost benefits of the State, before awarding
or Investment Promotion exploration and production rights.

1.2.8 (1) Petroleum exploration and production (2) Characteristics of a Joint Venturer
business
A petroleum concession, a production sharing contract, or
PTTEP operates a petroleum exploration and production a services contract may be awarded to a single or multiple
business both domestically in Thailand and internationally. concessionaires/contractors. Given the inherent high risk
The Company’s overseas operations adhere to in petroleum exploration and production, it is common
all relevant laws and regulations, including the stipulations for concessionaires or contractors to form a joint venture
of production sharing contract, concession, or services to diversify this risk. In a joint venture, one company is
agreement. In Thailand, the Company maintains full designated the “operator” to conduct the exploration
compliance with the Petroleum Act, B.E. 2514 (1971) and and production on behalf of its partner(s), often under
its amendments, which govern petroleum exploration, the supervision of a management or an operating
exploitation, and production under concession, production committee which is composed of representatives of all
sharing contract, and services agreement regimes. Key parties. Other non-operator companies participate in
aspects of the petroleum business are as follows: operational decisions, including technical aspects, work
programs, and budgets. The operator requests cash
advances (Cash Calls) from all parties for the project
expenses. Generally, an oil company’s role as a project
operator depends on its investment conditions, readiness,
and overall business strategy for that project.

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Structure and Business Operations 59

(3) Nature of Operations and Investment Decisions The principal elements of petroleum sales agreement
generally include the pricing and quantity of petroleum
Before investing in petroleum exploration, whether in to be delivered. Sales of natural gas from domestic areas
Thailand or abroad, an oil company must carefully evaluate are made at the delivery point specified in the contract,
the probability of success in conjunction with other while sales of natural gas from foreign areas are made
investment risks. A thorough examination of the available at the Thai borders. PTT is currently responsible for
data is conducted to evaluate the area’s petroleum the installation of the gas pipelines needed to transport
potential and the project’s commercial feasibility. the gas quantities outlined in the gas sales agreement.
The success ratio of exploration wells in neighboring Crude oil and condensate sales also take place at
areas, as well as other country-specific risk factors, are the delivery point specified in the contracts.
also considered. If the project is deemed commercially
feasible, the company will seek the necessary rights for (4) Description of Laws Relating to the Business
a right to explore, exploit, and produce petroleum; or,
if such rights are already granted, will pursue a “farm-in” In Thailand, the operation of petroleum business
agreement with the existing concessionaire. is regulated by two major legislative acts, namely
the Petroleum Act, B.E. 2514 (1971) and the Petroleum
After the oil company is granted exploration, exploitation, Income Tax Act, B.E. 2514 (1971) and its amendments.
and production rights, an exploration program will Concessionaires and contractors must be limited
commence. This program typically spans 2–3 years. Upon companies or equivalent juristic entities, incorporated
discovery of petroleum reserves within an exploration area, under either Thailand or foreign laws. Key aspects of these
the oil company will assess the development costs and laws in Thailand include:
projected sales value based on recoverable reserves.
If the assessment indicates profitability, the area will be 1) Concession
considered commercially viable. The operator shall then
seek approval for the petroleum production area and 1.1) The concessionaire(s) and the co-venturer(s)
simultaneously may commence production activities. shall pay the royalty, normally in cash. However,
The operator may continue exploring remaining areas the Minister may, with at least six months’ notice,
if within the exploration period specified in the concession, request payment in petroleum. The royalty may
the production sharing contract, or the services contract. be credited against income tax (THAILAND I) or
At this stage, the operator should have a certain degree deducted as an expense (THAILAND III).
of confidence in the investment. However, given 1.2) Petroleum income tax rate is set at a minimum of
the substantial investment required for development, 50 percent and a maximum of 60 percent of the net
the operator should typically secure buyers for the profit from the petroleum operations.
petroleum in advance, ideally with a long-term sales 1.3) For income tax purposes, interest payments are not
agreement. Currently, PTT Public Company Limited (PTT) deductible.
is the largest petroleum buyer in Thailand. 1.4) Concessionaires may be granted an unlimited
number of concessions.

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60 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

THAILAND I pertains to petroleum concessions granted by the Ministry of Industry1 from B.E. 2514 (1971) to B.E. 2532
(1989) and to onshore petroleum concessions issued before B.E. 2525 (1982).

THAILAND II2 pertains to onshore petroleum concessions granted by the Ministry of Industry from B.E. 2525 (1982) to
B.E. 2532 (1989).

THAILAND III pertains to the petroleum concessions granted by the Ministry of Industry from B.E. 2533 (1990) onward.

Details of the Terms: THAILAND I, II, and III

Term THAILAND I THAILAND II THAILAND III

Royalty Rates 12.5 percent of income from 12.5 percent of income from progressive rate at sliding scale
sales or disposal of petroleum sales or disposal of petroleum of 5–15 percent, deemed to
which may be treated as a tax which may be treated as a tax be expense which could be
credit credit deducted in tax calculation
Petroleum Income 50 percent of net profit from 50 percent of net profit from 50 percent of net profit from
Tax petroleum business operation petroleum business operation petroleum business operation
Special Benefits - annual benefits and annual special remunerator benefits
production bonus which could be deducted in tax
calculation
Exploration Period 8 years with a 4-year extension 8 years with a 4-year extension 6 years with a 3-year extension
Production Period not exceeding 30 years from not exceeding 30 years from not exceeding 20 years from
the exploration’s expiration date, the exploration’s expiration date, the exploration’s expiration
with an extension not exceeding with an extension not exceeding date, with an extension not
10 years 10 years exceeding 10 years
Concession Areas not exceeding 10,000 sq. km. not exceeding 10,000 sq. km. not exceeding 4,000 sq. km.
per exploration block, up to 5 per exploration block, up to 5 per exploration block, up to 5
exploration blocks exploration blocks exploration blocks3
1 Currently, the Ministry of Energy
2 Under Section 36 of the Petroleum Act (No. 4) B.E. 2532 (1989), all petroleum concessionaires under THAILAND II have applied to be subject to the
criteria under THAILAND III.
3 Under Section 28 of the Petroleum Act (No. 6) B.E. 2550, effective on October 18, 2007, there is currently no limitation in terms of number of blocks.

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Structure and Business Operations 61

2) Production Sharing Contract 1.2.8 (2) Renewable Power Business

2.1) All petroleum operation expenditure shall be PTTEP established FutureTech Solar (Thailand) Company
the responsibility of the contractor whereas Limited (FST), a subsidiary of FutureTech Energy Ventures
the contractor shall recover such expenditure by Company Limited (FTEV), to operate a 9.9 megawatt
deducting it from the production. The expenditure solar power project supplying electricity to S1 Project.
that can be deducted shall be the actual expenditure The renewable power business operation is mainly
according to the work program and budget approved governed by the Energy Industry Act, B.E.2550 (2007)
by the Director General of the Department of Mineral including its amendments, regulations, and notifications
Fuels, the Ministry of Energy, but shall not exceed concerning energy business licenses.
50 percent of the overall petroleum production.
2.2) The contractor shall pay the royalty to the State Furthermore, PTTEP has invested in international projects
at the rate of 10 percent of the overall petroleum related to the energy transition. These investments and
production. business operations must adhere to the laws of each
2.3) The remaining petroleum production after deducting respective country.
the royalty and the recoverable expenditure shall
be shared to the contractor, but not exceeding 1.2.9 Market and Competition
50 percent.
2.4) Petroleum income tax is prescribed at a rate not PTTEP operates in the petroleum exploration and
lower than 20 percent of the net profit from petroleum production business, both domestically in Thailand and
operations. internationally, in locations including Myanmar, Malaysia,
Vietnam, Indonesia, Kazakhstan, Oman, the United Arab
3) Services Contract Emirates (UAE), Algeria, Mozambique, Australia, and
Mexico. The target markets include both domestic and
3.1) Services contract can be either the hiring for overseas where we have invested in. The Company’s
exploration and production contract, the hiring for petroleum products include natural gas, crude oil,
exploration contract, or the hiring for production condensate, LPG, and naphtha.
contract.
3.2) The contractor shall be paid by the State according to In 2024, the Company and our subsidiaries achieved
the terms and conditions of each services contract. an average total sales volume of 488,794 barrels of oil
3.3) All petroleum operation expenditure shall be equivalent per day (BOED). The sales ratio of natural
the responsibility of the contractor. gas to liquids and other petroleum products (crude oil,
3.4) Payment shall be made to the contractor after condensate, LPG, and naphtha) was 73:27 by volume and
deducting the royalty. 54:46 by value, as shown below.

At present, PTTEP has obtained the rights to explore, and

produce petroleum in Thailand under concession and
production sharing contract regime.

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62 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Product Volume Value (Million USD)

Natural Gas 804,132 MMSCF or 129.71 MMBOE 4,547.23
Crude Oil 26.91 MMBBL 2,136.52
Condensate 20.98 MMBBL 1,571.02
LPG 126,609 MT or 1.06 MMBOE 71.14
Naphtha 29,500 MT or 0.25 MMBOE 18.81

(1) Marketing Characteristics

PTTEP primarily sells our outputs from domestic and regional projects, i.e. Myanmar and the Malaysia–Thailand Joint
Authority (MTJA) to the Thai market through PTT Public Company Limited, (PTT), the major buyer and processor of
all the products. PTT then distributes the processed products into the country’s power sector, petrochemical industry
sector, transportation sector, industry sector, and household sector.

The marketing of petroleum products varies based on their characteristics and field locations, which in turn influence
market segmentation and sales price structures. The details can be summarized as follows:

1) Natural Gas

Due to the capital-intensive nature of gas exploration and production business, Gas Sales Agreements (GSAs) must be
agreed upon or signed between buyer and seller before any major investment is made. GSAs are typically long-term
contracts, ranging from 15 to 30 years with specified prices, volumes, and delivery points. Currently, the designated
transfer points for all domestic sales gas are at the Central Processing Platforms (CPPs), from which the buyer will invest
in the transmission system to the CPPs. However, the delivery point of the sales of gas from Myanmar to Thailand is at
the Myanmar–Thai border. In this case, the seller is responsible for investing in the transmission pipelines from the CPPs
to the border. Gas prices are typically linked to crude or fuel oil prices and several key economic indices to reflect costs
and remain competitive compared with fuel oil for the GSA period.

Sales volumes are based on the assessed reserves on the negotiation date. GSAs stipulate obligations between buyer
and seller for a committed volume. If the buyer fails to take the specified gas volume as outlined in the GSA, the payment
must be made for the committed volume regardless of whether the gas is taken or not (Take-or-Pay). Consequently,
the buyer is entitled to take delivery of the paid gas volume free of charge in subsequent years (Make-Up Gas).
On the other hand, if the seller fails to deliver the volume nominated by the buyer, the buyer is entitled to receive
a discount price of the undelivered volumes as specified in the agreement (Shortfall).

2) Condensate and Crude Oil

Condensate and crude oil prices are determined based on their properties and benchmarked against crude oil prices
predominantly traded in the region. Contracts may be either short-term or long-term, with some sales occurring in spot
markets.

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Structure and Business Operations 63

3) LPG • Vietnam 9-2 and Vietnam 16-1 projects in Vietnam:

All oil output from both projects is sold under short-term
LPG produced from S1 Project is sold to PTT under a long-term and medium-term contracts to a refinery in Vietnam
contract, with the price aligned with the government’s for domestic consumption. The natural gas from
policy and announcements by the Committee on Energy both projects is sold to Vietnam Oil and Gas Group,
Policy Administration. Additionally, LPG produced from a state-owned enterprise, also for domestic use in
the ADNOC Gas Processing Project (AGP), the largest Vietnam.
onshore gas processing complex in Abu Dhabi, UAE, is • Dunga Project in Kazakhstan: The Dunga project is
sold under a short-term contract, with the selling price an onshore oil field located in western Kazakhstan,
referencing the official selling price in the region. and it is operated by Dunga Operating GmbH.
Crude oil from the field is sold under a short-term
4) Naphtha contract to both domestic and export markets.
• Oman Block 6 (PDO), Oman Block 53, and Oman Block 61
Naphtha is produced by ADNOC Gas Processing Project projects in Oman: Crude oil from these three blocks is
(AGP), the largest onshore gas processing complex in sold under medium-term contracts while natural gas
Abu Dhabi, UAE. The sales arrangement is handled by produced from Oman Block 61 Project is sold under
the Abu Dhabi National Oil Company (ADNOC), which long-term contracts to the Government of the Sultanate
acts as the Marketing Agent. The selling price follows of Oman (GOSO).
the official selling price in the regional market and naphtha • Algeria 433a & 416b and Hassi Bir Rekaiz projects in
is sold under short-term contracts. Algeria: The Bir Seba Field and Hassi Bir Rekaiz Field
have been commercialized their crude oil production
Sales of petroleum products from PTTEP’s international under short-term contracts, with the major buyers being
fields vary by country as follows: European refineries.

• Zawtika and Yadana projects in Myanmar: For the MTJDA Project in the Malaysia–Thailand Joint
Approximately 75 percent of the produced natural gas Development Area, the produced natural gas is sold to
from both projects is primarily sold to Thailand through PTT for consumption in Thailand, with a portion also sold
PTT, while the remaining 25 percent is sold to Myanmar to Petroliam National Berhad (PETRONAS), Malaysia’s
which is mainly used for its domestic power generation national oil company, since April 2015 for use in Malaysia
and small volume to industrial sector. under the Gas Balancing Agreement between PTT and
• Malaysia Block K, Malaysia Block H, and Malaysia PETRONAS. Meanwhile, the condensate output is sold in
SK309 and SK311 projects in Malaysia: Crude oil from spot markets through an auction process.
Malaysia SK309 and SK311 Project, along with crude
oil from the Malaysia Block K Project and Malaysia
Block H Project, are sold under short-term contracts
and on spot markets to buyers both in Malaysia and
abroad. Natural gas produced from the Malaysia
SK309 and SK311 Project and Malaysia Block H Project
is sold under long-term contracts to Petroliam Nasional
Berhad (PETRONAS), Malaysia’s national oil company,
and used as gas supply for the Malaysia LNG (MLNG)
Complex.

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(2) Competition

Thailand’s E&P industry is characterized by low competition due to high demand and limited domestic supplies, coupled
with the industry’s capital-intensive nature and the advanced technology it requires. Consequently, the sales agreements
are predominantly long-term contracts, particularly for natural gas sales, and often include Take-or-Pay clauses to
mitigate investment risks and attract new investment.

As of November 2024, PTTEP’s petroleum production represents about 69 percent of Thailand’s domestic production,
positioning the Company as the leading domestic producer.

Producers Domestic Production Volume (%)

PTTEP 69
PETRONAS 9
Chevron 8
Hess 5
Valeura Energy 4
Others 5

Source: Department of Mineral Fuels, Ministry of Energy (as of November 2024)

1.2.10 Production

(1) Exploration and Production Stages and Technology

Petroleum exploration and production can generally be divided into four major stages as follows:

1) Exploration stage: This is the first step to identify the areas with reservoir potential. The main activities conducted in
this stage include:

• Primary geological and geophysical surveys

• Seismic acquisition, processing, and interpretation
• Exploration well drilling and testing

2) Appraisal/Delineation stage: This stage mainly involves additional study to increase the certainty of estimated size
and properties of the reservoirs. The main activities conducted in this stage include:

• Detailed study of petroleum geology and additional seismic survey (if required)
• Reservoir formation evaluation and conceptual development design
• Appraisal/Delineation well drilling and testing

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Structure and Business Operations 65

3) Development stage: This is the last stage prior to 1) Proved Reserves are those quantities of petroleum
the production. The main activities conducted in this that, by analysis of geological and engineering data,
stage include: can be estimated with reasonable certainty to be
commercially recoverable, from a given date forward,
• Field development plan design and optimization from known reservoirs and under current economic
• Production facilities design, construction, and conditions, operating methods, and government
installation regulations.
• Development well drilling and completion
2) Probable Reserves are those additional Reserves
4) Production stage: This is the stage where petroleum which analysis of geoscience and engineering data
and associated products flow through the pressure- indicate are less likely to be recovered than Proved
controlled equipment (wellhead) and processing Reserves but more certain to be recovered than
facilities, including measuring equipment, to obtain Possible Reserves.
the production rates of all productions. The main
activities conducted during this stage include: 3) Possible Reserves are those additional Reserves
that analysis of geoscience and engineering data
• Monitoring of production rate, proportion of suggest are less likely to be recoverable than Probable
produced gas, crude oil, condensate, and water, Reserves.
as well as pressure decline rate
• Forecasting of the future reservoir performance The Company’s Proved Reserves are inspected and
• Well intervention work-over and facilities reviewed annually by our earth scientists and reservoir
maintenance engineers to ensure the industry’s rigorous professional
standards.
PTTEP is well equipped in terms of manpower, technology,
and equipment to operate the exploration and production Proved Reserves are reported on a gross basis which
business efficiently according to the Company’s target. includes the Company’s net working interest and related
host country’s interest. As of December 31, 2024, the total
(2) Petroleum Reserves amount of Proved Reserves of PTTEP Group’s projects1
was 488 million stock-tank barrels (MMSTB) of crude
Petroleum Reserves can be divided into three categories, oil and condensate2 and 6,999 billion standard cubic
namely Proved Reserves, Probable Reserves, and feet (BSCF) of natural gas or 1,149 million barrels of oil
Possible Reserves, according to the level of certainty. equivalent (MMBOE). The total amount of Proved Reserves
in terms of oil equivalent was therefore 1,637 MMBOE.
Details of the Company’s Proved Reserves are shown in
the following table:

Remarks:
1 Include APICO Joint Venture project
2 Include Natural Gas Liquids (NGL)

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PTT Exploration and Production Public Company Limited

Crude, Condensate, and Natural Gas Proved Reserves1
As of December 31, 2024
Crude and Condensate2 Natural Gas Barrel of Oil Equivalent
(million barrels) (billion cubic feet) (million barrels)
Domestic Foreign Total Domestic Foreign Total Domestic Foreign Total
The Company’s share of Reserves of consolidated companies
Proved Reserves as of 143 210 353 3,697 2,879 6,576 739 690 1,429
December 31, 2023
1) Revision of previous estimates 33 30 63 435 64 499 103 43 146
2) Improved recovery 3 0 3 3 3 6 4 1 5
3) Extensions and discoveries 16 10 26 353 117 470 72 29 101
4) Purchases/Sales of petroleum - 104 104 - 604 604 - 202 202
in place
5) Production (37) (24) (61) (809) (390) (1,199) (167) (86) (253)
Proved Reserves as of 158 330 488 3,679 3,277 6,956 751 879 1,630
December 31, 2024
The Company’s share of Reserves of equity companies
Proved Reserves as of 0 - 0 44 - 44 7 - 7
December 31, 2023
1) Revision of previous estimates 0 - 0 9 - 9 2 - 2
2) Improved recovery - - - - - - - - -
3) Extensions and discoveries - - - - - - - - -
4) Purchases/Sales of petroleum - - - - - - - - -
in place
5) Production (0) - (0) (10) - (10) (2) - (2)
Proved Reserves as of 0 - 0 43 - 43 7 - 7
December 31, 2024
Total Proved Reserves as of 158 330 488 3,722 3,277 6,999 758 879 1,637
December 31, 2024

Remarks:
1 Proved Reserves include the Company’s net working interest and the related host country’s interest.
2 Includes Natural Gas Liquids (NGL).

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Structure and Business Operations 67

Furthermore, in order to improve efficiency, check and 1.2.11 PTTEP and Our Subsidiaries’ Assets
balance of the Reserves estimation, reporting, and
disclosure, the Company maintains a Reserves Committee PTTEP and our subsidiaries’ properties are mainly
which has the following roles and responsibilities: jointly controlled oil and gas properties in each project.
These properties comprise land, buildings, construction,
• Review and endorse the Company’s Annual equipment and facilities, transportation pipeline,
Reserves; capitalized exploratory and production drilling costs,
• Review and approve Major Changes of Reserves decommissioning costs, which are estimated by PTTEP
and Reserves for Newly-Acquired Projects; Group’s engineers and management’s judgment, and
• Ensure that all activities related to Reserves acquisition costs of petroleum rights or acquisition costs
estimation and disclosure of Reserves information of the portion of properties.
conform to regulatory and legal requirements as
well as to corporate and international standards; As of December 31, 2024, PTTEP and our subsidiaries’
• Approve the appointment of Reserves Auditor oil and gas properties are represented as share of
and approve Reserves Audit Results to ensure the investments in individual assets for each project.
compliance with the Company’s framework and The details of share of the investments in the project,
continual process improvement. together with investment in subsidiaries, associates, joint
ventures, and joint operations are disclosed in “Financial
(3) Petroleum Production Report” in Notes to the Consolidated and Separate
Financial Statements No. 17 Investments in subsidiaries,
In 2024, the total production of PTTEP Group1 was associates, joint ventures, and joint operations.
255 MMBOE, consisting of 61 MMSTB of crude oil and
condensate2 and 1,209 BSCF (194 MMBOE) of natural As of December 31, 2024, details of properties’ net book
gas. This was equivalent to the average production rate value are as follows:
of 696,257 barrels of oil equivalent per day (BOED) which
was approximately 57,938 BOED or a 9 percent increase
from the previous year. The increase in production mainly
comes from G1/61 Project production ramp-up to 800
MMSCFD since March 20, 2024. In addition, production of
Yadana project increased according to additional working
interest of 25.8788 percent transferred from UMOC since
April 1, 2024.

Remarks:
1 Include APICO Joint Venture project
2 Include Natural Gas Liquids (NGL)

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68 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Unit: Million US Dollar

Details of Properties Historical Accumulated forAllowance

Impairment Net Book
Cost Depreciation of Assets Value

Oil and Gas Properties 32,952 (23,681) (275) 8,996

Exploration and Evaluation Assets 2,659 - - 2,659
Right-of-use Assets 1,589 (697) - 892
Goodwill 1,938 - (585) 1,353
Pipeline and Others 1,381 (697) - 684
Assets under Construction 4,913 - - 4,913
Total 45,432 (25,075) (860) 19,497

1.2.12 Backlogs

- None -

1.3 Shareholding Structure of PTTEP Group

1.3.1 Shareholding Structure of PTTEP Group

(1) Operational Policy of PTTEP Group

PTTEP has continuously expanded our E&P business, including in related businesses and non-E&P, domestically
and internationally. The establishment of subsidiaries and/or associated companies in various regions is necessary
for investing, operational flexibility, improving our operational efficiency to be able to compete with other international
oil companies, and adjusting to global economic changes. Several factors, such as laws and regulations, financial
structures, tax regimes, business and investment conditions, and risk management need to be taken into consideration
in any decision to set up a subsidiary or an associated company.

PTT Exploration and Production Public Company Limited

Structure and Business Operations 69

It is our policy to manage PTTEP’s subsidiaries in line with PTTEP supervises its subsidiaries and associated
PTTEP’s business direction and strategy. We designate companies through the management of PTTEP Group
PTTEP executives and staff to second into key positions of companies. We establish adequate and appropriate
PTTEP’s subsidiaries. The strategic direction and financial monitoring and assessing systems, which include risk
investment of PTTEP’s subsidiaries are overseen by the management, internal audit and control, compliance with
Company. The Board of Directors of the subsidiaries, rules and regulations, compliance with good corporate
especially the non-E&P business, e.g. ARV, possess the governance and business ethics, and we regularly
authority to make decisions on business management report the performance to the Corporate Governance
with the aim of achieving the set targets and strategy. and Sustainability Committee. We are also aware of the
As for the associated companies, we nominate PTTEP significance of information disclosure in accordance
representatives to serve as shareholders and/or members with the principles of good corporate governance,
of the Board of Directors in accordance with the terms details as disclosed in “Internal Controls and Connected
of investment, in order to take part in the decision- Transactions” section, “Sufficiency and Suitability of the
making of the overall business strategy and policy of Internal Control System” topic.
these companies. To manage both the subsidiaries and
associated companies, we adhere to the Good Corporate (2) Shareholding Structure of PTTEP Group
Governance and Business Ethics of PTTEP Group, in order
to ensure effectiveness, transparency, fairness, and the As of December 31, 2024, PTTEP invested in 113 legal
attainment of our business goals. entities, comprising 83 subsidiaries and 30 associated
companies. PTTEP Group Shareholding Structure is
With respect to the selection of directors of the Company’s illustrated below:
subsidiaries and associated companies, we designate
PTTEP executives responsible for projects under each
relevant subsidiary and associated company as directors
of these entities. This ensures they are managed in
alignment with the Company’s business direction and
strategy under PTTEP’s governance. We may also appoint
a local director, if required by the domestic laws and
regulations or investment conditions. The subsidiaries and
associated companies, meanwhile, are obligated to report
their performance to the Company on a quarterly basis
in order to ensure their performance and effectiveness.

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PTTEP
SUBSIDIARIES ASSOCIATES

100% 15%
PTTEPI SPSE
75% PTTEP 25% 100% PTT 20%
Services PKC Digital
75% PTTEP 25% 100% 49%
TC PANG GHBR
50% 100%
CPOC PSC
75% 25% 100% 2%
PTTEP 99.99833% PGC AGP
HK
100% 100% 5%
PGH POC POHOL
75% 100% 5%
PTTEP 0.00167% PTTEP GISCO
HKO MEP
100% PTTEP 2% 36.8%
25% PTTEP 50% Natuna 2 SBO OLNG QLNG
NH B.V. 100% PTTEP 2% 99.99%
25% 100% PTTEP SKO PDO PDO-S
BI
75% 25.001% B8/32
PTTEPO Partners
38.99%
100% 100% PTTEP 33.83% 100% APICO 100% APICO
SHL SP APICO HK KL
53.9496%
Orange
80%
ATL
100% PTTEP
SV
100% PTTEP
KV
100% PTTEP 25%
HV HV JOC
100% PTTEP 28.5%
HL HL JOC
100% PTTEP 35%
AG GBRS
100% 100% PTTEP 100% PTTEP
PTTEPH ID ML
62.9630% 100% PTTEP 100% MOZ LNG1
MGTC SA Financing
100% PTTEP 100% 100% 100% PTTEP 8.5% MOZ LNG1 100% MOZ LNG1
AI COVE CEEAL MZA1 Holding Co-Financing
100% PTTEP 100%
SVPC MZ LNG1
100% PTTEP 100% JV 13.11% 100% Asia Pacific
IH Marine E2FSO Marine Service
100% PTTEP 100% PTTEP 100% PTTEP
AP AB AT 100% PTTEP
100% PTTEP NL
AAA 99.99998%
100% PTTEP 0.00002% PTTEP 100% PTTEP 32%
AAO NC CA LAL
50%
49% NKA
51% PTTEP 50%
Siam TTI

50%
EnCo 100% 100% 100%
APT DGH DGT
100% 0.5%
100% 100%
XPV ZAP
PTTEP EP-Tech
EH 100% 100% 100%
SAWEL
100%
FTEV FST
PTTEP
ED 100% 100% 50% 51% 100% 100%
100% 100%
ARV FSG RESH SH1 SWEL SBWEL
PTTEP PTTEP
JV JD 11%
100% 100%
HDL
PTTEP PTTEP 100%
BC MENA Bedrock
100% PTTEP
SH 100% 10%
BIND GARY
90% 50%
Varuna ATi
100% 50% 85.13%
Cariva B-MEDX S2
100% 50%
Rovula ZeaQuest
100% 50%
Skyller NILA AeroSky SKYVIV
33% 23.2%

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Structure and Business Operations 71

(3) Information of PTTEP

Company Name PTT Exploration and Production Public Company Limited (PTTEP)
Headquarters Address 555/1 Energy Complex Building A, Floors 19–36,
Vibhavadi Rangsit Road, Chatuchak, Bangkok 10900, Thailand
Type of Business Exploration and production, renewable energy, and new forms of energy
Registration Number 0107535000206
Telephone +66 2537 4000
Facsimile +66 2537 4444
Website www.pttep.com
Email Independent Director: [email protected]
Investor Relations: [email protected]
Company Secretary: [email protected]
Registered Capital 3,969,985,400 ordinary shares with THB 1 per share (THB 3,969,985,400)
Paid-Up Capital 3,969,985,400 ordinary shares with THB 1 per share (THB 3,969,985,400)
as of December 31, 2024

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72 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

(4) Subsidiaries and Associated Companies Information

• Subsidiaries Information1

As of December 31, 2024, there were 83 subsidiaries that have the same contact address, telephone, and facsimile
numbers as PTTEP as in 1.3 (3) Details of the directors designated by PTTEP Group for each subsidiary are disclosed
in Attachment 2 as follows:

Total Direct/
No. Abbreviation Company Name Number of Shares Sold
Indirect Holding
E&P
1 APICO APICO LLC 338,278 Ordinary PTTEP SP 33.83%
389,937 Share PTTEP HK 38.99%
2 APICO KH APICO Khorat (Holdings) LLC - - APICO 100%
3 APICO KL APICO (Khorat) Limited 5,885,168 Ordinary APICO KH 100%
Share
4 CEEAL Cove Energy East Africa Limited 205,000 Ordinary COVE 100%
Share
5 COVE Cove Energy Limited 1,272,020 Ordinary PTTEP AI 100%
Share
6 CPOC Carigali-PTTEPI Operating Company 350,000 Ordinary PTTEPI 50%
Sdn Bhd Share
7 EP-Tech EP-Tech Ventures Holding Company 88,415,846 Ordinary PTTEP EH 100%
Limited Share
8 JV Marine JV Marine Limited 50,000 Ordinary PTTEP IH 100%
Share
9 Natuna Natuna 2 B.V. 90,000 Ordinary PTTEP NH 50%
Share
10 Orange Orange Energy Limited 1,000,000 Ordinary PTTEPO 53.9496%
Share
11 PANG PTTEP (Angola) Corporation 50,000 Ordinary PGH 100%
Share
12 PGC PTTEP Gas Corporation 2,000,000 Ordinary PGH 100%
Share

1 Notification of the Securities and Exchange Commission No. Kor Jor. 17/2551 Re: Determination of Definitions in Notifications relating to Issuance
and Offer for Sale of Securities

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Structure and Business Operations 73

Total Direct/
No. Abbreviation Company Name Number of Shares Sold
Indirect Holding
13 PGH PTTEP Group Holding B.V. 100,000 Ordinary PTTEP HK 100%
Share
14 PKC PTTEP (Kazakhstan) Corporation 500 Ordinary PGH 100%
Share
15 POC PTTEP Oman E&P Corporation 2,500 Ordinary PGH 100%
Share
16 PSC Partex Services Corporation 2,300 Ordinary PGH 100%
Share
17 PTTEP AAA PTTEP Australasia (Ashmore Cartier) 1,700,000 Ordinary PTTEP AB 100%
Pty Ltd Share
18 PTTEP AAO PTTEP Australasia (Operations) 106,686,517 Ordinary PTTEP AB 100%
Pty Ltd Share
19 PTTEP AB PTTEP Australia Browse Basin 50,000 Ordinary PTTEP AP 100%
Pty Ltd Share
20 PTTEP AG PTTEP Algeria Company Limited 50,000 Ordinary PTTEPO 100%
Share
21 PTTEP AI PTTEP Africa Investment Limited 50,000 Ordinary PTTEPH 100%
Share
22 PTTEP AP PTTEP Australia Perth Pty Ltd 50,000 Ordinary PTTEPH 100%
Share
23 PTTEP AT PTTEP Australia Timor Sea Pty Ltd 50 Ordinary PTTEP AB 100%
Share
24 PTTEP BI PTTEP Brazil Investment B.V. 50,000 Ordinary PTTEP NH 100%
Share
25 PTTEP CA PTTEP Canada Limited 3,812,732,290 Ordinary PTTEP NC 100%
Share
26 PTTEP ED PTTEP Energy Development 421,019,233 Ordinary PTTEP EH 100%
Company Limited Share
27 PTTEP EH PTTEP Energy Holding (Thailand) 744,357,431 Ordinary PTTEP 100%
Company Limited Share
28 PTTEP HK PTTEP HK Holding Limited 10,000 Ordinary PTTEP 25%
Share PTTEPI 75%

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Total Direct/
No. Abbreviation Company Name Number of Shares Sold
Indirect Holding
29 PTTEP HKO PTTEP HK Offshore Limited 10,000 Ordinary PTTEP HK 100%
Share
30 PTTEP HL PTTEP Hoang-Long Company Limited 50,000 Ordinary PTTEPO 100%
Share
31 PTTEP HV PTTEP Hoan-Vu Company Limited 50,000 Ordinary PTTEPO 100%
Share
32 PTTEP ID PTTEP Indonesia Company Limited 50,000 Ordinary PTTEPH 100%
Share
33 PTTEP IH PTTEP International Holding 50,000 Ordinary PTTEPH 100%
Company Limited Share
34 PTTEP JD PTTEP Joint Development 10,000 Ordinary PTTEP JV 100%
Company Limited Share
35 PTTEP JV PTTEP Joint Ventures Company Limited 10,000 Ordinary PTTEP EH 100%
Share
36 PTTEP KV PTTEP Kim Long Vietnam 50,000 Ordinary PTTEPO 100%
Company Limited Share
37 PTTEP MENA PTTEP MENA Limited 500 Ordinary PTTEP BC 100%
Share
38 PTTEP MEP PTTEP Mexico E&P Limited, 3,000 Ordinary PTTEP HK 99.99%
S. de R.L. de C.V. Share PTTEP HKO 0.01%
39 PTTEP ML PTTEP Malunda Limited 50,000 Ordinary PTTEP ID 100%
Share
40 PTTEP MZA1 PTTEP Mozambique Area 1 Limited 205,000 Ordinary CEEAL 100%
Share
41 PTTEP NC PTTEP Netherlands Coöperatie U.A. - - PTTEP IH 0.00002%
PTTEP NL 99.99998%
42 PTTEP NH PTTEP Netherlands Holding Coöperatie - - PTTEP HK 75%
U.A. PTTEPI 25%
43 PTTEP NL PTTEP Netherland Holding Limited 50,000 Ordinary PTTEP IH 100%
Share
44 PTTEP SA PTTEP South Asia Limited 50,000 Ordinary PTTEPH 100%
Share

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Structure and Business Operations 75

Total Direct/
No. Abbreviation Company Name Number of Shares Sold
Indirect Holding
45 PTTEP SBO PTTEP Sabah Oil Limited 250,000 Ordinary PTTEP HKO 100%
Share
46 PTTEP SKO PTTEP Sarawak Oil Limited 250,000 Ordinary PTTEP HKO 100%
Share
47 PTTEP SH PTTEP SG Holding Pte. Ltd. 50,000 Ordinary PTTEP BC 100%
Share
48 PTTEP SP PTTEP SP Limited 61,279,587 Ordinary SHL 100%
Share
49 PTTEP SV PTTEP Southwest Vietnam 50,000 Ordinary PTTEPO 100%
Company Limited Share
50 PTTEPH PTTEP Holding Company Limited 50,000 Ordinary PTTEPO 100%
Share
51 PTTEPI PTTEP International Limited 2,000,000,000 Ordinary PTTEP 100%
Share
52 PTTEPO PTTEP Offshore Investment 6,667 Ordinary PTTEP 75%
Company Limited Share PTTEPI 25%
53 PTTEPS PTTEP Siam Limited 1,000,000 Ordinary PTTEP 51%
Share PTTEPO 49%
54 SHL Sinphuhorm Holdings Limited 100 Ordinary PTTEPO 100%
Share
E&P Related
55 APT Asia Power and Transportation 5,850,000 Ordinary EP-Tech 100%
SG Holding Pte. Ltd. Share
(investments in power and gas pipeline
projects for overseas projects)
56 ATL Andaman Transportation Limited 62,500 Ordinary PTTEPO 80%
(investments in gas pipeline projects Share
for overseas projects)
57 DGH Delta Gas Transportation 5,600,000 Ordinary APT 100%
SG Holding Pte. Ltd. Share
(investments in gas pipeline projects
for overseas projects)

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Total Direct/
No. Abbreviation Company Name Number of Shares Sold
Indirect Holding
58 DGT Delta Gas Transportation Limited 5,350,000 Ordinary DGH 100%
(investments in gas pipeline projects Share
for overseas projects)
59 PTTEP BC PTTEP Business Center 2,249,178,269 Ordinary PTTEP EH 100%
Company Limited Share
(business center for PTTEP and
subsidiaries)
60 PTTEP PTTEP Services Limited 1,000,000 Ordinary PTTEP 25%
Services (personnel services support) Share PTTEPI 75%
61 PTTEP SVPC PTTEP Southwest Vietnam Pipeline 50,000 Ordinary PTTEPH 100%
Company Limited Share
(investments in gas pipeline projects
for overseas projects)
62 PTTEP TC PTTEP Treasury Center 1,000,000 Ordinary PTTEP 25%
Company Limited Share PTTEPI 75%
(treasury center for PTTEP and
subsidiaries)
Other Businesses
63 ARV AI and Robotics Ventures 45,006,250 Ordinary EP-Tech 100%
Company Limited Share
(research and development and
providing service for AI and robotics)
64 ATi ATI Technologies Company Limited 4,000,000 Ordinary Varuna 50%
(development and provision of Share
technologies for the agricultural sector)
65 B-MED X B-MED X Company Limited 200,000 Ordinary Cariva 50%
(services for health care digital platforms) Share
66 Bedrock Bedrock Analytics Company Limited 28,000,000 Ordinary ARV 100%
(development and provision of Share
a platform and spatial data analysis
with AI and machine learning
technology under the name of
the location intelligence platform)

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Structure and Business Operations 77

Total Direct/
No. Abbreviation Company Name Number of Shares Sold
Indirect Holding
67 BIND Bind Systems Company Limited 500,000 Ordinary ARV 100%
(development of digital identity systems) Share
68 Cariva Cariva (Thailand) Company Limited 25,803,413 Ordinary ARV 85%
(development and provision of AI Share
and robotic technologies for personal
health, safety, and exercise)
69 EnCo Energy Complex Company Limited 180,000,000 Ordinary PTTEP 50%
(property leasing) Share
70 FSG FutureTech SG Pte. Company Limited 96,050,000 Ordinary FTEV 100%
(investment in renewable energy Share
business and various forms of power)
71 FST FutureTech Solar (Thailand) 1,494,090 Ordinary FTEV 100%
Company Limited Share
(renewable energy business
and electric power)
72 FTEV FutureTech Energy Ventures 37,303,686 Ordinary EP-Tech 100%
Company Limited Share
(renewable energy business
and various forms of power)
73 MGTC Moattama Gas Transportation Company 1,000,000 Ordinary PTTEPO 62.9630%
(gas pipeline in overseas project) Share
74 NKA North Kimberley Airport Pty Ltd 600 Ordinary PTTEP AAO 50%
(air base operations) Share
75 Nila Nila Solutions Company Limited 200,000 Ordinary Skyller 50%
(development and provision of drone Share
services, AI and robotic technologies
for air logistics, explore and collect data
about buildings)
76 RESH Renewable Energy Seagreen 150,000,000 Ordinary FSG 50%
HolCo Limited Share
77 Rovula Rovula (Thailand) Company Limited 122,280,490 Ordinary ARV 100%
(development and provision of AI Share
and robotic technologies for subsea
engineering)

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Total Direct/
No. Abbreviation Company Name Number of Shares Sold
Indirect Holding
78 S2 S2 Robotics Company Limited 2,314,997 Ordinary Rovula 85.13%
(development and provision of robotics Share
and artificial intelligence technologies
for inspecting and repairing
underwater oil and natural gas
pipelines)
79 Skyller Skyller Solutions Company Limited 36,412,270 Ordinary ARV 100%
(development and provision of drone Share
services, AI and robotic technologies
for air logistics)
80 TTI Troughton Island Pty Ltd 100 Ordinary PTTEP AAO 50%
(air base operations) Share
81 Varuna Varuna (Thailand) Company Limited 38,979,766 Ordinary ARV 81.82%
(development and provision of drone Share
services, AI and robotic technologies
for agriculture and forestry)
82 XPV Xplor Ventures Company Limited 4,064,835 Ordinary EP-Tech 100%
(venture capital in technologies and Share
innovation business or mutual fund in
energy and technologies business or
digital asset)
83 ZeaQuest ZeaQuest Company Limited 1,550,000 Ordinary Rovula 50%
(development and provision of Share
AI and robotic technologies for subsea
engineering)

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Structure and Business Operations 79

• Associated Companies Information1

As of December 31, 2024, PTTEP had 30 associated companies as follows:

No. Abbreviation Company Name Number of Shares Sold Total Direct/

Indirect Holding
1 Aerosky Aerosky Solutions Co., Ltd. 300,000 Ordinary Skyller 33%
(drone solutions for infrastructure Share
and equipment inspection)
2 AGP Abu Dhabi Gas Industries Limited 8,000 Ordinary PGC 2%
(gas processing facility) Share
3 Asia Pacific Asia Pacific Marine Services (EF) B.V. 18,000 Ordinary E2FSO 100%
Marine (FSO vessel rental service) Share
Services
4 B8/32 Partners B8/32 Partners Limited 110,000 Ordinary PTTEPO 25.001%
(petroleum exploration and production) Share
5 E2FSO Erawan 2 FSO Pte. Ltd. 100 Ordinary JV Marine 13.11%
(FSO vessel rental service) Share
6 GARY Green Aranya Company Limited 33,335 Ordinary Varuna 10%
(trading carbon credits to support Share
environmental sustainability)
7 GBRS Groupement Bir Seba -2 - PTTEP AG 35%
(petroleum exploration and production)
8 GHBR Groupement Hassi Bir Rekaiz -3 - PTTEP 49%
(petroleum exploration and production)
9 GISCO Gas Investments and Services 12,000 Ordinary POC 5%
Company Limited Share
(financial investment and petroleum
technical service in overseas project)
10 HDL Hydrogen Duqm LLC 4,072,931 Ordinary FTEV 11%
(exclusive development Share
and production rights of green
hydrogen project)

1 Notification of the Securities and Exchange Commission No. Kor Jor. 17/2551 Re: Determination of Definitions in Notifications relating to Issuance
and Offer for Sale of Securities
2 No share was issued. The percentage of shareholding is subject to participation interest in the concession.
3 No share was issued. The percentage of shareholding is subject to participation interest in the concession.

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No. Abbreviation Company Name Number of Shares Sold Total Direct/

Indirect Holding
11 HL JOC Hoang Long Joint Operating Company -4 - PTTEP HL 28.5%
(petroleum exploration and production)
12 HV JOC Hoan-Vu Joint Operating Company -5 - PTTEP HV 25%
(petroleum exploration and production)
13 LAL Leismer Aerodrome Limited 200 Ordinary PTTEP CA 32%
(air base operations) Share
14 MOZ LNG1 MOZ LNG1 Co-Financing Company, LDA 1,000,000 Ordinary MOZ LNG1 100%
Co-Financing (financial investment in overseas project) Share Holding

15 MOZ LNG1 MOZ LNG1 Financing Company Ltd. 550,856,200 Ordinary MOZ LNG1 100%
Financing (financial investment in overseas project) Share Holding
16 MOZ LNG1 MOZ LNG1 Holding Company Ltd. 858,145,600 Ordinary PTTEP 8.5%
Holding (petroleum exploration and production) Share MZA1
17 MZ LNG1 Mozambique LNG 1 Company Pte. Ltd. 2,500 Ordinary MOZ LNG1 100%
(petroleum exploration and production) Share Holding
18 OLNG Oman LNG LLC 1,209,877 Ordinary POC 2%
(LNG liquefaction plant) Share
19 PDO Petroleum Development Oman LLC 1,720 Ordinary POC 2%
(petroleum exploration and production) Share
20 PDO-S Petroleum Development Oman 500,000 Ordinary PDO 99.99%
Services LLC Share
(petroleum technical service)
21 POHOL Private Oil Holdings Oman Limited 649,152 Ordinary POC 5%
(holding of participating interests in oil Share
and gas)
22 PTT Digital PTT Digital Solutions Company Limited 15,000,000 Ordinary PTTEP 20%
(information technology and Share
communication services)
23 QLNG QALHAT LNG SAOC 1,795,000 Ordinary OLNG 36.8%
(LNG liquefaction plant) Share

4 No share was issued. The percentage of shareholding is subject to participation interest in the concession.
5 No share was issued. The percentage of shareholding is subject to participation interest in the concession.

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Structure and Business Operations 81

No. Abbreviation Company Name Number of Shares Sold Total Direct/

Indirect Holding
24 SAWEL Seagreen Alpha Wind Energy Limited 100 Ordinary SWEL 50%
Share
25 SBWEL Seagreen Bravo Wind Energy Limited 100 Ordinary SAWEL 100%
Share
26 SKYVIV SkyVIV Company Limited 403,648 Ordinary Skyller 23.20%
(distribution and service for engineering Share
and integrated agriculture drone)
27 SH1 Seagreen HoldCo 1 Limited 386,728,888 Ordinary RESH 51%
Share
28 SPSE Sarn Palung Social Enterprise 1,000,000 Ordinary PTTEP 15%
Company Limited Share
(social enterprise)
29 SWEL Seagreen Wind Energy Limited 269,305,715 Ordinary SH1 100%
Share
30 ZAP ZAP ENERGY, INC. 53,490 Ordinary XPV 0.5%
Share

1.3.2 Parties with Potential Conflicts

- None -

1.3.3 Relationship with the Major Shareholder

The Company’s petroleum exploration and production business is part of the business group of PTT Public Company
Limited (PTT), our major shareholder, the national energy company which engages in fully integrated petroleum
and petrochemical businesses by strategically investing directly and indirectly through its group of companies, both in
the upstream and downstream businesses.

Currently, PTT holds (both directly and indirectly) approximately 65.29 percent of PTTEP’s registered and paid-up capital
with PTTEP’s petroleum exploration and production business, effectively making PTT Group the only full-scale natural
gas business operator in Thailand. As the major buyer of the Company’s petroleum products, PTT, in turn, refines and
processes the products and supplies them as energy and raw materials for the power, petrochemical, and transportation
sectors as well as other industries and households.

In 2024, PTTEP supplied crude oil, natural gas, LPG, and condensate to PTT. Conditions and price settings of all
transactions between PTTEP and PTT follow the normal business practices at the arm’s length basis conditions for
businesses conducted with external partners. Details of connected transactions between PTTEP and PTT are disclosed
under the “Connected Transactions” topic.

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1.3.4 Shareholders

(1) Major Shareholders*

As of August 14, 2024, top 10 shareholders of PTTEP were as follows:

Rank List of Major Shareholders Number of Shares % of Total

1 PTT PUBLIC COMPANY LIMITED1 2,532,340,489 63.79
2 THAI NVDR COMPANY LIMITED 322,001,351 8.11
3 STATE STREET EUROPE LIMITED 110,530,468 2.78
4 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 65,864,142 1.66
5 SIAM MANAGEMENT HOLDING COMPANY LIMITED2 59,520,000 1.50
6 CITIBANK NOMINEES SINGAPORE PTE LTD-A/C GIC C 41,838,053 1.05
7 SOCIAL SECURITY OFFICE 34,809,577 0.88
8 BNY MELLON NOMINEES LIMITED 32,077,605 0.81
9 STATE STREET BANK AND TRUST COMPANY 14,059,276 0.35
10 BNP PARIBAS NEW YORK BRANCH 12,714,000 0.32
Total number of shares held by major shareholders 3,225,754,961 81.25
Total fully-paid capital as of August 14, 2024 3,969,985,400 100
Remarks:
* Updated information can be accessed through PTTEP website. Click here for more information
1 The Ministry of Finance, Thailand, is the major shareholder of PTT Public Company Limited (PTT).
2 A wholly-owned subsidiary of PTT

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Structure and Business Operations 83

(2) NVDR Holders**

Rank NVDR holders, as of August 14, 2024 (Top 3) Number of NVDR % of total
issues outstanding shares
1 STATE STREET EUROPE LIMITED 73,901,769 1.86
2 STATE STREET BANK AND TRUST COMPANY 36,213,680 0.91
3 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 26,753,079 0.67
Total shares 136,868,528 3.44

Remark:
** Since January 18, 2010, Thai NVDR Co., Ltd. has changed its rule to require disclosure of names of NVDR holders having over 0.50 percent of
paid-up capital of the underlying securities.
Updated information can be accessed through PTTEP website. Click here for more information

(3) Major Shareholder with Significant Influence over PTTEP’s Policies or Operations

PTT, a major shareholder of PTTEP, takes part in determining PTTEP’s policy and operations under the Board’s approval.
As of December 31, 2024, 2 out of the Company’s 15 directors were either directors or executives from PTT.

(4) The Company Enters into Shareholders’ Agreement with Effect to Security Offering and Issuance or
Management Power of the Company

- None -

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1.4 Registered and Paid-up Capital NVDR investors are entitled to receive all financial benefits,
such as dividends, right issues, and warrants, as if they
As of December 31, 2024, PTTEP’s capital structure invest in ordinary shares. The major difference between
consisted of USD 3,761 million in interest-bearing debt and investing in NVDRs and ordinary shares is the lack of
USD 15,767 million in shareholders’ equity, amounting to voting rights of the former. NVDR holders generally are not
debt-to-equity ratio of 0.24 Details of the capital structure allowed to participate and vote in shareholders’ meetings
are as follows: except only in the case where the company wishes to
delist itself from the SET. In addition, although NVDRs
1.4.1 Ordinary Shares are designed mainly to ease foreign investment barriers;
the SET does not prohibit Thai investors from investing in
As of December 31, 2024, PTTEP’s registered and the instrument. Details of the total PTTEP shares held by
paid-up capital was THB 3,969,985,400, consisting of NVDRs are disclosed in the “Shareholders” topic.
3,969,985,400 ordinary shares at a par value of THB
one per share. 1.5 Issuance of Other Securities
1.4.2 Other Shares with Different Terms or Rights 1.5.1 Convertible Securities
from Ordinary Shares
- None -
- None -
1.5.2 Debt Securities
1.4.3 Number of Shares and the Effects of NVDR
Issuance on Shareholders’ Voting Rights Debentures

An NVDR or Non-Voting Depository Receipt is a trading PTTEP has investment-grade credit ratings of Baa1,
instrument issued by the Thai NVDR Company Limited, BBB+, and BBB+ from reputable international credit-rating
a wholly-owned subsidiary of the Stock Exchange of agencies, namely, Moody’s Investors Service (Moody’s),
Thailand (SET). NVDRs are treated as listed securities Standard & Poor’s Ratings Services (Standard & Poor’s),
(Automatic Listing) on the SET. The objective of NVDRs and Fitch Ratings (Fitch) respectively. In addition,
is to promote trading activities in the Thai stock market the Company has also been given a rating of AAA,
by removing obstacles such as foreign investment limits the highest credit rating, by TRIS Rating Co., Ltd. (TRIS)
and other impediments faced by international institutional which is a credit-rating agency in Thailand.
investors investing in listed securities on the SET.

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Structure and Business Operations 85

As of December 31, 2024, PTTEP had the following outstanding debentures:

1) Details of THB debentures (total outstanding amount: THB 30,900 million)

Outstanding Credit Rating1

Debt Security Issue Date Maturity Date Tenor (Unit: THB Rate per Annum
Million) TRIS
June 6, 2014 June 6, 2029 15 years 11,4002 Fixed 4.82%, coupon AAA
payment: semi-annually
November 5, November 5, 5 years 6,0003 A step-up fixed interest AAA
2021 2026 rate of 2.00%–2.75%
per annum, averaging to
2.25% per annum, coupon
payment: semi-annually
April 5, 2022 April 5, 2027 5 years 5,0004 Fixed 2.09%, AAA
coupon payment: semi-
THB senior annually
debentures
April 5, 2022 April 5, 2029 7 years 1,0005 Fixed 2.69%, AAA
coupon payment: semi-
annually
April 5, 2022 April 5, 2032 10 years 6,0006 Fixed 3.05%, AAA
coupon payment: semi-
annually
May 10, 2023 May 10, 2026 5 years 1,500 Fixed 2.51%, AAA
coupon payment: semi-
annually
Remarks:
1 The latest credit ratings were issued by TRIS on March 21, 2024.
2 Issued by PTTEP; and in 2014, PTTEP entered into a CCS to swap THB 11,400 million for USD 349.05 million with an interest rate of 4.99 percent
per annum.
3 Issued by PTTEP; and in 2021, PTTEP entered into a CCS to swap THB 6,000 million for USD 181.82 million with an interest rate of 2.54 percent
per annum.
4 Issued by PTTEP TC, and fully guaranteed by PTTEP, and in 2022, PTTEP TC entered into a CCS to swap THB 5,000 million for USD 148.15 million
with an interest rate of 2.88 percent–3.26 percent per annum.
5 Issued by PTTEP TC, and fully guaranteed by PTTEP, and in 2022, PTTEP TC entered into a CCS to swap THB 1,000 million for USD 29.76 million
with an interest rate of 3.68 percent per annum.
6 Issued by PTTEP TC, and fully guaranteed by PTTEP, and in 2022, PTTEP TC entered into a CCS to swap THB 5,720 million for USD 170.75 million
with an interest rate of 4.05 percent–4.16 percent per annum.

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2) Details of USD debentures (total outstanding amount: USD 1,908 million)

Outstanding Credit Rating1

Debt Issue Maturity Tenor (Unit: USD Rate per
Security Date Date Million) Annum Moody’s Standard &
Poor’s Fitch
June 12, 2012 June 12, 2042 30 years 4582 Fixed 6.350%, Baa1 BBB+ BBB+
coupon
payment:
semi-annually
December 6, December 6, 40 years 6003 Fixed 3.903%, Baa1 n/a BBB+
2019 2059 coupon
USD payment:
debentures, semi-annually
unsecured, January 15, January 15, 10 years 3504 Fixed 2.993%, Baa1 n/a BBB+
senior 2020 2030 coupon
payment:
semi-annually
June 10, 2020 June 10, 2027 7 years 5004 Fixed 2.587%, Baa1 n/a BBB+
coupon
payment:
semi-annually
Remarks:
1 The latest credit ratings were issued by Moody’s on February 2, 2024, Standard & Poor’s on July 3, 2024, and Fitch on June 14, 2024.
2 Issued by PTTEP CIF, and fully guaranteed by PTTEP; repurchased in the amount of USD 10 million and 32 million in 2013 and 2023. As a result,
the outstanding principal amount has been decreased from USD 500 million to USD 458 million. Moreover, it has been novated from PTTEP CIF to
PTTEP TC in June 2023.
3 Issued by PTTEP TC, and fully guaranteed by PTTEP; repurchased in the amount of USD 50 million in 2023. As a result, the outstanding principal
amount has been decreased from USD 650 million to USD 600 million.
4 Issued by PTTEP TC, and fully guaranteed by PTTEP.

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Structure and Business Operations 87

During the past year, the Company did not hold the bondholders’ meeting.

1.6 Dividend Payment Policy

Under normal circumstances, according to the Company’s policy, PTTEP’s Board of Directors generally recommends
to the shareholders an annual dividend payment of not less than 30 percent of the net income after tax. The Board
of Directors, as appropriate, may also resolve to pay interim dividends and subsequently inform the shareholders
accordingly in the next shareholders’ meeting. For the Company’s subsidiaries, the dividend policy is subject to cash
flow, future investment plans, and other factors necessary for the continuity of their operations and must comply with
related laws and regulations.

Five-year dividend payment history of PTTEP is as follows:

Year 2020 2021 2022 2023 2024

Earnings per Share (THB) 5.65 9.70 17.94 18.89 19.86
Dividend per Share (THB) 4.25 5.00 9.25 9.50 9.625
Dividend Payout Ratio 77% 50% 53% 49% 49%

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2. Risk Management
At PTTEP, Risk Management is regarded as a key the Board of Directors to ensure that key risks are well
component of Governance, Risk Management, and managed and to prevent the rise of negative surprises,
Compliance (GRC) under the Sustainability Framework reduce potential losses, and minimize recurrence of risks
to ensure the achievement of our vision, mission, in a timely manner.
strategy, and business objectives as well as to respond
appropriately to stakeholders’ expectations. The main aim In 2024, PTTEP reviewed the Risk Management Committee
is to promote sustainable growth and create short-term and Charter, the Risk Governance Framework, the Risk Appetite
long-term values for stakeholders. Therefore, to ensure Statement, Corporate Level Risk Metrics and Limits, and
robust risk governance, PTTEP has established a risk the Enterprise Risk Management Policy, ensuring that
management framework and policy for all management they continue to reflect the implementation of the strategic
members and employees to strictly observe. plan and align with the evolving business objectives.
The improvements were based on three sources, i.e.
2.1 Risk Management Policy and Plan (1) the current practices and recommendations from the
Risk Management Committee (RMC) and the Management
Risk Governance Committee (MC); (2) the Enterprise Risk Management
Maturity Assessment (ERM MA); and (3) the Institute of
PTTEP’s Board of Directors oversees risk management Risk Management (IRM) Advisory in accordance with
by approving a Risk Governance Framework which relevant international risk management standards.
determines the oversight responsibilities and authorities
on risk management, demonstrating strong coordination, PTTEP has established a Risk Management Structure
collaboration, and communication in managing risks in accordance with the Three Lines Model provided by
effectively at the Board, the management, and business the Institute of Internal Auditors (IIA) that promotes strong
unit levels. In addition, the Board also approves a Risk risk governance and effective risk management. The first
Appetite Statement and Risk Metrics & Limits to be used line roles involve all business units with the duty of operating
as a framework for PTTEP to effectively execute business business activities while managing risks (risk owners) at
operations and seek business opportunities within the same time. The risk owners work in conjunction with
acceptable levels of risks. those in second line roles, which involve risk management
units and other units that perform supporting functions
In addition, the Board appoints and delegates risk (Subject Matter Experts or SMEs), e.g. Governance,
oversight authorities to the Risk Management Committee. Compliance, Internal Control, and Subsidiary Management
The Risk Management Committee approves the Enterprise unit; Safety, Security, Health, and Environment (SSHE)
Risk Management Policy and Framework. The risk unit. They provide advice and assistance on risk
management unit has been established to implement management. Lastly, the internal audit unit, being in
the Enterprise Risk Management Policy and Framework the third line roles, performs an independent audit and
company-wide and foster risk management as a core provides recommendations. The risk management unit and
element of corporate culture in all business units to internal audit exchange information to support effective
achieve effective risk management. Key risks, especially and efficient implementation of risk management, ensuring
strategic risks, corporate risks, and emerging risks shall be that all significant risks are identified and appropriately
periodically reported to the management, the Management managed.
Committee, the Risk Management Committee, and

PTT Exploration and Production Public Company Limited

Risk Management 89

Risk Management Policy and Plan Furthermore, the risk management unit shall report
strategic risks and escalate key risks with high impact
The Risk Management Committee approves Enterprise at the corporate level and emerging risks to formulate
Risk Management Policy and Framework which emphasize a Corporate Risk Profile (CRP) in order to report to the
proactive risk management and promote risk management management, the Management Committee, and the Risk
as a core element of the corporate culture. They support Management Committee on a regular basis with prompt
the establishment of a systematic risk management alert to the related committees should there be any
process that is aligned with the international standard significant changes.
ISO 31000:2018. In addition, risk management frameworks
of the Committee of Sponsoring Organizations of PTTEP remains committed to leveraging technology to
the Treadway Commission (COSO), Enterprise Risk improve the efficiency of risk management. The web-based
Management – Integrating with Strategy and Performance Risk Register System (RR System) was developed
(COSO ERM 2017), and COSO Enterprise Risk Management – to enable risk owners to systematically and quickly
Applying Enterprise Risk Management to Environmental, identify and analyze risks in the Event Risk Profile while
Social, and Governance-related Risks (COSO ESG 2018), improving risk information communication throughout
have been applied to enhance the integration of enterprise the organization. It also facilitates the Company to easily
risk management, strategic planning, and ESG-related risk consolidate and escalate key risks to corporate risks.
management. PTTEP’s directors, management, and In 2024, the Company enhanced the Risk Register
employees at all levels have the responsibility to manage system by introducing a strategic risk module, offering a
risks and promote comprehensive risk management to higher-level perspective on risks beyond those arising
contractors, suppliers, and business partners to ensure from work plan implementation. This improvement has
the achievement of our vision, mission, strategy, and enabled the Company to effectively manage risks and
business objectives. avoid any major issues (No Surprise Problems) due to
unregistered risks.
In accordance with the Enterprise Risk Management
Policy and Framework, the risk management unit is PTTEP has developed a Business Continuity Management
responsible for establishing and designing an effective System (BCMS), which is part of the enterprise risk
risk management system, promoting, encouraging, management. A business continuity framework has been
and supporting company-wide risk management developed in accordance with the international standard
implementation both at the corporate level and operational for business continuity management ISO 22301:2019 to
level. Risk management strategy and plans have been build the organization’s capability to be resilient and to
formulated, with the aim of integrating risk management develop a Business Continuity Plan (BCP) to prepare
into business activities and decision-making processes the Company to operate under emergency or crisis
covering core business activities in PTTEP, such as situations. The Business Continuity Plan (BCP) is regularly
strategic planning management, investment and and annually reviewed and exercised to ensure relevance
divestment decision-making, capital project management, and that those involved are able to apply the plan in
operations, and business process management, including an accurate and timely manner. Since 2023, PTTEP
business continuity management and ESG management, has strengthened our BCMS by centralizing it through
taking into account also the costs and benefits resulting the establishment of the PTTEP ONE BCMS to enhance
from risk management. At the same time, the progress of efficient business continuity management. The system is
risk mitigation plans is monitored together with the key certified by the British Standards Institution (BSI). In 2024,
risk indicators (KRIs) as an early warning tool in order to we began leveraging the BCMS Digital Platform to further
set up additional mitigation measures in a timely manner. enhance our business continuity management capabilities.

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Risk Culture 2.2 Risk Factors for Business Operations

PTTEP is committed to promoting risk management Internal and external factors, such as energy transition,
as an integral part of the corporate culture by fostering unpredictable and drastic climate change, natural
risk awareness among all PTTEP personnel together with disasters, disruptive technologies and innovations,
competency development via training courses and various rising geopolitical tensions, fluctuations in oil prices and
activities. The management at all levels is determined to exchange rates, and evolving cyber threats, can all impact
serve as leaders and role models, as well as promote the Company’s business. PTTEP is committed to managing
the implementation of risk management as a corporate all aspects of risks, namely strategic risks, operational
culture. In addition, the management also supports risks, and emerging risks.
employees on regular reviews and improvement of risk
management by applying lessons learned and knowledge 2.2.1 Current and Emerging Risks Facing
management for continual development of efficient and Businesses of PTTEP and PTTEP Group
effective risk management. Risk coordinators are assigned
to each business unit and project both domestic and (1) Strategic and Portfolio Risks
international to work in coordination with risk owners and
risk management units to drive the implementation of risk 1) New Investment Risks
assessment and management throughout the organization.
PTTEP drives the value of E&P business by maximizing
Throughout 2024, PTTEP continued its communication the values of its exploration and production (E&P)
campaigns to foster an understanding of risk management business both domestically and internationally, supporting
and business continuity management for all employees in Thailand’s energy security mission while also expanding its
the organization through training courses and workshops. overseas investments by seeking business opportunities
The GRC is in You Roadshow activities were organized with global strategic partners in core areas. The Company’s
at the headquarters and across various domestic and core areas comprise Southeast Asia, the Middle East,
international locations, including in the Republic of and North Africa where the Company has a full range of
the Union of Myanmar (Myanmar) and Malaysia, engaging expertise. The core areas are also the regions that have
employees working in both offshore and onshore premises. acceptable geopolitical risks and relatively low costs of
Various online media channels, such as the series of development and production. PTTEP has established
the podcast “Low Risk High Return,” poster and e-learning a risk management process to assess each investment
materials together with live broadcast channels were in various aspects, ranging from the size of petroleum
also utilized to share important information on issues, fields, project scale, acquisition of petroleum assets
such as the background of the Overlapping Claims and additional reserves, operational performance, the
Area (OCA) issue, to increase employees’ awareness of capability of the operators, terms and clarity of profit-
the current global issues that may be the cause of risks sharing, compliance with contractual obligations,
to the Company. geographical conditions, relevant laws and regulations,
political stability, international relations, to economic and
financial stability. Moreover, the Company also seeks

PTT Exploration and Production Public Company Limited

Risk Management 91

advice from consultants who have expertise in such

countries. Risk management measures are determined 2) Organizational Capability Risks
in advance of the selection of projects. Such risks are
then integrated into a return-on-investment analysis or Organizational capabilities such as human resources,
a sales and purchase agreement/joint venture agreement. business processes, and technology and innovation
Moreover, PTTEP considers new investments that align readiness are key factors in the achievement of
with the Net Zero GHG Emissions target, with a focus on the Company’s targets. In this regard, PTTEP has
natural gas investments, where greenhouse gas intensity accelerated efforts to enhance our knowledge
is taken into account in the decision-making process. management, business processes, human resource
capabilities, and technology to support the Company’s
PTTEP diversifies investment opportunities into operations and business expansions to reap benefits from
environmentally friendly energy businesses that adopt new opportunities while mitigating risks resulting from
new technology and processes addressing concerns a lack of experts or knowledge, ineffective and inefficient
on the environment, society, and corporate governance work processes, and technological expansion and
(ESG) for stable and sustainable growth. Examples advancement. Some of the actions that have been taken
include business opportunities in low-carbon energy such by PTTEP are as follows:
as offshore wind, hydrogen, Carbon Capture, Utilization
and Storage (CCUS), etc. to support a low-carbon future. • Knowledge management is the Company’s strategic
The Company has drawn up plans to mitigate those risks tool designed to create, share, and apply valuable
that may potentially affect our operations and investment knowledge across our operations. This strategy
growth, such as adopting strict due diligence within supports innovation, drives sustainable growth,
the Company’s investment risk limit, monitoring, and enhances staff competency, supports strategic
analyzing situational changes for strategy review and direction, and prepares the Company for the energy
adjustment in a timely manner, considering regulatory transition. To achieve these objectives, the Knowledge
requirements and economic feasibility as well as Management policy and framework have been
counterparty risks in order to develop clear mitigation developed, positioning PTTEP as an Innovative
plans in advance to reduce impact and likelihood of risks. and High-Performance Learning Organization.
The Company has identified experts in various fields to
In summary, PTTEP has established a thorough screening provide guidance and recommendations to staff and
process for new investments, including farm-in joint actively organizes and executes knowledge exchange
ventures, mergers and acquisitions, as well as activities involving employees, stakeholders, and
the withdrawal or divestment from existing projects. external specialists. PTTEP assesses its knowledge
This process involves assessing risks, opportunities, and innovation management in accordance with
and valuations to ensure that each project aligns with the American Productivity & Quality Center (APQC),
the Company’s investment direction and strategy. Southeast Asia Most Innovative Knowledge Enterprise
All investments and divestments are screened by Award (SEA MIKE Award), and Global Most Innovative
the Investment Committee, the Management Committee, Knowledge Enterprise Award (Global MIKE Award).
and the Risk Management Committee prior to the final Additionally, the Company has benchmarked its
approval of the Board of Directors. practices against leading organizations with best
practices in knowledge management, and technology
and innovation development. These efforts have led
to PTTEP formulating the Capability and Technology
Development Roadmap and studying the technology
foresight that has been implemented in order to support

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the Company’s growth strategy and prepare for and Beyond E&P Business. These include the review of
the energy transition. Moreover, the technology the Delegation of Authority and Signatures (DAS) to increase
research and development process has been organizational agility while maintaining sufficient control.
continually improved to enhance efficiency and reduce PTTEP analyses and improves various work processes
risks in technological development projects. to cope with the fast-growing and fast-changing nature
of business. The Company also emphasizes the need to
• The Company has undertaken measures on digital effectively manage the workforce by enhancing multi-skills
transformation to enhance operational potential among personnel while also applying digital technology
through cutting-edge technologies such as Generative in work processes to maximize work effectiveness in
AI, Machine Learning, and the Internet of Things the organization.
(IoT). PTTEP also improves work processes and
leverages an efficient enterprise digital ecosystem, To prepare our human resources to support investments
while collaborating with the world’s leading digital in both our core business and new business opportunities,
companies. These efforts aim to enhance accuracy, as well as to ensure smooth operations domestically
speed, and success in the exploration and production and internationally, the Company has initiated human
of petroleum while developing efficient and sustainable resource development plans to recruit qualified staff
business operations. Moreover, PTTEP has developed members to support targeted operations. The plans
an information technology system to become an IT focus on developing staff capabilities and leadership
Global Platform, while maintaining system stability and skills through the Blended Learning approach, combining
control of confidential information, such as the use of various learning methods, including online e-learning
cloud platforms. The Company also develops staff approach, which supports unlimited self-learning.
competency to align with our strategies and plans, e.g. The Company also leverages digital technologies
arranging in-house training called Digital Academy to help save time and increase work effectiveness.
training for staff to prepare them for adaptation to agile The Company also emphasizes the importance of human
work process and establishing DCOE (Digital Center resource development to support Environmental, Social,
of Excellence) to be the center for the development and Governance (ESG) target, as well as recruiting
of technology capabilities for our staff, such as data external personnel for key positions where internal human
scientists and data engineers. resource development cannot keep up within a short
period of time. Meanwhile, the Company retains high-
• The Company remains committed to adjusting its potential employees to continue working for the Company
management processes to become more efficient are part of the key measures. PTTEP conducts the
and resilient. There is a focus on enhancing employees’ Employee Engagement Survey every two years to provide
capabilities to adapt to digital transformation employees with the opportunity to express their opinions
processes and fostering a collaborative working and suggestions, leading to improvements in human
mindset. Additionally, the Company aims to cultivate resource management. This, in turn, results in employees
a suitable corporate culture to ensure that PTTEP is working with happiness, with increased efficiency, and
an organization that quickly and timely adapts to every being part of the organization’s growth. The recent result
changing circumstance. in 2024 has found that the level of employee engagement
of PTTEP stood at 75 percent which was higher than the
Regarding organizational structure and work processes, 2022 results and benchmarks including Thailand’s Market
PTTEP has reviewed and improved its organizational Average, Thailand’s Oil, Gas, Exploration, and Production
structure, operating model, and work processes companies, APAC’s Oil, Gas, and Consumable Fuels
periodically according to standards and good internal companies, and Fortune 500 companies. PTTEP remains
control principles, to be in line with PTTEP’s strategic committed to its Employee Engagement improvement
plans and sustainable business growth in both E&P plan approved by the Chief Executive Officer to

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Risk Management 93

continuously enhance employee engagement over Limited (PTT), a reliable partner. To address liquidity risk,
a two-year period, with the next assessment scheduled which involves the potential inability to secure adequate
for 2026. To support the realization of PTTEP’s vision, working capital within a certain period, PTTEP Group
mission, and strategies, PTTEP has also instilled our core prepares detailed cash flow forecasts and maintains both
values and corporate culture – EP SPIRIT – in projects in committed and uncommitted credit facilities with various
Thailand and all affiliated companies overseas. PTTEP financial institutions, ensuring access to necessary funds
is proceeding to further promote desirable EP SPIRIT when required.
behaviors for executives and employees through various
activities and communications to ensure that all staff 2) Petroleum Marketing and Distribution Risks
understand EP SPIRIT through Change Agent or EP SPIRIT
Transformer. PTTEP organized the “Train the EP SPIRIT PTTEP’s revenue stream mainly comes from the sales of
Trainers” program for nominated local staff in Myanmar domestic natural gas, for which PTT is the main customer.
and Malaysia to enhance their knowledge and skills The gas sales are arranged through the establishment
on leadership, core value promotion, and promotion of of long-term gas sales agreements (GSAs), with terms
Corporate Culture workplan to production projects abroad lasting 15–30 years. If any of our projects have potential
with an understanding of country-specific contexts. reserves beyond the volumes specified in the GSA,
PTTEP also reviews core values and corporate culture to PTTEP will analyze and re-negotiate the GSA with buyers
accommodate our investments in core businesses and to accommodate such additional volume, either in the
new business opportunities by encouraging employees to forms of additional gas sales or an extension of contract
exhibit EP SPIRIT expected behaviors, so they can work period. Moreover, to mitigate market risks which may result
with the same standard of expected behaviors, resulting in in refusals from buyers to purchase contracted volumes of
a common working culture, which in turn are fundamental natural gas to safeguard the Company’s revenue stream,
for the development and growth of the Company with PTTEP has negotiated to include obligations for buyers
efficiency and sustainability. and sellers to commit to the annual minimum volumes in
the GSAs. Buyers shall pay for the minimum committed
(2) Financial and Market Risks volumes of gas, whether the full amount is taken (Take-
or-Pay arrangement).
1) Financial Risks
Since 2022, the National Energy Policy Council (NEPC) has
PTTEP Group has established a financial management approved the quota for PTT to import liquefied natural gas
framework under an acceptable financial risk limit. (LNG) to feed its existing natural gas power plants. This
This framework is applied to the evaluation of funding quota will not affect PTTEP’s gas sales because it allows
sources and liquidity management, ensuring a robust only LNG import for additional volume over the committed
and efficient capital structure. The policy is aligned with gas sales in current GSAs, and the current GSAs with
the current investment environment and supports the PTT also include Take-or-Pay obligations as mentioned
Company’s short-term and long-term investment plans. above. Moreover, PTTEP closely monitors the economic
The Risk Management Committee regularly monitors its outlook and Thailand’s energy demand by coordinating
implementation and effectiveness. with PTT and related government agencies to collectively
outline an optimized supply plan as well as prepare project
The Company’s key financial risks include counterparty development plans to develop and increase reserves in
credit risk and liquidity risk. To manage counterparty various projects in accordance with the country’s energy
credit risk, PTTEP Group conducts transactions exclusively demand that might change according to economic
with reputable and financially sound partners, regularly conditions, both in the short and long terms.
assessing and reviewing their creditworthiness. Most of
PTTEP Group’s products are sold to PTT Public Company

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3) Risks from Major Client Dependency our strategy to expand investment in other countries,
especially in Southeast Asia and the Middle East regions,
The petroleum exploration and production business to enhance petroleum production and sales, as well as
requires substantial investments for exploration, drilling, enlarge our client base.
production facilities and platform construction, before
the production process and earning revenues from 4) Petroleum and Oil Price Risks
selling petroleum products until the required returns
can be achieved. Therefore, it is imperative to execute Prices of PTTEP’s petroleum products are based on global
long-term sales contracts with well-established clients who crude oil prices, which are highly volatile due to several
have demands and possess long-term financial stability key factors, including demand, supply, global economic
to manage revenue risks over the project’s timespan. conditions, and actions taken by central banks of various
There are only a few numbers of potential buyers who countries. The main risk factors to watch are as follows:
are qualified for long-term sales contracts. Most of them
are national oil companies or companies that have gas 1. OPEC+ production control policies and group unity;
separation plants or gas supply chain businesses with 2. Increased crude oil production from non-OPEC+
stable financial status and the ability to add value to countries;
natural gas in the long term. For crude oil and liquefied 3. Geopolitical conflicts between countries, which, if
petroleum gas (LPG), PTTEP conducts a competitive they expand, could affect crude oil supply. Examples
bidding process for short-term contracts. There are various include the conflicts of Russia–Ukraine and Israel–
bidders from overseas including trading companies Hamas and allies, as well as tensions in the Red Sea;
and regional refineries. The bidding prices are usually 4. Global economic situation, particularly in the United
referenced with major crude oil prices in the global market. States and China;
5. The U.S. Federal Reserve and European Central Bank’s
For Thailand, PTTEP’s major and most important client adjustments to interest rates;
is PTT which purchases most of PTTEP’s petroleum 6. Economic stimulus policies and oil demand from China;
products from domestic projects not only natural gas 7. Economic and foreign policies of Donald Trump,
but also crude oil and condensate. Revenue from PTT is the new U.S. president.
considered a key income stream for PTTEP. Currently, PTT
is the sole buyer who buys natural gas from all producers Changes in global crude oil prices directly and immediately
in the Gulf of Thailand where the gas will be transported impact PTTEP’s crude oil and condensate prices. At the
through subsea pipelines to gas separation plants before same time, the selling price of natural gas, PTTEP’s main
delivery to PTT’s customers. The gas prices shall require product, adjusts in line with changes in crude oil reference
approval by the Petroleum Committee with consent from prices. Natural gas prices are adjusted periodically – such as
the Minister of Energy in accordance with the requirement every 3, 6, or 12 months – according to the pricing
from the Petroleum Act, to ensure reasonable benefits formula outlined in each project’s sales agreement.
for all stakeholders – government, investors, and people. This results in natural gas prices being more stable than
crude oil and condensate prices.
In Thailand, taking into account the overall demand and
supply of natural gas in Thailand, it can be concluded PTTEP closely monitors oil price trends and considers
that the country’s demand tends to grow, in contrast entering oil price hedging contracts to mitigate the impact
with domestic production which has started to decline of price volatility on the Company’s cash flows and overall
continuously. Therefore, having PTT as the major client performance.
is considered a low risk in client dependency. Moreover,
PTTEP has other international customers and follows

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Risk Management 95

5) Exchange Rate Risks rates. The Company also ensures that such balance
corresponds with the Company’s business operations.
PTTEP Group designates the U.S. Dollar (USD) as its In addition, PTTEP Group considers the use of financial
functional currency for operations and reporting, instruments to manage interest rate risk. The financial risk
in accordance with Thai Financial Reporting Standards management activities are conducted under conditions of
(TFRS). This is because the USD serves as the primary necessity and appropriateness, taking into account costs,
currency for transactions involving PTTEP Group’s market conditions, and acceptable risk levels.
petroleum products, such as natural gas and crude oil.
However, PTTEP Group faces exchange rate risk from (3) Political and Legal/Regulatory Risks
fluctuations between the Thai Baht (THB) and the USD.
While most of the Company’s cash inflows from product 1) Political Risks in Investment Countries
sales are received in THB from key domestic customers,
a significant portion of its operational and investment PTTEP focuses on expanding investments in strategically
expenses are denominated in USD. This creates exposure important target areas to support long-term growth,
to foreign exchange volatility. To manage this risk, while also being aware of the geopolitical risks that
PTTEP Group employs a risk management policy that may be relevant in these areas. Hence, in determining
includes natural hedging by matching THB revenues the expansion strategy, PTTEP stipulates not only
with THB expenses. Additionally, the Company uses the acceptable levels of political, economic, investment,
financial instruments such as forward contracts and legal, and regulatory risks but also closely monitors
options to hedge exchange rate risks. PTTEP Group also such risks by a unit that has been tasked with gathering
considers exchange rate risk management transactions information related to these countries and preparing
tied to its Environmental, Social, and Governance (ESG) monthly reports on the situation and geopolitical risks.
performance, which helps reduce risk management costs
while aligning with its sustainable development goals PTTEP has continued to analyze, assess, and monitor
and mitigating risks from exchange rate fluctuations. risks arising from the diverse political landscapes of
the target regions, both in terms of political stability and
The use of the USD as the functional currency also impacts state security as well as the overall economic, laws and
PTTEP Group’s financial performance due to the translation regulations, security, and creditability outlook. Specific
of non-USD denominated assets and liabilities, such as regions identified as having political risks include countries
those in THB, into USD during each accounting period. in the Middle East region. Over the past year, the conflict
PTTEP Group copes with such issues by maintaining between Israel and Hamas has persisted. Although
an appropriate balance of non-USD assets and liabilities, fighting between Israel and Hamas was confined to
thereby reducing the effects of exchange rate fluctuations. the Gaza Strip, the conflict has involved Hamas allies,
with Hezbollah forces backed by Iran launching attacks
6) Interest Rate Risks on northern Israel. This prompted Israel to retaliate against
Hezbollah forces, escalating the response to include
PTTEP Group is exposed to interest rate risk due to Iran, leading to the deaths of senior leaders from both
fluctuations in market interest rates, which are influenced Hamas and Hezbollah forces. As of November 2024,
by central banks of major global economies, such as Israel has shown no signs of ending the conflict despite
the U.S. Federal Reserve. These changes can impact international calls, particularly from Western nations like
the Company’s future cash flows and the fair value of its the United States, for a ceasefire agreement and hostage
financial instruments. To address this risk, PTTEP Group rescue to de-escalate the situation. PTTEP has been
has implemented a risk management policy that maintains monitoring the situation and assessing the impact and
an appropriate balance between fixed and floating interest has not found direct or indirect damage or impact on

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the Company’s investment projects. However, For other target countries, the Company has continued to
the Company has a business continuity plan in place follow the investment and project management process
for all projects to address potential impacts, ensuring consistently. PTTEP evaluates geopolitical risks and
continued operations. the risk landscape of each country whenever significant
events occur. This information is crucial for management
In the People’s Democratic Republic of Algeria (Algeria), and relevant departments to prepare efficient and effective
the internal situation of the country, particularly response plans in case of various potential events.
the stability of the government, has improved continuously.
The government has been able to implement its Furthermore, the Company maintains close coordination
policies, and the economy has improved accordingly. with the Ministry of Foreign Affairs and Thai embassies in
Although there may be high inflation rates, as seen in countries where it invests or plans to invest, promoting
many countries, this has not affected the stability of good relations and ensuring government support as well as
the government. The overall risk index of the country has aligning the Company’s operations with the policies of
decreased continuously, and the Company’s projects have the respective countries.
not been directly or indirectly affected by the situation.
2) Compliance Risks
In Myanmar, PTTEP has continued to closely monitor
the situation, analyzing and assessing risks using Compliance Risks generally arise from various factors,
scenario planning methodology to accommodate various such as the enactment of new laws or amendments
circumstances that may emerge in the future. Relevant to existing laws and regulations that impact business
agencies evaluate the situation, risk factors, and significant operations of PTTEP Group. Other factors include
changes together in order to adjust or supplement risk the complexity of certain laws, particularly those requiring
management plans and review the business continuity the exercise of reasonable discretion, which may lead to
management plan to cover any new situations that may misinterpretation of laws, and eventually result in
arise. This ensures the confidence in the continued non-compliance. Such incidents could result in penalties,
operation of the project. including monetary damages and operational challenges
such as fines, revocation or suspension of licenses, and
In the Republic of Mozambique (Mozambique), the possible damage to PTTEP Group’s reputation and image.
situation near the Mozambique LNG project site is under To mitigate these risks, the Compliance Section is tasked
the control of government forces, together with support with assuring that all business units of PTTEP Group strictly
forces from member countries of the Southern African adhere to the applicable laws, thereby building confidence
Development Community (SADC). This has led to stability among the Company’s shareholders, Board of Directors,
in the project area, posing no obstacles to resuming management, and employees that our operations are
operations in the region. However, the project operator is conducted in full compliance with the relevant legal
currently assessing readiness in all aspects, in addition requirements. To achieve this, the Compliance Section
to security factors in the area. It is expected that after closely and regularly monitors the Cabinet’s resolutions,
the election of a new president of Mozambique, bills, and relevant applicable laws that may affect PTTEP
the operator will consider returning to work in the coastal Group’s operations. In addition, PTTEP Group places
area. The Company expects that a decision will be made significant emphasis on managing anti-corruption risks.
on the continuation of operations in the near future. Relevant monitoring programs are in place, with details
provided in the “Corporate Governance” section, under
the sub-topic of “Anti-Corruption.”

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Risk Management 97

(4) Operational Risks are secured, both short-term and long-term exploration
plans are formulated within the exploration budget set by
1) Exploration Risks the Company. These processes are reviewed annually,
with target areas and exploration strategies adjusted to
Exploration with the aim of finding new petroleum sources align with the results of previous exploration activities.
is essential to E&P business. In addition to finding
petroleum reserves to replace those that have already In addition, PTTEP has established a Technical Assurance
been produced, PTTEP is also looking for new reserves to Committee as an additional layer of review and oversight
support long-term revenue growth and bolster Thailand’s in the exploration preparation process. This ensures
energy security, while simultaneously addressing the that key technical aspects are thoroughly analyzed and
ever-growing global energy demand. that exploration assessments align with PTTEP’s internal
standards and guidelines, supporting well-informed
The primary objective of exploration is to identify investment decisions that contribute to production targets.
sizable, commercially viable petroleum resources.
For exploration activities, the key risks include geological To align with the Company’s strategy, PTTEP has
risks (e.g. geological specific characteristics, reservoir a policy to diversify exploration investment by determining
presence, and petroleum properties) and resource investment proportions and considering investment across
volume uncertainty. Effective management of risks for various areas around the world, sharing risks and rewards
prudent exploration then pivots around detailed technical with strategic partners who have proven exploration
and commercial evaluations. Key factors influencing expertise to enhance the probability of the Company’s
investment decisions of petroleum exploration include exploration success.
the chance of geological success, evaluation of the type
and characteristics of petroleum, pre-drill development 2) Project Development Risks
plan, resources estimates, exploration and production
period, and anticipated expenditures consisting of PTTEP applies skills and expertise in project planning and
exploration, development, operating, and decommissioning management to develop commercially viable resources
costs, and terms of contracts with regards to returns and to be able to carry out construction and commencement
tax payment to the government. Various subsurface of production within the determined schedule and
activities are typically performed to understand and budget. However, the construction and development
mitigate exploration risks, such as geological studies, projects are faced with a number of risk factors which
seismic acquisition and processing, and appraisal and can affect project development. Such factors include
development wells. reservoir performance, commercial negotiation with
partners and governments, domestic and international
PTTEP employs a clear and systematic approach to political issues, war, fluctuations in oil prices, contractor
exploration and production (E&P) project evaluation, and service providers’ performance, cost overruns, and
ensuring that each phase of the E&P lifecycle is unforeseen technical difficulties/complexities. In addition to
underlined by clear processes, guidelines, and criteria consistently implementing value assurance systems in
to maximize exploration success and minimize risks. project management to enhance the Company’s capability
The approach comprises potential petroleum basin to manage those factors with preventive measures and
evaluation and selection, in-depth subsurface studies risk assessment, PTTEP has placed great importance
of targeted blocks, and above-ground investment risk on continuously improving the abilities and personnel
analysis. The Geosciences, Subsurface, and Exploration competency to achieve milestones so that they are able
Group of PTTEP is to evaluate worldwide target areas to carry out various projects in the most efficient ways.
to identify those with the highest potential for selection Details are as follows:
in bidding or joint venture opportunities. Once projects
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Project Management: To achieve project completion wellhead platform and production well drilling through
in a timely manner and within budget, the Company the production process until the point of sale. These risks
focuses on the stipulation of policy and value assurance include higher prices of wellhead platform and well drilling,
measures in critical stages of projects, including project well potential, ability to maintain petroleum production and
organization, project planning and proper engineering sales as per commitment, and decommissioning liability
system designs, management of procurement contracts for transferred assets. All of which can directly impact
and other contracts, and construction monitoring. the corporate goals as well as production and sales targets.

Personnel and Process: The Company focuses on the Mitigation of production risks focuses on areas of process
development of human resources on skills and capability planning and platform design, production process,
in project planning and management for both operating production control systems, preventive maintenance,
and non-operating projects of PTTEP, while providing and maintenance activities. Operational Excellence
due attention to the preparation for competitive personnel Management System – Reliability & Asset Integrity (RAI),
recruitment to acquire knowledgeable and experienced which is a part of the Operational Excellence Project,
personnel in the competitive employment market. has been adopted and continuously improved to ensure
Information and experience from previous projects are the highest standards of production in terms of integrity
gathered and formulated as an in-house database and and safety. The RAI has been designed specifically to
performed benchmarking with the market industrial minimize production losses due to worn-out equipment
average to improve the accuracy of the evaluation process and improve equipment efficiency through preventive
for new development projects. Ultimately, the overall maintenance and inspection, to achieve zero unplanned
evaluation process of all new projects will be carried out shutdowns.
under the Company’s Project Realization Process (PREP)
to ensure the success of projects in all aspects, including In terms of increasing the ability to produce petroleum to
safety, quality, timeliness, and the project’s determined meet the target, the Company has managed the number
budget. of drilling rigs to be at a proper level, especially during
the period of increased production capacity or expansion of
Commercial Contracts: In the process of project project areas for additional drilling to maintain the targeted
development, it is imperative for the Company to work petroleum production levels. In terms of the management
closely with contractors to ensure success. In this regard, of onshore production areas, the scope of areas has
the Company focuses on careful negotiation of terms been reviewed with relevant government agencies.
and conditions and contract administration by experts Measures have been put in place to restore finished
from various relevant departments, such as those related production areas to their original condition, including
to construction, engineering, procurement, finance, having protection laws in some areas to enable continuous
accounting, and legal aspects. Such work will improve petroleum production. In addition, PTTEP has a Crisis
efficiency in management and mitigate the risks arising Management Plan, as well as a Business Continuity Plan
from non-compliance and disputes with contracting parties. (BCP) with a risk assessment to mitigate the impacts along
Prudent contract management also lessens the risks with coordinating with all sectors, including government
that may impact operational plans and the Company’s agencies and customers and stakeholders regularly,
performance at large. in the event of an abnormal situation. Announcements will be
made to temporarily stop operations due to force majeure
3) Production Risks in some projects to ensure the safety of employees
and contractors. Moreover, the Company will establish
In every production process, PTTEP has to face various a special working group to study the impact of such
potential risks, starting from the construction of the situation and determine the next course of action.

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4) Safety, Security, Health and Environmental Risks everyone’s responsibility in protecting critical safeguards
to prevent MAEs, the SSHE Culture Survey, the Spill
PTTEP has continued to assess Safety, Security, Health, Responses Readiness and Enhancement through spill
and Environment (SSHE) risks regularly to reduce capability assessment and collaboration with both
the likelihood and impacts of unexpected events. national and international emergency response units, and
The analysis comprises the identification of internal and the annual emergency exercise, etc. Furthermore, there
external factors to prevent Major Accident Events are constant internal and external process verification and
(MAEs), as well as to reduce the risks that would affect risk re-assessments at worksites to ensure that SSHE risks
PTTEP Group’s employees, stakeholders, assets, are As Low As Reasonably Practicable (ALARP).
environment, and reputation to become a Zero Incident
Organization as per PTTEP’s SSHE Vision. PTTEP has also monitored SSHE Risk Management
at various levels through the Company’s Risk Management
PTTEP has managed SSHE risks through the Company’s Committee with a variety of key risk indicators and
SSHE Management System (SSHE MS) by determining trackers, for example, Lost Time Injury Frequency (LTIF),
SSHE policies, standards, guidelines, and procedures Total Recordable Injury Rate (TRIR), Loss of Primary
for employees and contractors to perform their operations Containment Rate (LOPCR), Spill Rate, audit findings
efficiently and to comply with applicable legal requirements and close-out status, natural disasters, security status,
of the countries where PTTEP operates. In addition, PTTEP pandemic, and health infection in high-risk countries, to
has been fostering SSHE awareness and SSHE culture ensure that all situations are being monitored to determine
by encouraging and promoting various SSHE campaigns suitable mitigation, corrective and preventive actions, and
and activities, such as the Human Factor Clinic aiming business continuity plans towards achieving even higher
at preventing work-related errors from human factors, social and business sustainability in a holistic manner.
the Safeguarding our Future – Preventing MAEs emphasizing

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5) Social and Community Risks review the analysis and report through the system annually,
creating a centralized database. This approach enhances
In operating businesses both domestically and the efficiency of monitoring social and community risks and
internationally, PTTEP adheres to social and community aids in developing tailored engagement plans to foster
responsibilities including human rights according to relationships and implement suitable social development
human rights principles in line with laws, regulations, and initiatives for each specific area. PTTEP has also set
international standards, and always considers that all guidelines for complaints handling, allowing communities
employees must be treated equally and have their rights to report concerns directly to on-site officers. Complaints
to express opinions. There is a channel for employees to will be recorded and tracked through the Grievance and
complain if they are wrongfully treated. The Company takes Issue Monitoring System to ensure that such complaints
into account risks and impacts in every operating area. are managed appropriately. An assessment of social
With this, PTTEP thus emphasizes social development, returns on investment and the stakeholder commitment
local environment and living standard improvement, natural survey are conducted. This data is utilized to design
resources, and environment conservation, as well as social development projects that effectively address
value creation for our stakeholders. These are in line stakeholder needs and expectations. For more information
with PTTEP’s policy on community relations and social on stakeholder management, please visit PTTEP
responsibilities. Communities and stakeholders will then website under the “Sustainability” topic, “Stakeholder
trust, accept, and support the operations, fulfilling the aim Management” sub-topic. Click here for more information
of the Company to grow together with communities and
society in a sustainable manner. PTTEP prioritizes the management of potential salient
human rights issues from its direct operations covering
At present, effective stakeholder management is crucial areas of workplace; safety, security, health, and
for achieving business sustainability, as it helps minimize environment; supply chain; and community and vulnerable
risks and mitigate the impacts of the Company’s groups. In 2024, the Company conducted an annual
operations while fostering positive relationships with human rights risk review, covering 100 percent of our
stakeholders. Recognizing this significance, PTTEP has operating assets and joint ventures, then integrated
developed a comprehensive stakeholder management the salient issues as part of enterprise risk assessment.
strategy, including defined levels of engagement and This year, the identified human rights salient issues have
stakeholder group classifications. These efforts align been: (1) workplace safety for both employees and
with the Company’s Stakeholder Management Guideline, contractors and (2) environmental impact on communities
serving as a key mechanism to strengthen stakeholder from PTTEP operations. All medium-to-high-level risks are
relationships and support the Company’s strategy. actively monitored to prevent and mitigate the potential
human rights violations. For more details about human
In addition, the Company has developed an Issue and rights management system and risk assessment, please
Stakeholder Management System (ISMS) to analyze visit PTTEP website, “Sustainability” topic, “Human Rights”
potential social impacts and concerns within communities. sub-topic. Click here for more information
Community relations teams across all operational areas

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Risk Management 101

6) Cybersecurity Risks ensure prompt responses to disruptive and emergency

situations. Since 2023, PTTEP has implemented CSOC –
Cyber threats regularly occur and spread across multiple Tier 2 for both Information Technology (IT) and Operational
business sectors through various forms and complexities, Technology (OT) provided by Mandiant, a global
which can potentially lead to severe damage and business cybersecurity consulting company. Furthermore,
disruption whereby computer or network systems do not a proactive cyber defense activity, Threat Hunting, has
function. PTTEP recognizes the importance of safeguarding been implemented to monitor the cybersecurity situation
against cyber threats and includes the risk of digital of all company data and systems both IT and OT.
security threats in the Company’s Corporate Risk Profile to This is to reduce the chance of occurrence and damage that
closely monitor the development as well as to implement may be caused by cyber threats by more than 80 percent.
necessary measures. These measures include raising
cybersecurity awareness, conducting phishing simulation Since 2014, PTTEP has referred to the National Institute
for the Company’s staff, establishing a Cyber Security of Standards and Technology (NIST) for a standard
Operations Center (CSOC) responsible for monitoring framework to manage cybersecurity. Risk assessment
cybersecurity incidents 24/7, Security Information and has been carried out based on the ISO 27001:2013
Event Management (SIEM) responsible for collecting and standard for the electronic mail system and data center
providing real-time analysis of security alerts, conducting facility. PTTEP has a risk assessment plan based on
Cyber Security Response Drills, regularly performing the ISO 27001:2013 standard for every system. PTTEP
data backup, and reviewing the Disaster Recovery Plan. is confident in the readiness to participate in the test and
The results are subsequently reported to the Risk Management report significant cyber threats to government agencies
Committee and the Board of Directors respectively to as required by law.

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To reduce cybersecurity risks, PTTEP has implemented exploration and production business while expanding
Multi-Factor Authentication (MFA) to enhance the into new forms of energy and maintaining sustainable
identity verification of the staff other than conventional growth. The above efforts play a key role in responding
usernames and passwords to support the Company’s to emerging risks promptly, increasing competitiveness
data and system access from anywhere and anytime and business opportunities, and achieving the Energy
as per PTTEP’s direction of New Way of Working to Trilemma, consisting of energy security, affordability,
promote work–life balance of its employees. Furthermore, as well as environmental and social responsibility.
PTTEP has also implemented Data Classification and
Labeling with Microsoft Azure Information Protection Currently, PTTEP has identified and monitored two emerging
(AIP) to support permission and sharing management risks as follows:
of document confidentiality.
1) Risk from Extreme Weather Events
PTTEP has continuously invested in technology and
used services from PTT Digital to prevent and respond Extreme weather events, such as heatwaves, heavy
to cybersecurity risks. PTTEP established Cyber Security rainfall, tropical cyclones, droughts, and water resource-
Operations Center (CSOC) that completely connected related challenges, are increasingly becoming significant
Security Information and Event Management (SIEM) with risks due to their growing frequency, intensity, and
the Network Firewalls across all petroleum development unpredictability. This trend, driven by global climate
bases to ensure cybersecurity protection in the Company’s change, introduces cascading challenges that extend
operation. As a result, in 2024 PTTEP received from the beyond immediate operational disruptions to long-term
British Standards Institution (BSI) an ISO/IEC 27001:2022 systemic impacts on infrastructure, supply chains, and
certificate for the Company’s management of information financial stability.
security relating to its data centers and supporting
facilities. This certification underlines PTTEP’s commitment PTTEP identifies extreme weather events as an emerging
to the security of information of our stakeholders. risk due to their rapid escalation in frequency, intensity,
and unpredictability. These events pose challenges
(5) Emerging Risks and systemic impacts driven by global climate change,
requiring the adoption of new models, tools, and
Changes in the environment, technology, laws, and collaborative approaches for effective mitigation.
regulations, as well as in the global energy crisis, affect This highlights the importance of integrating climate
business operations. PTTEP, therefore, keeps monitoring resilience and adaptive strategies into the PTTEP’s
situations and assessing emerging risks that may affect broader risk management framework.
the Company’s business operations in the future and
then reports them to relevant executives and committees to The intensifying effects of climate change pose critical
follow up and update risk mitigation plans to be consistent challenges to operational stability, asset integrity
with the changing context that may affect our three and safety, financial performance, and supply chain
key operational strategies – Drive Value, Decarbonize, management. These challenges manifest in several key
and Diversify – and be able to strengthen the petroleum areas:

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Risk Management 103

• Operational Disruptions: The increasing severity and These impacts underscore the need for PTTEP to adapt
unpredictability of extreme weather events, such as the strategy and business model to remain resilient in
tropical cyclones and heavy rainfall, could disrupt the face of extreme weather events while capitalizing on
onshore and offshore operations in key regions, opportunities for innovation and sustainability.
including Thailand, Malaysia (Sabah and Sarawak),
and Myanmar. Additionally, prolonged heatwaves Mitigation Plan: PTTEP develops and implements a Climate
and droughts may result in water scarcity, a serious Management Plan to proactively address the risks posed
concern since water is a critical resource for operational by extreme weather events, ensuring personnel safety,
processes. asset protection, and operational continuity. This plan
involves a multifaceted approach, combining advanced
• Asset Integrity and Safety: Extreme weather conditions technology, strategic infrastructure adaptations, robust
subject infrastructure to substantial physical stress, risk management practices, and collaborative efforts with
threatening infrastructure’s integrity, for example, stakeholders to enhance resilience across all aspects of
cyclones, heavy rainfall, and other adverse conditions PTTEP’s businesses. Key mitigation measures include:
can weaken infrastructure over time. Furthermore,
workplace safety is at risk during extreme climate • Infrastructure Readiness: Conducting regular site
events, underscoring the need for comprehensive monitoring and inspections, considering incorporating
employee protection measures. To address these climate scenarios into the design phase for new
challenges, PTTEP requires a significant amount of projects, and performing site-specific risk assessments
resource allocation toward advanced monitoring to refine predictive models for weather patterns and
systems, infrastructure upgrades, and emergency their operational impacts.
response mechanisms.
• Emergency Preparedness, Response, and Recovery:
• Financial Impacts: The financial implications of climate Developing proactive resource pre-positioning plans
change are significant. Increased expenditures on and streamlined recovery processes, implementing
repairing and maintaining infrastructure to withstand safety systems to remotely and automatically secure
heightened extreme weather risks are inevitable. facilities during severe weather, leveraging insurance
Moreover, downtime or reduced operational capacity as a financial tool to support resilience and recovery
during adverse conditions can result in revenue losses. efforts, and establishing Business Continuity Plans
(BCPs) to maintain critical operations with minimal
• Supply Chain Disruptions: Extreme weather events can disruption.
severely disrupt supply chain continuity, especially
when critical materials or services are sourced from • Stakeholder Engagement: Collaborating with
the affected regions. These disruptions can cascade governments, insurers, local communities, and relevant
across operations, impacting production schedules organizations to strengthen disaster preparedness
and delivery timelines. and response efforts.

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These measures are part of PTTEP’s broader approach 3. Data Privacy Risks: AI usage may involve processing
to maintaining resilience against extreme weather events personal data which relates to laws and regulations.
while leveraging opportunities for adaptation and long- PTTEP has established a comprehensive Data
term sustainability. Governance framework encompassing data access,
quality control, and privacy protection to ensure that
2. Flawed Decisions from AI Misinterpretation AI usage complies with all applicable regulations
and laws.
Utilizing AI technology in organizations to enhance
operational efficiency, while presenting new opportunities, 4. Bias Risks: AI can learn and reflect biases present in
also introduces new risks that organizations must training data, potentially leading to unfair outcomes.
adequately address. This is particularly crucial in PTTEP is collaborating with consultants to develop
the oil and gas industry, characterized by its complexity policies and guidelines for ethical and responsible
and demand for high data accuracy. PTTEP acknowledges AI usage to mitigate bias risks and promote fairness
these risks and has implemented AI risk management to in AI applications.
continuously monitor, establish preventative measures,
respond to, and mitigate these risks as follows: 5. Human–AI Collaboration Risks: Collaboration between
humans and AI can lead to misunderstandings or
1. Data Security Risks: Similar to general cyber threats, communication errors. PTTEP focuses on fostering
AI usage increases the possibility of novel cyberattacks, understanding and developing necessary skills
such as direct attacks on AI models (Model Poisoning, through training programs for working with AI.
Adversarial Attacks) or utilizing AI to attack other Clear roles and responsibilities are to be defined for
systems. PTTEP prioritizes the security of data used for human–AI collaboration.
AI training and the resulting AI output. Comprehensive
preventative measures are in place, ranging from 6. Operational Risks: Risks from inappropriate decisions
access control and data encryption to verifying based on incorrect AI recommendations can impact
the accuracy of data input into AI models. 24/7 cyber threat various operational processes. PTTEP emphasizes
monitoring is conducted through the Cyber Security the importance of Human Oversight, ensuring
Operation Center (CSOC), connected to the Security human involvement in reviewing and validating AI
Information and Event Management (SIEM) System. recommendations before implementation. Collaboration
guidelines (Human Oversight) are defined to ensure
2. Credibility and Accuracy Risks: AI can generate a significant human role in supervision and final
content that appears credible but is inaccurate, decision-making.
potentially leading to flawed decision-making. PTTEP
emphasizes rigorous verification of the data used for 7. Revenue Loss Risk: Incorrect AI decisions can lead
AI training and the resulting output. The PTTEP to revenue or profit loss. PTTEP prioritizes careful
AI Platform serves as the central platform for controlling evaluation of the impact of AI usage. AI models are
and managing AI models, from data retrieval and tested and evaluated in simulated real-world data
training to monitoring and evaluating model quality. before deployment. Continuous monitoring and
Guidelines for human–AI collaboration (Human evaluation of AI performance are conducted through
Oversight) are also established to ensure human the PTTEP AI Platform.
involvement in verifying and validating AI results before
practical application.

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Risk Management 105

PTTEP has begun monitoring these AI-related risks to Risks of Uncertain Returns on Investment for
ensure the organization can effectively control situations Shareholders
and respond to risks arising from AI usage.
PTTEP’s share price may rise or fall in a volatile manner
2.2.2 Risks of Investors in the Company’s which may cause losses or lower-than-expected returns
Securities to the investors. Key factors which are beyond PTTEP’s
control include global oil prices, economic situations,
Risks from the Major Shareholder’s Management geopolitical risks which are the cause of crises such as
oil price war, as well as changes in policy, regulation,
As of August 14, 2024, PTT Public Company Limited, requirement, or terms affecting the industry.
or PTT, is the major shareholder of the Company with
a shareholding percentage of 65.29 percent (both direct Risks from Dividend Payback Ability that is below
and indirect) in the paid-up capital. PTT is therefore able Investors’ Expectation
to control most of the resolutions of the Shareholders’
Meeting, including the Director’s appointment and There may be a risk that PTTEP’s ability for annual and/
approval on other matters that require a majority vote from or interim dividend payback is lower than investors’
the Shareholders’ Meeting. However, this is not applicable expectations. This depends on several factors including
for matters related to laws or the Articles of Association operating cashflows, investment budgets, capital reserved
of the Company, which require three-fourths of the votes for business expansion, and debt repayment. However,
of the Shareholders’ Meeting. the Company has continued to adhere to its dividend
policy of paying not less than 30 percent of its net profit
However, PTTEP values compliance with the Securities after income tax deduction.
and Exchange Commission (SEC) and the Stock
Exchange of Thailand (SET)’s rules and criteria while 2.2.3 Risks Facing Investing in Foreign
taking seriously the perennial stewardship of minor Securities (If the Issuer is a Foreign
shareholders’ rights. In this regard, the Company Company)
has set a clear organizational structure to manage its
business. There are 10 independent directors from - None -
a total of 15 directors who provide opinions and beneficial
recommendations with prudence and independence.
The Company has also appointed members of the Audit
Committee consisting of four independent directors, who
do not have any conflict of interest in order to monitor and
review the Company’s operations and protect the interests
of minority shareholders, resulting in appropriate checks
and balances and verifiable systems to achieve business
transparency and good corporate governance.

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3. Management Discussion
and Analysis of Operating Results
3.1 Overall Performance of PTTEP
Table of Key Financial Results

(Unit: USD million) 2024 2023 Inc. (Dec.)

YTD
Total revenues 9,273 9,057 216
Revenue from sales* 8,698 8,511 187
EBITDA** 6,462 6,433 29
Profit for the period 2,227 2,208 19
Basic earnings per share (Unit: USD) 0.56 0.54 0.02
Profit (Loss) from normal operation 2,262 2,322 (60)
Profit (Loss) from non-operating items (35) (114) 79

* Included deemed income for the tax payment by Oman government but excluded from the calculation of the average sales volume and selling price.
** Excluded write-off assets of petroleum retention lease AC/RL12 (Oliver) and Mexico block 29 (2.4) Project during the periods.

Overall Operating Results

Comparisons between 2024 numbers and those of 2023
In 2024, PTTEP and its subsidiaries (the Group) had a net profit of USD 2,227 million. An increase of USD 19 million,
or 1% from a net profit of USD 2,208 million in 2023, was primarily from an increase in revenue from sales of
G1/61 Project due to natural gas production ramped up, offset with higher depreciation, depletion and amortization,
and operating expenses. Additionally, an impairment loss on assets was recognized in the previous year. The net profit
of USD 2,227 million in 2024 can be elaborated further as follows:
The profit from normal operation in 2024 was USD 2,262 million, a decrease of USD 60 million, compared with a profit of
USD 2,322 million in 2023. Despite gaining higher revenue from sales due to higher average sales volume of G1/61 Project
and Yadana Project, the lower profit was primarily due to an increase in depreciation, depletion and amortization from G1/61
Project due to higher sales volume. While Zawtika Project and S1 Project had additional completed assets. Meanwhile,
operating expenses increased, primarily due to higher maintenance activities from G1/61 Project, Arthit Project, and Malaysia
Project, together with lower decommissioning costs than the provision of Contract 4 Project and B8/32 & 9A Project in the
previous year. Amidst such background, income taxes decreased following lower profits mainly from Thailand and Malaysia.
The loss from non-operating items in 2024 was USD 35 million. A decrease of USD 79 million, compared with a loss of
USD 114 million in 2023, was primarily from impairment loss on assets of Mozambique Area 1 Project last year.

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Management Discussion and Analysis of Operating Results 107

Average Sales Volume and Selling Price

Unit: Barrels of Oil Equivalent per Day (BOED)

By Product Type By Geographical Region

Gas Liquid Thailand Other Southeast Asia Rest of the World

488,794 488,794
462,007 462,007
65,965 61,604
134,403 130,924 88,624
93,653

354,391 331,083 334,205 306,750

2024 2023 2024 2023

Average selling price and Dubai crude oil price 2024 2023 Inc. (Dec.)
(Unit: USD) YTD
Average selling price (/BOE) 46.78 48.21 (1.43)
Liquid price (/BOE) 77.20 79.09 (1.89)
Gas price (/MMBTU) 5.87 6.00 (0.13)
Average Dubai crude oil price (/BBL) 79.58 82.09 (2.51)

Remark: The average sales volume and selling price excluded deemed income for tax payment by the Oman government.

Comparisons between 2024 numbers and those of 2023

In 2024, the average sales volume of the Group increased to 488,794 barrels of oil equivalent per day (BOED) or
6% when compared with 462,007 BOED in 2023, primarily from G1/61 Project ramped up the natural gas production
to 800 MMSCFD in March 2024, together with the increase in participating interest in Yadana Project following
the partner’s withdrawal in April 2024. Meanwhile, the average selling price decreased by 3% to 46.78 USD/BOE
(2023: 48.21 USD/BOE) due to a decrease in market crude prices, and lower gas prices, primarily from G1/61 Project
and G2/61 Project.

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Operating Results by Segments

Net Profit (Loss) 2024 2023 Inc. (Dec.)

(Unit: USD million) YTD
Exploration and Production 2,399 2,513 (114)
Thailand 1,530 1,608 (78)
Other Southeast Asia 570 669 (99)
Middle East 204 223 (19)
Africa 144 (6) 150
Others (49) 19 (68)
Head Office and Others (172) (305) 133
Profit for the period 2,227 2,208 19

Comparisons between 2024 numbers and those of 2023

For 2024, the Group reported a net profit of USD 2,227 million. An increase of USD 19 million from a net profit of
USD 2,208 million in 2023, despite a lower net profit of USD 114 million from Exploration and Production segment, a net
loss from Head Office and Others segment decreased by USD 133 million.

Exploration and Production segment reported a net profit of USD 2,399 million in 2024. A decrease of USD 114 million,
compared with a net profit of USD 2,513 million in 2023, was primarily from Other Southeast Asia with a decrease in
net profit of USD 99 million mainly from Zawtika Project due to lower sales volume, and higher depreciation, depletion,
and amortization from the additional completed assets, together with Thailand reported a net profit decrease of
USD 78 million from a decrease in revenue from sales due to lower sales volume and lower selling prices from Arthit
Project. In addition, Others segment reported a change of USD 68 million due to gains on the disposal of participating
interest of AC/RL7 (Cash-Maple) in 2023. However, Africa reported an increase in net profit of USD 150 million due to
the impairment loss on assets of Mozambique Area 1 Project in 2023, together with an increase in revenue from sales
due to higher sales volume from Algeria Hassi Bir Rekaiz Project.

Head Office and Others segment reported a net loss of USD 172 million in 2024. A decrease of USD 133 million,
compared with a net loss of USD 305 million in 2023, was primarily from an increase in interest income due to the higher
cash balances, and interest income from long-term loans to related parties. In addition, there was an increase in net
gain on foreign exchange and foreign exchange forward contracts compared to the previous year, primarily from a gain
on foreign exchange forward contracts of accounts receivable due to the depreciation of THB against USD in Q4/2024.

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Management Discussion and Analysis of Operating Results 109

Financial Position
Unit: USD million
Total Assets Total Liabilities and Equity
28,401 28,401 26,380
26,380
3,104 2,589 Current
Current Assets 6,536 6,861 Liabilities
12,634 11,787
9,530 9,198 Non-Current
Liabilities
Non-Current Assets 21,865 19,519
15,767 14,593 Equity

As of As of As of As of
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023

(1) Assets

As at December 31, 2024, the Group had total assets of USD 28,401 million, an increase of USD 2,021 million from total
assets as at December 31, 2023, of USD 26,380 million. The increase was primarily due to:

1.1) Current assets, which primarily comprised cash and cash equivalents, trade, and other current receivables and
inventories, decreased by USD 325 million, primarily due to additional investment in various projects.

1.2) Non-current assets, which primarily comprised exploration and production assets in joint venture projects being
recognized as part of the property, plant and equipment, exploration and evaluation assets, goodwill, and
right-of-use assets, increased by USD 2,346 million, primarily due to additional investments in G1/61 Project and
G2/61 Project, together with investments in Seagreen Offshore Wind Farm Project and Ghasha Concession Project.

(2) Liabilities

As at December 31, 2024, the Group had total liabilities of USD 12,634 million, an increase of USD 847 million from total
liabilities as at December 31, 2023, of USD 11,787 million. This was primarily due to:

2.1) Current liabilities, which primarily comprised trade and other current payables and corporate income tax payable,
increased by USD 515 million, primarily due to higher trade and other current payables, as well as corporate
income tax payable.

2.2) Non-current liabilities, which primarily comprised non-current provisions for decommissioning costs, debentures,
deferred tax liabilities, and lease liabilities, increased by USD 332 million, primarily due to higher provision for
decommissioning costs, mainly from G1/61 Project, G2/61 Project, and Arthit Project.

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(3) Equity

As at December 31, 2024, the Group had a total equity value of USD 15,767 million, an increase of USD 1,174 million
from the number as at December 31, 2023 at USD 14,593 million. This was primarily due to the net profit for the year
2024 offsetting by dividend payments in April and August 2024. The equity included a non-controlling interest of
USD 8 million from the group of AI and Robotics Ventures Company Limited (ARV).

Cash Flows
Unit: USD million
Free Cash Flow
+1,443

(4,266)
5,709

Investing (1,524)
Operating activities
Financing
activities activities 3,938
4,019
-81
Cash and cash equivalent as at Cash and cash equivalent as at
December 31, 2023 December 31, 2024

As at December 31, 2024, the Group had cash and cash equivalents of USD 3,938 million. A decrease of USD 81 million
compared with cash and cash equivalents as at December 31, 2023 of USD 4,019 million.

Net cash flows provided by operating activities of USD 5,709 million, primarily from the positive net cash flow from
revenue from sales, offseting by cash paid for expenses and income taxes.

Net cash flows used in investing activities of USD 4,266 million, primarily from additional capital expenditures in exploration
and production assets, mainly from G1/61 Project, G2/61 Project, S1 Project, and Zawtika Project, together with cash
paid for investing in Seagreen Offshore Wind Farm Project and Ghasha Concession Project.

Net cash flows used in financing activities of USD 1,524 million, primarily from dividend payments for the second half
of 2023 and the first half of 2024, as well as payments for lease liabilities and interests during the year 2024.

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Management Discussion and Analysis of Operating Results 111

3.2 Factors That May Impact Future Operations

Operational Highlights

(1) Drive Value

At the end of 2024, PTTEP has over 50 projects with domestic and international operations in 12 countries. The key
project highlights are disclosed in the “Structure and Business Operations” section, “Products and Services” topic,
“Principal Projects in Operation” sub-topic.

Significant developments were reported for core E&P business in 2024. G1/61 Project has successfully ramped
up its production to 800 MMSCFD since March 20, 2024, ahead of plan, which mitigates the impact of high energy
prices and enhance Thailand energy security, with a plan to install additional wellhead platforms and continue drilling
campaigns to sustain the production level. Regarding the progress of overseas projects; (1) the partner of Yadana
Project in Myanmar had decided to withdraw its investment, resulting in a change of PTTEP’s participating interest
from 37.0842% to 62.9630%, effective from April 1, 2024; (2) For Abu Dhabi Offshore 2 Project which is located
in the northwest offshore of Abu Dhabi, United Arab Emirates (UAE), the field development plan was approved by
the Government and the Final Investment Decision (FID) for this project is expected in 2025; (3) PTTEP acquired
10% interest in the Ghasha Concession Project in the UAE with the transaction completion effective from
June 11, 2024. The project is a large natural gas field in the development phase, which will immediately add to
the Company’s petroleum reserves; (4) PTTEP acquired 34% of the share capital in E&E Algeria Touat B.V.
from ENGIE International Corporation B.V. (ENGIE). The completion of this transaction is subject to the conditions
precedent as prescribed in the Sale and Purchase Agreement (SPA). Upon completion, PTTEP will indirectly hold
a 22.1% investment in Touat Project, which is the natural gas–producing field, located in Algeria, and started
production since 2019. Therefore, it will immediately generate the return when the transaction is completed.

(2) Decarbonize

For our decarbonization efforts, we have made progress in 2024 as follows:

PTTEP reduced accumulated In 2024, PTTEP reduced

GHG emissions by GHG emissions intensity by

4.08
million tonnes of CO2 equivalent
21.2%
(from base year 2020)
(compared to the GHG emissions intensity
from base year 2020)

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The Company achieved GHG emission reduction (Reduce) by optimizing its E&P portfolio and implementing appropriate
well management practices. Additionally, PTTEP is continuously implementing greenhouse gas reduction projects
and promoting various emission reduction initiatives. In 2024, the progress includes the following:

Carbon Capture PTTEP plans to develop a carbon capture and storage (CCS) project at the Arthit natural gas
and Storage field in the Gulf of Thailand. The Front-End Engineering Design (FEED) has been completed,
(CCS) and various agreements are being prepared in anticipation of the Final Investment Decision
(FID) by the first half of 2025. Following the investment decision, the project is expected to
take approximately three years before the first carbon injection. The expected full storage
capacity ranges from 0.7 and 1 million tonnes of CO2 equivalent per year.
GHG Reduction Initiatives In 2024, PTTEP continued its commitment to reducing greenhouse gas emissions from
its operations by initiating eight new emission reduction projects. These include the “Membrane
Replacement for Enhancing Hydrocarbon Separation and Reducing Flaring” at Arthit Project,
the “Fuel Gas Optimization in Turbo Compressors” at Yadana Project, and the “Low BTU Flare
Installation” at G2/61 Project. These newly implemented reduction initiatives reduced GHG
emissions by approximately 124,000 tonnes of CO2 equivalent in 2024, on top of the currently
implemented emissions reduction activities.

Additionally, the Company enhanced its Leak Detection and Repair (LDAR) program to
manage and control methane emissions. PTTEP also began reporting methane emissions to
Oil and Gas Methane Partnership (OGMP 2.0) for the first time in May 2024, in accordance with
the Memorandum of Understanding (MoU) under the OGMP 2.0 and its commitment
to the Oil & Gas Decarbonization Charter (OGDC).
Additional Verification of PTTEP has strengthened the credibility of its greenhouse gas emissions reporting by
GHG Inventory Reporting undergoing third-party verification of its measurement and reporting processes against
the ISO 14064-1 standard in 2024. This effort is in addition to its annual reporting under the
Global Reporting Initiative (GRI) standard. The verification confirmed that the Company’s
practices align with the ISO 14064-1 standard, demonstrating the reliability of its GHG
emissions reporting. In addition, this initiative equips the Company for reporting under the
upcoming Climate Change Act, set to take effect in the future.

The progress of GHG offsetting initiatives (Offset) to absorb GHG from the atmosphere in 2024 is as follows:

Mangrove Forestation PTTEP has accumulated a total of 5,007.15 rai of land for mangrove forest areas, with
reforestation and maintenance carried out according to the plan, achieving an average
tree survival rate of over 85%. Additionally, the mangrove reforestation project covering
4,007.15 rai of land has been registered under the Thailand Voluntary Emission Reduction
Program (T-VER) with the Thailand Greenhouse Gas Management Organization (Public
Organization) or TGO.

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Management Discussion and Analysis of Operating Results 113

Land Forestation PTTEP has collaborated with various networking organizations, including:

Royal Forest Department (RDF): PTTEP has been approved for reforestation on a total of
18,253 rai of land under the authority of the Royal Forest Department, of which 8,410 rai of land
have already been reforested, with an average tree survival rate of over 85%. Additionally,
PTTEP supports the conservation and restoration of the Ban Khong Tabang community forest
in Phetchaburi Province, covering 1,397 rai of land, and has been awarded 4,500 tonnes of
CO2 equivalent in carbon credits.

Department of National Parks, Wildlife, and Plant Conservation: PTTEP has been approved
for reforestation on a total of 6,110 rai of land under the authority of the Department of
National Parks, Wildlife, and Plant Conservation. Reforestation has been carried out
according to the plan, achieving an average tree survival rate of over 85%. Additionally,
PTTEP is in the process of registering a T-VER project with the Thailand Greenhouse Gas
Management Organization (TGO), covering 5,530 rai of land.

Mae Fah Luang Foundation under Royal Patronage (MFLF): PTTEP has been continuously
restoring and managing 80,000 rai of land for community forests under the authority
of the Royal Forest Department in collaboration with the MFLF.
Study on GHG Reduction, In 2024, PTTEP conducted a study on the efficiency of reducing, absorbing, and sequestering
Absorption, greenhouse gases in the agricultural sector through the management of rubber plantations
and Sequestration under the Forest Stewardship Council (FSC) standard. This standard promotes sustainable
from Agricultural Sector forest management and the utilization of forest resources with consideration for environmental
and social impacts. Additionally, PTTEP studied the conversion of cassava rhizomes
into biochar as part of a collaborative social project to reduce environmental impacts,
in partnership with the Office of Natural Resources and Environmental Policy (ONEP)
and the Department of Climate Change and Environment (DCCE).

(3) Diversify

On the new business for energy transition, in 2024, Green Hydrogen Project in the Sultanate of Oman is currently in
the phase of wind and solar potential assessment, as well as conducting a feasibility study to determine the amount of
required capital expenditure and economic return before proceeding to the engineering design phase in 2025, with the
first production of green hydrogen anticipated in 2030. Furthermore, Rovula (Thailand) Company Limited, a subsidiary of AI
and Robotics Ventures Company Limited (ARV), has successfully completed a Paid Trial with a leading energy company
to deploy XPLORER, an autonomous underwater vehicle (AUV) equipped with non-contact sensors, on contactless
cathodic protection (CP) surveys for the first time in Asia. This project successfully inspected over 155 kilometers
of subsea pipelines in Malaysia. With regard to Carbon Capture and Storage (CCS) project, PTTEP, together with
PTT Group, engaged with the relevant government agencies to seek advice and guidance on the development of the
CCS project in Thailand. Lastly, the Seagreen Offshore Wind Farm acquisition was completed on May 31, 2024, where
PTTEP holds an indirect 25.5% interest.

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Business Outlook (2) Oil Price Outlook

(1) Energy Outlook On the demand side, crude oil demand in 2025 is expected
to increase by an average of 0.8–1.0 million barrels per day
Geopolitical conflicts and the worsening effects of global compared to 2024, reflecting a slower growth rate
warming have sparked a global energy crisis, leading year-on-year. The majority of this demand will continue to be
to global energy shortages and surging energy prices. driven by economic growth in large developing countries
Alongside inflation and a slowing global economy or such as China and India, while economies in developed
potential recessions, countries around the world are regions, including the United States (U.S.) and the EU,
striving to balance energy security with investments in are expected to remain stable. However, analysts are
renewable energy to drive the Energy Transition and meet closely monitoring the U.S., as the new president in 2025
future Net Zero greenhouse gas emissions targets. has introduced policies to increase international trade
tariffs, which could exert downward pressure on the global
According to S&P Global Commodity Insights, the energy economy as a whole.
transition is expected to unfold gradually. Natural gas
demand is projected to keep growing, as it serves a key On the supply side, crude oil production in 2025 is expected
role as a transition fuel, helping to replace coal in electricity to rise by 1–1.2 million barrels per day, primarily driven by
generation. At the same time, renewables energy is non-OPEC+ countries such as the U.S., Canada, Brazil,
expanding, with future business opportunities in Southeast Norway, and Guyana, which are projected to continue
Asia, including Thailand, aligning with the energy transition expanding production. This increase may result in a market
framework. In the short term from now to 2030, the focus surplus, leading to lower crude oil prices compared to 2024.
will be on transitioning to natural gas, which emits less CO2 Meanwhile, OPEC+ has yet to reach a clear decision on
than coal and oil, alongside increased use of renewables increasing production. However, on December 5, 2024,
for electricity generation, biofuels in transportation, OPEC+ resolved to extend its production cut of
and efforts to improve energy and fuel efficiency. 2.2 million barrels per day until March 2025. Other factors,
The industrial sector will also focus on material substitution such as geopolitical conflicts between Russia–Ukraine
and reuse. Additionally, initiatives like Carbon Capture, and Israel–Hamas, have had limited impact and are not
Utilization, and Storage (CCUS) projects are being expected to significantly affect the current crude oil supply.
implemented to further reduce CO 2 emissions.
In the medium to long term (post-2030), the shift will PTTEP forecasts crude oil prices in 2025 to be in the
increasingly favor low-carbon fuels, driven by technological range between 70–80 USD/barrel, lower than in 2024.
innovations in renewable energy technologies. CCUS This decline is primarily driven by concerns over high interest
and hydrogen technologies are expected to play pivotal rates in Western economies and the continued increase
roles across all sectors, including industry, electricity in crude oil production from non-OPEC+ countries.
generation, and transportation. In Q2/2025, demand may soften due to seasonal refinery
maintenance, before rising in Q3/2025 with seasonal
demand growth. However, there are several key factors
to closely monitor, including (1) the economic growth
outlook of the U.S., China, and India; (2) OPEC+ crude
oil production controls; (3) geopolitical tensions in
the Middle East and oil supply stability in the region;
(4) the prolonged war between Russia and Ukraine; and
(5) the new U.S. president’s policies on monetary policy,
foreign relations, and domestic oil production support,
which could influence future oil supply and price trends.
PTT Exploration and Production Public Company Limited
Management Discussion and Analysis of Operating Results 115

(3) LNG Market Outlook (4) Environmental, Social, and Governance (ESG)

On the demand side, global LNG demand in 2025 is PTTEP is committed to operating responsibly under its
expected to grow by approximately 5% from 2024, sustainability framework, addressing challenges to drive
reaching 431 MTPA. This increase is primarily driven by the energy transition and achieving Net Zero Greenhouse
economic growth in large developing countries such as Gas Emissions by 2050. The Company emphasizes
China and India. Additionally, the expiration of the creating internal sustainability through robust operations
Russia–Ukraine Transit Agreement on December 31, 2024, based on a strong business foundation, delivering long-
will lead to increased LNG imports in Europe. Demand term value to all stakeholders, and benefiting society
in Asia is also projected to rise due to potentially as a whole or “From We to World” under its vision to
colder-than-average winters in Japan and South Korea become the “Energy Partner of Choice.” PTTEP operates
(Source: FGE, December 2024). through a sustainability framework focused on becoming
a High Performance Organization (HPO), ensuring good
On the supply side, LNG production from new projects governance, risk management, and compliance (GRC),
is expected to grow by approximately 19 MTPA, or and enhancing sustainable value creation (SVC).
3% from 2024, bringing total production in 2025 to The Company aligns its sustainability initiatives and
424 MTPA. This increase will mainly come from the U.S., long-term goals with both national and UN Sustainable
Qatar, and Canada (Source: FGE, December 2024). Development Goals (UN SDGs), particularly Goals 3, 7, 8, 9,
12, 13, 14, 15, and 16, in line with its business strategies
Key factors to monitor for LNG prices in 2025 include and key sustainability priorities. These initiatives emphasize
weather conditions that may impact energy demand in environmental, social, and governance (ESG) aspects as
Europe and Asia, natural gas inventory levels in various the foundation for driving sustainable business growth.
countries, the economic recovery of China, concerns over
economic conditions in Europe and the U.S., global central
banks’ interest rate policies to control inflation, geopolitical
tensions in the Middle East, conflicts among major powers
such as Russia, China, and the U.S., and the policies
of the new U.S. president, which may bring changes to
energy policy, international trade, and the global economic
outlook, ultimately influencing LNG market prices.

In summary, PTTEP forecasts that LNG prices in 2025 will

remain high, with the average price expected to range
between 12–15 USD/MMBTU (Source: Woodmac/Platts/
FGE, December 2024).

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116 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

PTTEP evaluates and reviews key sustainability issues (5) Thai Economy and Foreign Exchange Outlook
under ESG principles using the Double Materiality
approach, considering their impacts on the Company, The Bank of Thailand (BOT) forecasts that Thailand’s
the environment, society (including human rights), GDP will likely expand by 2.9% in 2025, driven by growth
governance, and the economy. This assessment is in tourism, private and public consumption, and exports.
conducted in accordance with the Global Reporting However, household debt remains a key issue that could
Initiative Standards (GRI Standards: 2021) and AA1000 hinder economic growth. Additionally, external factors
AccountAbility Principles (AA1000AP: 2018). It integrates that may affect GDP include a potential trade war
insights from internal and external stakeholders, as well as between the U.S. and China, economic growth rates of
national and global sustainability trends aligned with Thailand’s key trading partners, and prolonged conflicts
the UN SDGs and the SASB Materiality Map TM of in the Middle East, which could adversely impact energy
the Sustainability Accounting Standards Board (SASB) prices. Regarding monetary policy, the Bank of Thailand
for the oil and gas exploration and production industry. expects the current interest rate of 2.25% to remain
In 2025, PTTEP identified 13 key sustainability issues namely: appropriate given the economic outlook.
(1) Energy Transition and Business Model Resilience;
(2) Governance, Risk Management and Compliance; The THB is expected to depreciate against the USD
(3) Safety, Security and Occupational Health; (4) Climate in 2025, primarily due to the direction of U.S. economic
Change and Net Zero; (5) Technology Development, policies under President Donald Trump’s administration.
Innovation and Digitalization; (6) Human Resource Protectionist trade policies, in particular, are anticipated to
Management; (7) Environmental Management and have a broad impact on the global economy. Additionally,
Operational Eco-Efficiency; (8) Contribution to Communities market expectations indicate that the Fed may slow down
and Society; (9) Human Rights; (10) IT Security, Cybersecurity its interest rate cuts as the U.S. economy shows strong
and System Availability; (11) Stakeholder Management; growth, supported by the U.S. government’s economic
(12) Biodiversity and Ecosystem Services Management; stimulus measures.
and (13) Supply Chain Management. The results of the
sustainability materiality assessment are incorporated (6) PTTEP’s performance outlook for the first quarter
into key data used to develop and enhance PTTEP’s and the year 2025
organizational strategies. These findings are also
integrated into the Company’s enterprise risk management Sales volumes, gas price, and unit cost are the primary three
processes, enabling PTTEP to respond promptly to factors that impact PTTEP’s performance. The Company
sustainability-related risks critical to the organization. has continuously monitored and adjusted the assumptions
to reflect the current situation and align with the evolving
operational plans and industry dynamics. The summarized
performance outlook for the first quarter of 2025 and
the year 2025 is as follows:

PTT Exploration and Production Public Company Limited

Management Discussion and Analysis of Operating Results 117

Sales Volume Gas Price Unit Cost EBITDA Margin

(Thousand BOED) (USD/MMBTU) (USD/BOE ) (% of sales revenue)
Q1/2025 Q1/2025 Q1/2025 Q1/2025

475–480 ~6.0 and FY2025

29–30
and FY2025

70–75%
FY2025 FY2025

500–510 ~5.8
Remarks:
1. The assumption is based on average Dubai price for FY2025 of 75–80 USD/Barrel.
2. EBITDA Margin: A percentage of Earnings before interest, taxes, depreciation, and amortization to the Sales Revenues and Revenue from pipeline
transportation

Sales Volume:

The average sales volume for the first quarter of 2025 is projected to be in the range of 475,000–480,000 BOED,
while the full-year 2025 sales volume is expected to be in the range of 500,000–510,000 BOED, reflecting an increase
compared to the previous year. This growth is primarily driven by higher sales volume from Thailand, attributed
to the full-year production ramp-up of G1/61 Project to 800 MMSCFD.

Selling Price:

• PTTEP’s gas price formulas are partially linked to oil prices, with reference to average historical prices spanning
from the past 3 to 21 months. The estimated average gas price for the first quarter of 2025 and the full year 2025
is approximately 6 and 5.8 USD/MMBTU, slightly lower than the previous year.

• PTTEP’s liquid prices will fluctuate in accordance with global crude prices.

• The Company has entered into oil price hedging contracts, with an outstanding volume of 2 million barrels as at
the end of 2024. PTTEP consistently monitors the movement of crude oil price market and retains the flexibility to
adjust its hedging plan accordingly.

Unit Cost:

For the first quarter of 2025 and the full year 2025, PTTEP expects the average unit cost to remain at approximately
29–30 USD/BOE, with no significant change compared to 2024.

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118 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

3.3 Significant Financial Information

The financial statements of PTT Exploration and Production Public Company Limited and its subsidiaries have been
prepared in accordance with Thai Financial Reporting Standards (TFRS) as well as the financial reporting requirements
of the Securities and Exchange Commission under the Securities and Exchange Act. For more details, please see in
“Financial Report.”

Statement of Financial Position

PTT EXPLORATION ANDAND

PTT EXPLORATION PRODUCTION PUBLICCOMPANY
PRODUCTION PUBLIC COMPANY LIMITED
LIMITED AND SUBSIDIARIES
AND SUBSIDIARIES
STATEMENT OFFINANCIAL
STATEMENT OF FINANCIAL POSITION
POSITION

As at December 31, 2022 As at December 31, 2023 As at December 31, 2024

Thousand (USD) % Thousand (USD) % Thousand (USD) %
Assets
Current assets
Cash and cash equivalents 3,539,220 14.1 4,018,959 15.2 3,938,163 13.9
Short-term investments - - 200,000 0.8 291,023 1.0
Trade and other current receivables 1,219,995 4.8 1,818,678 6.9 1,273,117 4.5
Short-term loans to a related party 1,317 0.0 7,545 0.0 25,292 0.1
Inventories 553,046 2.2 611,110 2.3 669,624 2.3
Current tax assets 53,878 0.2 54,152 0.2 79,064 0.3
Derivative assets 16,254 0.1 19,265 0.1 25,114 0.1
Other current financial assets 667 0.0 - - - -
Other current assets 300,171 1.2 131,135 0.5 201,678 0.7
Assets held-for-sale 10,730 0.0 - - 32,543 0.1
Total current assets 5,695,278 22.6 6,860,844 26.0 6,535,618 23.0
Non-current assets
Investments in associates 115,345 0.5 134,141 0.5 151,679 0.5
Investments in joint ventures 162,230 0.6 151,276 0.6 207,186 0.7
Long-term loans to a related party 434 0.0 438 0.0 557,480 2.0
Property, plant and equipment 11,880,375 47.2 12,864,663 48.8 14,431,173 50.8
Right-of-use assets 974,706 3.9 838,921 3.2 891,709 3.1
Goodwill 1,548,622 6.1 1,353,200 5.1 1,353,200 4.8
Intangible assets 132,703 0.5 134,327 0.5 162,516 0.6
Exploration and evaluation assets 3,071,577 12.2 2,756,341 10.5 2,659,296 9.4
Deferred tax assets 929,484 3.7 533,957 2.0 576,404 2.0
Rights to receive reimbursement from decommissioning funds 317,176 1.3 348,655 1.3 385,702 1.4
Derivative assets 26,521 0.1 10,837 0.0 46,949 0.2
Other non-current financial assets 139,655 0.6 162,860 0.6 203,876 0.7
Other non-current assets 173,848 0.7 229,877 0.9 238,587 0.8
Total non-current assets 19,472,676 77.4 19,519,493 74.0 21,865,757 77.0
Total assets 25,167,954 100.0 26,380,337 100.0 28,401,375 100.0

PTT Exploration and Production Public Company Limited

Management Discussion and Analysis of Operating Results 119

Statement of Financial Position (cont’d)

PTT EXPLORATION PTT

ANDEXPLORATION
PRODUCTION PUBLIC COMPANY
AND PRODUCTION LIMITEDLIMITED
PUBLIC COMPANY AND SUBSIDIARIES
AND SUBSIDIARIES
STATEMENT OFSTATEMENT
FINANCIALOF POSITION (cont’d) (cont'd)
FINANCIAL POSITION

As at December 31, 2022 As at December 31, 2023 As at December 31, 2024

Thousand (USD) % Thousand (USD) % Thousand (USD) %
Liabilities and equity
Current liabilities
Trade and other current payables 1,531,737 6.1 1,443,807 5.5 1,797,389 6.3
Current portion of long-term liabilities 303,193 1.2 280,860 1.1 389,966 1.4
Current corporate income tax payable 800,166 3.2 494,710 1.9 625,320 2.2
Other current provisions 488,591 1.9 104,015 0.4 154,060 0.5
Derivative liabilities 53,027 0.2 42,320 0.1 525 0.0
Other current liabilities 137,787 0.6 222,889 0.8 136,174 0.5
Liabilities held-for-sale 1,704 0.0 - - 673 0.0
Total current liabilities 3,316,205 13.2 2,588,601 9.8 3,104,107 10.9
Non-current liabilities
Debentures 2,809,260 11.2 2,785,242 10.6 2,795,370 9.9
Lease liabilities 720,569 2.9 587,524 2.2 575,845 2.0
Deferred tax liabilities 1,575,376 6.2 1,526,388 5.8 1,468,493 5.2
Non-current provision for employee benefits 190,800 0.7 206,726 0.8 233,336 0.8
Non-current provision for decommissioning costs 2,799,503 11.1 3,851,781 14.6 4,267,152 15.0
Non-current provision for remuneration for production
bonus and renewal of petroleum production 193,533 0.8 158,997 0.6 133,051 0.5
Derivative liabilities - - 802 0.0 296 0.0
Other non-current liabilities 47,417 0.2 80,607 0.3 57,025 0.2
Total non-current liabilities 8,336,458 33.1 9,198,067 34.9 9,530,568 33.6
Total liabilities 11,652,663 46.3 11,786,668 44.7 12,634,675 44.5
Equity
Share capital
Issued and paid-up share capital 150,684 0.6 150,684 0.6 150,684 0.5
Share premium 3,439,037 13.7 3,439,037 13.0 3,439,037 12.1
Retained earnings
Appropriated
Legal reserve 15,048 0.0 15,048 0.1 15,048 0.1
Reserve for expansion 431,231 1.7 431,231 1.6 431,231 1.5
Unappropriated 9,481,343 37.7 10,531,354 39.9 11,677,291 41.1
Other components of equity (2,052) (0.0) 22,917 0.1 45,145 0.2
Equity attributable to owners of the parent 13,515,291 53.7 14,590,271 55.3 15,758,436 55.5
Non-controlling interests - - 3,398 0.0 8,264 0.0
Total equity 13,515,291 53.7 14,593,669 55.3 15,766,700 55.5
Total liabilities and equity 25,167,954 100.0 26,380,337 100.0 28,401,375 100.0
Book value per share (USD) 3.40 3.68 3.97
Issued and fully paid-up capital at the end of year (thousand share) 3,969,985 3,969,985 3,969,985

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120 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Income

PTT EXPLORATION ANDAND

PTTEXPLORATION
PTT EXPLORATION PRODUCTION
AND PUBLIC
PRODUCTIONPUBLIC
PRODUCTION COMPANY
PUBLICCOMPANY
COMPANY LIMITED
LIMITED
LIMITED AND AND SUBSIDIARIES
ANDSUBSIDIARIES
SUBSIDIARIES
STATEMENT OF
STATEMENTOF
STATEMENT INCOME
OFINCOME
INCOME
FOR THE YEARS ENDED DECEMBER
FOR
FOR THE
THE YEARS
YEARS ENDED
ENDED DECEMBER
DECEMBER 31,31,31,

2022
2022 2023
2023 2024
2024
Thousand
Thousand(USD)
(USD) %% Thousand
Thousand(USD)
(USD) %% Thousand
Thousand(USD)
(USD) %%
Revenues
Revenues
Revenue
Revenuefrom fromsales
sales 9,270,564
9,270,564 96.0
96.0 8,511,079
8,511,079 94.0
94.0 8,698,463
8,698,463 93.8
93.8
Revenue
Revenuefrom frompipeline
pipelinetransportation
transportation 150,923
150,923 1.61.6 128,067
128,067 1.41.4 143,838
143,838 1.51.5
Other
Otherincomeincome
Gain
Gainononforeign
foreignexchange
exchangeratesrates -- -- 48,129
48,129 0.50.5 6,490
6,490 0.10.1
Gain
Gainononremeasuring
remeasuringofoffinancial
financialinstruments
instruments -- -- -- -- 11,089
11,089 0.10.1
Gain
Gainonondisposal
disposalofofparticipating
participatinginterests
interests -- -- 73,239
73,239 0.80.8 -- --
Interest
Interestincome
income 44,031
44,031 0.40.4 152,274
152,274 1.71.7 238,340
238,340 2.62.6
Other
Otherincome
income 195,134
195,134 2.02.0 144,545
144,545 1.61.6 174,592
174,592 1.91.9
TotalRevenues
Total Revenues 9,660,652 100.0
9,660,652 100.0 9,057,333 100.0
9,057,333 100.0 9,272,812 100.0
9,272,812 100.0
Expenses
Expenses
Operating
Operatingexpenses expenses 1,110,010
1,110,010 11.5
11.5 1,224,841
1,224,841 13.5
13.5 1,401,808
1,401,808 15.1
15.1
Exploration
Explorationexpenses expenses 71,683
71,683 0.70.7 94,044
94,044 1.01.0 124,794
124,794 1.31.3
Administrative
Administrativeexpenses expenses 578,363
578,363 6.06.0 486,938
486,938 5.45.4 516,071
516,071 5.65.6
Petroleum
Petroleumroyaltiesroyalties 687,723
687,723 7.17.1 450,155
450,155 5.05.0 396,387
396,387 4.34.3
Depreciation,
Depreciation,depletiondepletionand andamortisation
amortisation 2,363,135
2,363,135 24.5
24.5 2,334,711
2,334,711 25.8
25.8 2,688,941
2,688,941 29.0
29.0
Other
Otherexpenses
expenses
Loss
Lossononforeign
foreignexchange
exchangeratesrates 91,064
91,064 1.01.0 -- -- -- --
Loss
Lossononremeasuring
remeasuringofoffinancial
financialinstruments
instruments 184,486
184,486 1.91.9 55,588
55,588 0.60.6 -- --
Impairment
Impairmentloss lossononassets
assetsandandgoodwill
goodwill 300,080
300,080 3.13.1 120,000
120,000 1.31.3 -- --
Finance
Financecosts costs 233,583
233,583 2.42.4 294,457
294,457 3.33.3 334,466
334,466 3.63.6
Total
TotalExpenses
Expenses 5,620,127
5,620,127 58.2
58.2 5,060,734
5,060,734 55.9
55.9 5,462,467
5,462,467 58.9
58.9
Share
Shareofofprofit
profitofofassociates
associatesandandjoint
jointventures
ventures 19,556
19,556 0.20.2 42,556
42,556 0.50.5 37,752
37,752 0.40.4
Profit
Profitbefore
beforeincomeincometaxes taxes 4,060,081
4,060,081 42.0
42.0 4,039,155
4,039,155 44.6
44.6 3,848,097
3,848,097 41.5
41.5
Income
Incometaxes taxes (2,061,501)
(2,061,501) (21.3)
(21.3) (1,831,388)
(1,831,388) (20.2)
(20.2) (1,621,179)
(1,621,179) (17.5)
(17.5)
Profitforforthetheyear
Profit year 1,998,580
1,998,580 20.7
20.7 2,207,767
2,207,767 24.4
24.4 2,226,918
2,226,918 24.0
24.0
Total
Totalcomprehensive
comprehensiveincome income(expense)
(expense)attributable
attributableto:to:
Owners
Ownersofofthetheparent parent 1,998,580
1,998,580 20.7
20.7 2,207,826
2,207,826 24.4
24.4 2,227,123
2,227,123 24.0
24.0
Non-controllinginterests
Non-controlling interests -- -- (59) - -
(59) (205) 0.00.0
(205)
Total
Total 1,998,580
1,998,580 20.7
20.7 2,207,767
2,207,767 24.4
24.4 2,226,918
2,226,918 24.0
24.0
Basic
Basicearnings
earningsperpershare share(USD)
(USD) 0.51
0.51 0.54
0.54 0.56
0.56

PTT Exploration and Production Public Company Limited

Management Discussion and Analysis of Operating Results 121

Statement of Cash Flows

PTT EXPLORATION AND PRODUCTION PUBLIC COMPANY LIMITED AND SUBSIDIARIES

PTT EXPLORATION AND PRODUCTION
STATEMENTPUBLIC COMPANY
OF CASH LIMITED AND SUBSIDIARIES
FLOWS
STATEMENT OF CASH FLOWS
FORFORTHE YEARS ENDED DECEMBER 31,
THE YEARS ENDED DECEMBER 31,
2022 2023 2024
Thousand (USD) Thousand (USD) Thousand (USD)
Cash flows from operating activities
Profit before income taxes 4,060,081 4,039,155 3,848,097
Adjustments for:
Share of profit of associates and joint ventures (19,556) (42,556) (37,752)
Depreciation, depletion and amortisation 2,363,135 2,334,711 2,688,941
Impairment loss on assets and goodwill 300,080 120,000 -
Write-off of exploration expenses 32,634 66,233 96,113
Other amortised expenses 12,426 9,299 9,986
Write-off of assets 17,704 72,783 1,684
Income recognised from deferred income (7,333) (233) -
Loss (gain) on remeasuring financial instruments 95,993 (14,871) (8,508)
Loss (gain) on foreign exchange rates 8,142 (2,932) 21,075
Interest income (44,031) (152,274) (238,340)
Finance costs 223,287 287,957 327,607
Other income (73,041) (80,901) (3,670)
Other expenses 147,840 16,351 25,045
7,117,361 6,652,722 6,730,278
Changes in working capital (2,430,129) (2,290,813) (1,008,709)
Net cash flows provided by operating activities 4,687,232 4,361,909 5,721,569
Cash flows from investing activities
Cash paid for short-term investments - (400,389) (341,311)
Cash received from short-term investments - 200,390 250,288
Cash paid for other non-current financial assets - (2,818) (6,245)
Cash received from other non-current financial assets - - 1,949
Net cash received from financial derivative contracts - - 901
Cash paid for short-term loans to related parties (1,250) (9,093) (301)
Cash received from short-term loans to related parties - 3,000 5,086
Cash paid for long-term loans (15,458) (15,222) (596,194)
Cash received from long-term loans to a related party 41,500 - 10,275
Dividend received from related parties 60,979 52,820 57,616
Net cash received from disposal of participating interests - 208,284 -
Cash paid for contingent considerations from business acquisition (955) (717) -
Cash received from disposal of investment in an associate 128,841 - -
Cash paid for investment in associate and joint ventures (17,642) (16,323) (105,535)
Cash received from lease receivables 234 50 -
Interest received from short-term investments - 959 7,992
Interest received from long-term loans to related parties 772 243 448
Net cash paid for acquisition of assets - - (531,310)
Increase in property, plant and equipment (1,765,221) (2,206,914) (2,853,998)
Increase in intangible assets (31,077) (26,414) (53,450)
Increase in exploration and evaluation assets (95,357) (158,560) (112,258)
Net cash flows used in investing activities (1,694,634) (2,370,704) (4,266,047)

PTT Exploration and Production Public Company Limited

122 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Cash Flows (cont’d)

PTT EXPLORATION ANDAND

PTT EXPLORATION PRODUCTION
PRODUCTIONPUBLIC COMPANY
PUBLIC COMPANY LIMITED
LIMITED AND SUBSIDIARIES
AND SUBSIDIARIES
STATEMENT OF OF
STATEMENTS CASH
CASHFLOWS
FLOWS (CONT’D)
(cont'd)
FOR THE YEARS ENDED DECEMBER
FOR THE YEARS ENDED DECEMBER 31, 31,

2022 2023 2024

Thousand (USD) Thousand (USD) Thousand (USD)
Cash flows from financing activities
Cash paid for repayment of debentures and long-term loans (1,025,126) (71,460) -
Cash received from issuance of debentures 358,644 44,550 -
Cash paid for finance cost from issuance of debentures (563) (1,058) -
Cash paid for lease liabilities (177,008) (261,489) (317,712)
Interest paid (144,365) (136,604) (131,498)
Cash paid for redemption of subordinated capital debentures (142,590) - -
Interest paid for subordinated capital debentures (4,256) - -
Net cash received (paid) from financial derivative contracts (44,924) - -
Cash received from issuance of subsidiaries’ share capital - 3,496 4,736
Dividends paid (819,492) (1,098,772) (1,080,024)
Net cash flows used in financing activities (1,999,680) (1,521,337) (1,524,498)
Net increase (decrease) in cash and cash equivalents 992,918 469,868 (68,976)
Cash and cash equivalents at the beginning of the year 2,559,189 3,539,220 4,018,959
3,552,107 4,009,088 3,949,983
Adjustment for the impact of exchange rate changes (12,887) 9,871 (11,820)
Cash and cash equivalents at the end of the year 3,539,220 4,018,959 3,938,163

PTT Exploration and Production Public Company Limited

 Management Discussion and Analysis of Operating Results 123

Significant Financial Ratio Summary Table

Significant Financial Ratio Summary Table

2022 2023 2024

Liquidity ratio
Current Ratio Times 1.72 2.65 2.11
Quick Ratio Times 1.37 2.06 1.63
Cash Flow from Operations to Current Liabilities Ratio Times 1.45 1.48 2.01
Account Receivable Turnover Times 10.51 8.15 9.02
Account Payable Turnover Times 6.51 6.35 4.93
Collection Period Days 35 45 40
Day Payable Days 56 57 74

Profitability Ratio
Net Profit Margin % 20.69 24.38 24.02
Return on Equity % 15.41 15.71 14.68

Efficiency Ratio
Return on Assets % 8.22 8.57 8.13
Return on Fixed Assets % 27.95 27.82 28.30
Assets Turnover Times 0.40 0.35 0.34

Financial Policy Ratio

Interest-Bearing Debt to Equity Ratio Times 0.28 0.25 0.24
Net Interest-Bearing Debt to Equity Ratio Times 0.02 (0.04) (0.03)
Times Interest Earned Times 30.41 21.85 19.32
Dividend Ratio % 53 49 49

Data per Share

Book Value per Share USD 3.40 3.68 3.97
Net Profit per Share USD 0.51 0.54 0.56
Dividend per Share THB 9.25 9.50 9.625

Growth Rate
Total Asset % 7.35 4.82 7.66
Total Liabilities % 5.77 1.15 7.19
Sales % 38.06 (8.30) 2.35
Net Profit % 65.10 10.47 0.87

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124 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Part Corporate
Governance

In parallel with PTTEP’s commitment to driving and

enhancing the value of our core E&P business for energy
security, and delivering long-term value to society,
communities, and the environment, we uphold the
highest standards of governance, risk management and
compliance. PTTEP focuses on good corporate
governance, transparency, business ethics, appropriate
internal controls and strict adherence to relevant laws
and regulations. We believe that these elements serve
as a crucial foundation, enabling the organization to
proactively prepare for a stable and sustainable evolution
in response to the changes and challenges that we must
meet.

Corporate Governance 125

Governance Structure and Key Data on 158
the Board of Directors, Sub-Committees,
Management, Employees, and Others
Corporate Governance Milestones
Corporate Governance Milestones 188
Internal Control and Connected Transactions 218
General Information and Other Significant 249
Information

PTT Exploration and Production Public Company Limited

Corporate Governance 125

4. Corporate Governance
4.1 Corporate Governance Policy
PTTEP’s Board of Directors (Board) emphasizes that PTTEP’s and its subsidiaries’ (PTTEP Group) operations comply
with the Good Corporate Governance and Business Ethics of PTTEP Group (CG&BE) in order to grow sustainably
and enhance the confidence of all shareholders and other stakeholders. To demonstrate our commitment to strike
a balance in terms of social and environmental aspects in our operations, PTTEP has adopted an approach to achieve
Net Zero Greenhouse Gas Emissions target through the “EP Net Zero 2050” concept. The Board has assigned
the Corporate Governance and Sustainability Committee (CGS Committee) to oversee and assure that the Company’s
operations are in line with the CG&BE Principles and that good corporate governance is always maintained at the level
of international standards. The CGS Committee also regularly monitors and assesses the implementation of CG&BE
and ensures its effectiveness.

In 2024, the Board of Directors particularly focused on the development plan and targets of Sustainability Framework
and made a commitment to conduct the business with transparency and effectiveness by adhering to good corporate
governance principles, maintaining robust risk management and internal control system as well as strictly conforming
to applicable laws and regulations including those related to Governance, Risk Management and Compliance (GRC).
The latter forms the key component of the Framework in order to respond to current situations, global trends, and
technological development, and be prepared for future challenges. Examples of GRC operations included the revision
of PTTEP Group’s CG&BE to align with the changing social norms as well as enhancing the GRC Framework to provide
clearer guidelines for the oversight, management, monitoring, and reporting of GRC activities. This framework is designed
to support new businesses and future projects. Additionally, the Stakeholder Engagement Survey was conducted to
gather feedback and insights from stakeholders on PTTEP’s GRC activities to analyze and further develop appropriate
strategies for GRC operations. With our commitment to the ongoing development of good corporate governance,
the Company earned various recognitions for our good corporate governance, domestically and internationally. Details
are disclosed in the “Awards and Success” topic.

The Board has reviewed the implementation of

the Corporate Governance Code 2017 (CG Code),
established by the Securities and Exchange Commission
(SEC), along with the Organisation for Economic
Co-operation and Development (OECD) Principles,
applying them in ways that are suitable for
the Company’s business. The Board assigned the
Corporate Governance and Sustainability Committee
to ensure CG Code compliance and its appropriate
implementation in accordance with the Company’s
business circumstances, as well as international practices
or higher standards, so as to generate sustainable value
and continued acceptance for the Company. Details are
as follows:

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4.1.1 Policy and Practices Related to the Board (1) Shareholders and Financial Institutions
of Directors
Shareholders
Details are disclosed in “Governance Structure and
Key Data on the Board of Directors, Sub-Committees, PTTEP recognizes and values the importance of
Management, Employees and Others” and “Corporate shareholders’ rights and the treatment of all shareholders
Governance Milestones” sections. fairly and equally as specified by relevant laws, rules,
and regulations. Hence, we have stipulated principles in
4.1.2 Policy and Practices Related to the Company’s Good Corporate Governance to ensure
Shareholders and Stakeholders that our shareholders’ basic rights are protected and
honored. These include the right to trade and transfer
The Board has approved PTTEP’s mission which puts shares, declaration of share ownership, and the right
an emphasis on the rights and value creation for all to attend shareholders’ meetings in person or through
stakeholders. The Company’s mission is to operate globally their proxies alongside the right to participate in and
to provide a reliable energy supply and sustainable value vote on significant issues presented by the Board at
to all stakeholders. In practice, the Company upholds the Company’s shareholder meetings, such as the election
the rights of all stakeholders including but not limited of new members of the Board to replace those due to retire
to shareholders and financial institutions, government by rotation, determination of the Board’s remuneration of
agencies and regulators, suppliers/contractors, customers, any kinds, appointment and approval of external auditors
employees and directors, business partners and joint and the auditor’s fees, approval of connected transactions,
ventures, communities and society, and the media. acquisition or disposition of material assets as required
The importance of the Company’s stakeholders is by law, and other issues which are of significance to
clearly written in PTTEP Group’s Good Corporate the Company. The shareholders are also entitled to receive
Governance and Business Ethics (CG&BE) in which profit sharing in the form of dividends as well as to obtain
practical guidelines with respect to business ethics equal and adequate information from the Company in
are established with an effort to balance duties a timely manner. The Company has only one class of
and responsibilities between the Company and our ordinary shares in which one share allows its owner
stakeholders. PTTEP has also set up communication to have one vote. Our efforts to ensure and enhance
channels to receive complaints and suggestions. the shareholders’ rights also include the following:
Furthermore, a strategy for managing and building
relationships with stakeholders has been developed 1.1) Annual General Meeting of Shareholders
as a key mechanism to enhance stakeholder engagement
and support the achievement of the company’s goals. PTTEP respected and promoted shareholders’ rights in
This information is published on PTTEP’s website, and its Annual General Meeting of Shareholders (hereafter
policies regarding the treatment of various stakeholder referred to as AGM or the Meeting) in 2024, through
groups are as follows: the following actions:

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Corporate Governance 127

Before the Meeting required for attending the Meeting (E-Meeting),

a proxy form (to preserve their rights to attend
1) Shareholders were invited to propose agenda items the E-Meeting) as stipulated by the Ministry of
and nominate qualified candidates for the election of Commerce, were enclosed in the invitation letter along
PTTEP directors prior to the AGM from September 1, with the list of required documents. The AGM invitation
2023, until November 30, 2023. The criteria were letter and supplementary documents were distributed to
announced publicly through the Stock Exchange of the Shareholders by postal service more than 21 days
Thailand (SET) and PTTEP website. The shareholders’ prior to the Meeting.
proposals were considered based on the Company’s
established criteria to ensure that the proposed 4) PTTEP provided the names of three independent
agenda items were relevant and truly beneficial directors in the proxy form to provide the shareholders
to the business of PTTEP Group. The Nominating an option to appoint one of them as their proxy.
and Remuneration Committee was responsible for The Company also informed the shareholders about
screening and short-listing the nominated candidates the stake of the independent directors on each of
for the Board’s Consideration. Thereafter, the Board the agenda items, for instance, to elect new directors
informed the shareholders of the resolution together replacing those due to retirement by rotation and
with the rationale for each of the proposals at the who resigned, an independent director whose term
AGM. In 2024, no such agenda items or any director was completed but re-nominated for another term
candidates were proposed by the shareholders. would be considered as having vested interests (but
not be considered as having a special interest) or on
2) PTTEP announced the date for the 2024 AGM the agenda item to approve the remuneration of the
approximately two months prior to the date of the Board whereby directors who would be considered as
Meeting as soon as the Board resolved on January 30, having special interest were excluded from the voting
2024 and approved the date for the AGM on Monday, regardless of their shareholding status. The Company
April 1, 2024, and the date of February 20, 2024, also recommended that shareholders use proxy forms,
on which the Shareholders would have the right to through which they could specify their votes on each
attend the Meeting as well as to receive dividends, agenda item.
through the SET’s and the Company’s websites.
5) The Company also invited shareholders to submit
3) The AGM invitation letter and supplementary questions related to the agenda items of the Meeting
documents, in both Thai and English, were published or other information relevant to the Company prior to
on the Company’s website on March 1, 2024, which the Meeting. This action helped to make the Meeting
was 31 days prior to the Meeting. The invitation letter more efficient and beneficial to shareholders. Such
had the necessary details of each agenda item, questions were consolidated and answered at
clearly stating the types of agenda items whether they the AGM as well as recorded in the Minutes of
were for acknowledgment or approval. The Board’s the Meeting.
opinions on each agenda item were clearly stated
along with other rules and regulations related to
the Meeting. The details of procedures and documents

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At the Meeting 3) Before the Meeting, PTTEP provided clear and

useful information as stipulated in the Articles of
1) The Meeting was held on Monday, April 1, 2024, Association of PTTEP such as the number and ratio
at 14:30 hrs. The Meeting was convened through of the shareholders who attended the Meeting both
electronic means (E-Meeting) according to in person and by proxies, including the Meeting
the Emergency Decree on Electronic Meeting, B.E. procedures, how to ask questions, or submit
2563 (2020), the Notification of the Ministry of Digital suggestions regarding the concerned agenda
Economy and Society Re: Standards for Maintaining items, the voting process and vote counting in each
Security of Meetings via Electronic Means, and other agenda item through E-Voting. The detailed contact
relevant laws and regulations. The Meeting date and channel was also provided if shareholders or proxies
time were determined having taken into account faced problems or had any questions regarding
the shareholders’ convenience. Details of procedures the E-Meeting system during the Meeting. Each
and documents required for attending the E-Meeting resolution was clearly reported and displayed
and proxy granting including contact channel for in the Meeting as required by relevant laws and
inquiries were introduced. The system for E-Request the Company’s Articles of Association and
submission was available from March 18, 2024, at independent legal inspectors were appointed to
8:30 hrs. until the end of the Meeting on the AGM date. witness and inspect the vote counting procedure.

2) All 14 PTTEP directors attended the Meeting. 4) All information presented at the Meeting was available
The Company’s Chairman of the Board presided in both Thai and English, the E-Meeting in English
over the Meeting, while the sub-committee chairmen, version for foreign shareholders who attended
the Chief Executive Officer, senior executives from the Meeting was also provided to ensure fairness and
the Finance and Accounting Group, and other equality among all shareholders.
functional groups also participated in responding to
and providing clarifications on the inquiries raised 5) External independent legal advisors, acting as
by shareholders. The external auditor, external legal inspectors as well as witnesses, were engaged
advisors from TTT & Partner Co., Ltd., attended to oversee the meeting to ensure the meeting’s
the Meeting and took up the role as an intermediary to transparency and that it was conducted lawfully and
ensure the Meeting was proceeded with transparency in accordance with the Articles of Association of
and in compliance with the Company’s Articles of PTTEP including but not limited to meeting procedures
Association and related laws. They also acted as as informed by the Chairman of the Meeting.
witnesses during the voting process. The Chairman Such procedures include verifying the documents
of the Meeting ensured that the Meeting was carried and the proxy examination process, ensuring
out in accordance with the Company’s Articles of a quorum as well as assuring the meeting that none
Association and the agenda items as per sequence of the shareholders with potential conflicts of interest
stated in the invitation letter, without any other agenda would cast votes on such agenda items, and making
item added. The Chairman efficiently allocated time sure that the voting procedures, vote counting,
to each agenda item and provided adequate time and verification of the resolution and result of
and opportunities for shareholders to share their the vote counting were done correctly.
views and make in-depth inquiries in regard to those
subjects relating to the Meeting’s agenda items and
the Company’s operations prior to vote casting and
decision-making on resolutions.

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Corporate Governance 129

After the Meeting are publicized through various channels, such as

the SET and PTTEP website, and other media including
1) PTTEP disclosed the Minutes of the Meeting together printed media. Furthermore, the Company clearly
with the vote counting results for each agenda discloses the shareholding structures in our subsidiaries
item to the SET’s information system and also on and associated companies as well as with the controlling
the Company’s website immediately after the Meeting. shareholder, namely PTT, to ensure shareholders that our
organization’s structure is transparent, verifiable, and does
2) Minutes of the Meeting, in both Thai and English, not comprise any form of cross or pyramidal shareholding
were accurately and completely recorded. structures.
They covered explanations of the Meeting’s voting
and vote counting procedures, details of agenda 1.3) Fostering Understanding of Business
items, questions and answers, explanations and Operations and Long-Term Engagement
opinions related to PTTEP’s business operations, and with Shareholders
the Meeting’s agenda. The Company also kept
in record the resolution on each agenda item, PTTEP continuously organizes various activities for
categorized them as agreed, disagreed, and the benefit of shareholders and society. The main
abstained as well as the names and positions of objectives of such activities are, for shareholders and other
the directors and executives who attended the persons interested in PTTEP, to enhance the knowledge
Meeting. Furthermore, the final version of the Minutes and understanding of the exploration and production
of the Meeting was submitted to the Ministry of of petroleum business which is distinct from other
Commerce, the SET, and the Office of the Securities businesses as well as participate in our CSR programs.
and Exchange Commission (SEC) within 14 days In addition, we aim to foster a high level of confidence in
after the Meeting. Minutes of the Meeting were also investors to maintain long-term investment with PTTEP.
delivered to the Company’s shareholders for their In 2024, Shareholder Site Visits were organized at
reference and consideration, and for the purpose of PTTEP Technology and Innovation Center (PTIC),
verification whereby any shareholders who wished Rayong Province, and at S1 Project, Sirikit Oilfield,
to make objections could do so within the timeframe Kamphaeng Phet Province.
stipulated by relevant laws. The approved Minutes,
video, and audio clips of the Meeting were also
published in both Thai and English on the Company’s
website. In 2024, the Company did not receive
any objections or inquiries from the shareholders
regarding vote counting results and the Minutes of
the Meeting.

1.2) Disclosure of Significant Material Information

PTTEP ensures that information is communicated to

shareholders accurately and in a timely manner, not only
for the information that is required by related regulations
but also for other information that the Company considers
necessary for the shareholders to have. These disclosures

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130 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

PTTEP also prepares and publishes a quarterly newsletter, internal information are regularly reviewed to preserve
Explorer’s Journal, as an additional channel to communicate integrity and equality among all the Company’s
PTTEP’s news to shareholders, investors, and the general stakeholders. Key measures are as follows:
public. This includes the Company’s performance,
the progress of key projects, technology, Corporate Social 1) The Board of Directors has assigned the Corporate
Responsibility (CSR) activities, corporate governance Governance and Subsidiary Management Department
activities, and other useful information; for example, as the center for monitoring the insider trading
PTTEP Shareholder Site Visit, the implementation of GRC prevention program and preparing a list of personnel
principles for sustainable business, renewable energy who are in possession of material and/or internal
technology for decarbonization and green hydrogen information (Insider List) which includes directors,
technology for energy transition, etc. There is also a fun the management, and relevant employees.
game in the quarterly newsletter for shareholders to play
and win special prizes. Explorer’s Journal is publicized on 2) Directors, the management, and employees are
the Company’s website. Copies of the newsletter would regularly informed of PTTEP’s regulations and policies
be sent to shareholders while e-newsletter would be sent with regard to insider trading prevention through
via registered emails of shareholders. various communication channels as well as through
training to ensure understanding and compliance and
to prevent misuse of information which may directly
1.4) Equal Treatment of Shareholders or indirectly be in conflict with his or her personal
interests. Disciplinary actions are clearly specified,
PTTEP provides a direct communication channel to all while supervisors, who act as the CG Leaders, are
our shareholders via our independent directors’ email responsible for advising and encouraging their
at [email protected] for various issues, subordinates to follow. In 2024, there was no report
such as activities of the directors, good corporate of any misuse of internal information.
governance, and audit-related issues. In addition,
shareholders can directly contact the Company Secretary PTTEP employees attended a training on Good
at [email protected] or Investor Relations Corporate Governance and Business Ethics (CG&BE)
Section at [email protected] for additional information. or CG&BE E-Learning which is a compulsory course
The Company also focuses on operating business with and is held every two years. This course covers
optimal efficiency, with a commitment to business ethics the topic of measures to prevent the use of insider
for sustainable growth of the organization using modern trading. The latest course was arranged in 2024 with
and accepted management and monitoring tools in 100 percent of employees attending and completing
order to provide appropriate and consistent returns to the course.
shareholders while taking proper care of stakeholders in
a sustainable manner. 3) Trading of PTTEP’s securities during the blackout
periods is prohibited when material information that
1.5) Prevention of Insider Trading may affect securities’ prices is being disclosed, such
as before the disclosure of financial statements,
PTTEP puts a great emphasis on supervising the use of operational results, or investments in significant
our internal information by including this matter in PTTEP projects. All the Company directors, members of
Good Corporate Governance and Business Ethics. the management holding positions of Senior Vice
In line with securities laws, policies relating to the use of Presidents (SVPs) and above, Vice Presidents (VPs)

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Corporate Governance 131

of the Finance and Accounting Group (FNA) as Financial Institutions

well as other management and employees having
material internal information will be informed of such PTTEP adheres to a policy of treating financial institutions
blackout periods in order to abstain from trading equally under the same standard, ensures open and fair
of PTTEP’s securities whether directly or indirectly. communication based on good governance principles to
This prohibition also applies to their spouses and minor foster trust and build strong, long-term relationships with
children. Violation of this prohibition is considered a financial institutions. PTTEP provides opportunities for
disciplinary offense. Moreover, Corporate Governance financial institutions to transparently offer various services,
and Subsidiary Management Department will send such as lending, cash management, and insurance,
the Blackout Period Acknowledgement Form to based on the quality and terms proposed, with clear and
the insiders once a year to acknowledge the blackout measurable criteria in the selection process.
period measures. In 2024, a comprehensive blackout
period calendar is introduced, providing insiders with PTTEP follows a multi-dimensional approach in selecting
real-time information on blackout periods and security financial institutions for products and services.
trading, ensuring that insiders have continuous access These dimensions include; (1) credibility and financial
to critical information on this matter. stability of the financial institution; (2) products and
services that meet PTTEP’s requirements; (3) interest
PTTEP also requires all the Company directors, rates and fees; (4) technology, innovation, and system
members of the management holding positions security; (5) quality of service; and (6) business policies
of SVPs and above, VPs of FNA as well as their aligned with PTTEP’s goals. Additionally, PTTEP regularly
spouses and minor children to refrain from directly evaluates the performance of financial institutions across
and indirectly trading securities of PTTEP at all times various aspects and collaborates with them to review and
and if it is necessary to trade, they must inform improve service efficiency to meet international standards.
the Corporate Governance and Subsidiary Management
Department at least two days in advance. For financial institution creditors and bondholders, PTTEP
ensures fair treatment according to the debt hierarchy
4) The Company directors, members of the management outlined in contracts and legal provisions. The company
holding positions of SVPs and above, and VPs of fosters positive relationships, honors its debt obligations
FNA must disclose complete information with regard as agreed, and maintains relevant financial covenants
to their securities possession as well as related as specified or disclosed. PTTEP also establishes
trading activities to the Corporate Governance and transparent and efficient operating procedures to build
Subsidiary Management Department in addition to trust and confidence among its financial institution
the disclosing obligation to the SEC. These pieces of creditors and bondholders.
information will be disclosed to the Board on a monthly
basis for CG&BE compliance monitoring purpose. For bond issuance, PTTEP ensures compliance with legal
Shareholding by the Company directors, members requirements and the regulations issued by the SEC
of the management holding positions of Senior Vice as well as strictly follows its policies, objectives, and the
Presidents (SVPs) and above, Vice Presidents (VPs) resolutions of shareholder meetings. PTTEP upholds
of FNA is disclosed in the Annual Report (56-1 One its responsibilities by adhering to the rights and duties
Report) as required by the SEC. of bond issuers as well as the terms of loan agreements.
It ensures full disclosure of relevant information and has
measures in place to address potential impacts on

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132 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

stakeholders in case of non-compliance with the bond been established, comprising 9 employer representatives
issuance terms or loan agreements. and 22 employee representatives from Thailand and
overseas work sites which represented 100 percent of
(2) Employees and Directors total employees. The Welfare Committee meets every
two months to discuss labor-related issues that cover
Employees compensation, welfare, human resource management,
and labor rights. In 2024, the Welfare Committee convened
1) PTTEP complies with the UN principles by not six meetings where 20 issues were discussed covering
employing illegal workforce and child labor in every compensation, welfare, benefits, and opportunities for
area in which we operate. The following guidelines are career advancement.
stipulated in the Company’s CG&BE:
2) PTTEP recruits, selects and employs employees based
1.1) To understand and comply with all laws on their qualifications, experience, and capability
applicable to PTTEP Group’s operations in to work in the target positions and alignment with
the locations where we conduct our business; the Company’s values. According to the Good
Corporate Governance and Business Ethics of
1.2) To understand local customs, cultures, and PTTEP Group, both internal and external candidates
traditions of the locality in which we operate; are treated fairly under the transparent recruitment
process. In addition, our employees are given
1.3) To respect the local traditions, cultures, and opportunities to develop and grow in their professional
cultural differences, and not to behave in any careers based on their potential as well as to join
way which contradicts them; external activities under the Company’s policy.

1.4) Not to discriminate against any individual based 3) PTTEP sets up and regularly reviews compensation
on our personal relationship with that individual, and benefits packages to ensure fairness for both
his or her ethnicity, nationality, gender (including the Company and employees according to our
pregnancy and sexual preference), age, skin short-term and long-term business performance,
color, religion, personal views, disability, or any pay positioning among leading energy companies
other conditions or characteristics which are not in Thailand and the region, types of work, required
concerned with work. skills and expertise, difficulties of work, responsibility
and accountability of each position, and the individual
In 2024, PTTEP supported 45 persons with disabilities employees’ performance results in order to attract and
on The Occupational Income Promotion project under retain competent and capable employees.
Section 35 of the Empowerment of Persons with Disabilities
Act, B.E. 2550 (2007), through the Disabled Personnel 4) PTTEP provides and regularly reviews welfare
Assistance Coordination Center to enable persons with and benefits packages to ensure fairness to both
disabilities or their caregivers to pursue career in their the Company and employees according to our ability
own hometowns. PTTEP made full payments directly to to pay at present and in the long run, focusing on
persons with disabilities within the period specified by law. the welfare and benefits that help to enhance
the quality of life of employees and their families.
PTTEP strictly complies with labor laws enforced by every These are, for example, healthcare benefits for
country we operate. In Thailand, a Welfare Committee has employees and their families which are comparable

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to those provided by the majority of other leading increased the flexibility and the ability to respond to
energy companies in Thailand and/or in the region. economic fluctuation in fund management by allowing
The Company regularly reviews welfare and benefits employees to adjust their provident fund contribution
programs to suit the changing social, economic, and rate four times per year, up from two times per year.
other obligatory conditions of the business. In addition, Currently, 99 percent of total eligible employees have
the Company also provides psychological and legal joined the Provident Fund.
consultation services through our “Sabaijaidee”
program to Thai employees, local employees in In addition, to celebrate and commemorate the
overseas work sites, their spouses, and children to long-term commitment and loyalty of our employees,
help them guard against anxiety and stress arising PTTEP establishes the Long Service Awards Program
from matters concerning their families, private to provide recognition to staff members who have
life, work, relationship, offspring, and legal issues. reached significant milestone years of service, which
The services are provided by psychologists and are 5, 10, 15, 20, 25, 30, 35, and 40 year employment
professionals from one of our consulting companies. anniversary with the Company. The purpose of
In 2024, The Sabaijaidee Live project and “Sabaijai the program is to strengthen our corporate
Day” activities were organized four times throughout employee engagement by recognizing and honoring
the year. The external speakers were invited to provide the commitment and dedication of long-term
professional knowledge and advice on mental health employees while promoting career aspirations within
care, and stress management as well as to promote the Company as well.
and enhance diversity and inclusion in the company.
There were also financial advisers provided advice 5) PTTEP prioritizes human resource development to
on financial issues called “Money Clinic project” to increase the organization’s capability to drive the
support the well-being and recommended employees business performance as the Company always
and their families in money management knowledge. believes that human resources hold a key to our
We issue monthly articles about mental health care success. The Company provides opportunities for
for employees as well. Psychology and stress tests employees to develop and enhance their knowledge,
have also been added to the WeConnect system and skills through both short-term and long-term
so employees can assess their stress at any time training and development programs. Apart from
and provide channels of communication where professional capability and necessary skills building,
employees and their families can directly contact the Company also embeds the corporate core
the professionals at the right time. values (EP SPIRIT) in all employees in domestic and
international assets, so they can perform the expected
The Company establishes a provident fund program behavior together based on the same corporate
for our employees to ensure their financial security culture to realize the Company’s vision and mission.
after resignation and retirement. The fund consists of In 2024, PTTEP organized the EP SPIRIT Trainer
contributions from both the Company and employees. program for nominated local staff in Myanmar and
The Company makes a monthly contribution at a rate Malaysia to enhance their knowledge and skill for
of 15 percent of our employees’ basic monthly salary, leading, and promoting core values and support
while employees contribute 2 to 15 percent of their Corporate Culture workplan to international assets
basic monthly salary. Criteria and policy regarding with understanding the context of the countries.
this fund are subject to the Company’s regulations. Furthermore, PTTEP continues promoting core
Effective from October 1, 2022, the Company has values through Change Agent named EP SPIRIT

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Transformers in Thailand, Myanmar, and Malaysia. (56-1 One Report) In addition, PTTEP communicates
In addition, our employees attended training and lessons learned from each completed case to
development programs at an average of 53 hours employees without disclosing personal information
per person per year. Programs for technical skills and in order to prevent recurrence. In this regard, PTTEP
Safety, Security, Health, and Environmental (SSHE) has a certain process to verify facts confidentially,
were provided to employees. Such programs covered involving only those concerned with a view to
topics such as water management, oil spill response, protecting employees and whistleblowers.
and environmental management. In addition,
the Company has extended the capability development 7) PTTEP conducts the Employee Engagement Survey
areas to include digital literacy, managerial skills, and every two years. The recent results in 2024 indicated
leadership skills such as New Manager Program, that the staff engagement is 75 percent higher than
Coaching & Feedback, Negotiation & Influence, the last results from the survey carried out in 2022
Ethical Leadership, and Data Science Bootcamp. and benchmarks from Thailand Market Average,
Thailand’s Oil, Gas, Exploration and Production
6) PTTEP realizes the value and importance of regular companies, APAC’s Oil, Gas, and Consumable Fuels
consultation between the Company’s employees and companies, and Fortune 500 companies.
their supervisors or among employees to seek ways out PTTEP remains committed to its Employee
to issues in the day-to-day operation as fast as possible Engagement improvement plan which the Chief
and to maintain a good working relationship among Executive Officer will endorse for 2025–2026.
them. Should any conflicts arise among employees Additionally, we plan to conduct the next Employee
or between employees and their supervisors, Engagement Survey in 2026.
the concerned employee may file a complaint through
one of the communication channels provided. Directors
The employees, including relevant witnesses, who
comply with the provided measures and procedures PTTEP efficiently support directors’ performance by
and act in good faith shall be protected, without establishing clear guidelines for directors’ roles and
facing a penalty, termination, or any other negative responsibilities, appointment of sub-committees,
consequences. PTTEP has introduced various development of directors, relationship enhancement
channels for Grievance Handling issues, such as between directors and the management, as well as
(1) the Whistleblowing System, which, during 2024, indemnity for directorship. Details are disclosed in
we received a total of 36 cases and 8 of those “Attachment 5: Good Corporate Governance and
considered valid complaints in accordance with Business Ethics.”
the Reporting and Whistleblowing Regulation, B.E.
2566 (2023). Among these, 6 cases have been (3) Government Agencies and Regulators
completed and 2 have remained under investigation
which is expected to be completed by Q1/2025; PTTEP conducts business by adhering to Good Corporate
and (2) the Human Resource Management Policy Governance and Business Ethics and strictly complies
Grievance Channel which, during 2024, we received with the laws, rules, and regulations applicable to our
10 complaints. All were considered valid and have operations in all locations where we operate whether in
been successfully processed. Moreover, PTTEP Thailand or overseas, including cooperation in being
has included the result of each complaint case a good citizen.
and related penalties (if any) in the Annual Report

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Corporate Governance 135

(4) Suppliers and Contractors • PTTEP is deeply committed to free and fair business
competition without trade barriers. Vendors can register
In this context, “vendor” refers to individuals or companies their profiles through our website at www.pttep.com >
providing goods and services to PTTEP Group without E-Service > Procurement and Contract > New Vendor
an agreement, while “supplier” refers to those with Registration. Click here for more information
an agreement.
• The pre-qualification committee, consisting of
According to the Procurement Regulation and the representatives from relevant units, was established
Good Corporate Governance and Business Ethics of to prequalify vendors by screening and evaluating
PTTEP Group (CG&BE), vendors play an integral part in them based on their product and service categories.
the sustainability of our business. The Company therefore The committee is authorized to perform its duties
established a policy which aims to treat our vendors as independently for fairness while ensuring that
equal business partners. PTTEP’s procurement system vendors possess the qualifications to deliver
is based on fair competition and strict compliance with the products or provide the services needed by PTTEP.
the laws and regulations as well as other legal obligations. The evaluation process is comprised of three aspects:
It also takes into account the Safety, Security, Health, (1) Preliminary Technical, (2) Safety, Security, Health,
and Environment (SSHE). Vendors must establish and Environment (SSHE), and (3) General (for example,
and implement a safe working procedure in line with company registration, code of conduct, etc.) including
the Company’s work safety standards. Their employees, Financial Status.
meanwhile, are also required to uphold business ethics
and respect human rights. Furthermore, in pursuing • PTTEP has published Privacy Notice and Guidelines
the Company’s vision of being the Energy Partner of on the Protection of Personal Data for the Procurement
Choice, PTTEP has focused on long-term value creation Process of PTTEP Group on our website at
and mutual benefits to foster good partnerships with www. pttep.com > E-Service > Procurement and
all parties including vendors. PTTEP has published Contract > Related Document. Click here for more
information related to Procurement and Contract on information
PTTEP website at www.pttep.com > E-Service >
Procurement and Contract. Click here for more information 2) Sourcing Strategy and Procurement Process
The key summary is as follows:
PTTEP develops Annual Procurement Plan (APP) in
1) Vendor Registration and Pre-Qualification accordance with the Company’s 5-year roadmap. As such,
the Company is able to leverage sourcing strategy and set
PTTEP Group strives for procurement processes that are contractual periods as appropriate for market situation for
accurate, proper, efficient, flexible, while conforming to both domestic and international assets. The APP shall be
international standards and taking risk management into endorsed by an authorized person as per the Delegation
account, on par with other leading companies. Thereby, of Authority and Signature (DAS) document. After the APP
the Company has in place mechanisms to ensure is endorsed, PTTEP will apply a sourcing strategy based
appropriate risk management and acquisition of goods on the scope of service, essential contract terms and
and services that are accurate and timely which will result conditions, vendors, market conditions, estimated contract
in the utmost benefit for PTTEP Group. The established value, duration, Category Management Process as well
procedure of Vendor Registration and Pre-Qualification as risk management in order to efficiently proceed with
is as follows: the procurement plan.

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Additionally, PTTEP continuously looks for sourcing 3) Contract Management and Assessment
opportunities from countries with lower production costs
(low-cost countries) by searching for new potential bidders Contract Management and Supplier Relationship
for categories which have limited sources of supply or Management (SRM) constitute an important component for
those that aim to achieve further cost-saving targets. the petroleum exploration and production business.
The new potential bidders will be assessed for quality A contract holder coordinates between suppliers and
as per the Company’s standards before being added to all relevant parties, to ensure that they fully understand
the approved vendor list. and comply with PTTEP’s work plan, contract objectives,
SSHE standards, and risk mitigation plan, as well as
For procurement process under the Production Sharing critical key performance indicators (KPIs). The contract
Contract (PSC), PTTEP is required to submit Annual holder also needs to assess and follow up periodically on
Master Procurement Plan (AMPP) in order to obtain the performance to ensure that the suppliers operate
endorsement from the Department of Mineral Fuels (DMF) according to the contractual terms. At the end of
for procurement valued above THB 10 million prior to the contract, the contract holder must also complete
the sourcing process. For any procurement transactions the Contract Closed-out Report to identify areas of
that fall under DMF criteria for submitting Procurement improvement regarding the operations and long-term
Strategy, the Procurement Strategy Sheet shall be sustainable relationship with the supplier. PTTEP has
submitted for DMF’s endorsement 30 days in advance of improved and set standard supplier performance
procurement process. evaluation criteria to suit the characteristics of each
category and set corrective action plans for those
PTTEP focuses on strategic sourcing where the Company suppliers who fail the evaluation. Evaluation results will also
will conduct a bid clarification meeting with high- be used in vendor pre-qualification evaluation in the future.
value contract bidders prior to the tendering process.
In the process of vendor selection for high-value and Additionally, PTTEP has reviewed and revised Procurement
high-risk procurement, the technical proposal will be & Contract Procedure and Procurement & Contract
evaluated first prior to consideration of the commercial Training Toolkit to ensure clarity, conciseness, adaptability,
proposal. Subsequently, the result of the bidding process and being up to date. PTTEP Delegation of Authority and
will be submitted to the Procurement Committee (PC), joint Signature (PTTEP DAS) regarding procurement was also
venture partners (if any), and the Board (for high-value revised to be more prudent and align with the current
procurement) for endorsement prior to the stage of contract operational conduct, so that the relevant units are able
drafting with the selected vendor. Furthermore, PTTEP is to use as a guideline properly. Moreover, the revised
required to inform the bid result to DMF, and in the event version was communicated through the Contract Holder
that the awarded contract value is 10 percent higher or Certification Program workshop and training, as well as
lower than the Procurement Strategy, DMF’s endorsement other communication channels, to build understanding and
is required prior to awarding the contract. The Company awareness among contract holders and relevant persons.
only selects vendors with the required technical and
SSHE qualifications, and which offer the lowest price or on 4) Supplier Collaboration Initiatives
the basis of the best interest of PTTEP Group.
In 2024, PTTEP continued to develop effective supply
Moreover, PTTEP has adopted a weighted technical and chain management and support supplier collaboration
price score method together with Green Procurement initiatives to maintain a good relationship with suppliers.
criteria in the vendor selection process in order to align In this regard, the Supplier Relationship Management
with the Company’s sustainability policy.

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Plan is developed and implemented, for example, In addition, PTTEP also supports SME entrepreneurs and
by organizing pre-bid meetings with suppliers under Made in Thailand products as per e-GP regulation, for
critical work categories, communicating strategic instance, considering SMEs as the priority for sourcing
direction and business opportunities to suppliers for opportunities, setting the scope of work to suit Made in
advance tender preparation, conducting offshore drilling Thailand products, setting conditions/vendor qualification
contractor performance monthly meetings, and organizing and evaluation criteria to support SMEs and Made in
annual meetings with major suppliers. As a result of good Thailand products, and supporting Thai entrepreneurs or
collaboration with suppliers, in 2024, PTTEP successfully companies registered in Thailand, to name a few.
established 75 Master Service Agreements with suppliers
for the repetitive sourcing items and completed 67 Frame 6) Vendor Sustainability Management
Agreements to reduce the procurement process and lead
time while increasing procurement efficiency. PTTEP is committed to operating our business to achieve
sustainable growth and adhering to good corporate
PTTEP also organized Supplier Day (The Symposium) governance for the community, society, and environment.
2024 under the theme “Shaping the Future: Digital To effectively achieve these goals, the Company prioritizes
Procurement and Transformation.” The primary objective the management and continuous improvement of its
of the event was to embrace digital advancements and supply chain.
explore the role of digital tools, artificial intelligence (AI),
and innovative strategies that are reshaping procurement. “PTTEP Vendor Sustainable Code of Conduct” was
A special highlight of the event will be the Supplier drafted with its contents and scope adhering to the
Excellence Awards, where we will recognize outstanding relevant rules, regulations, and laws. The vendors are
achievements in supplier performance. encouraged, in all of their activities, to be ethical, respect
human rights, comply with the SSHE standard, and
5) Local Content prioritize environmental management. In this regard, the
Company has introduced Green Procurement Roadmap
To enhance the capability of domestic vendors to compete and organized a project to produce environmentally
internationally, PTTEP supports the sourcing of local friendly procurement criteria to be applied within an
products and services. Not only does it promote domestic organization. Also, PTTEP has successfully applied
employment and income distribution, but it also reduces green procurement criteria for 27 work categories and
the outflow of capital to other countries. As a result of our implemented technical bid evaluation in conjunction with
commitment to building a long-term relationship with the commercial evaluation to award bidder. The successful
communities where we operate, the Company has been bidder shall get at least a 30 percent score to pass PTTEP
entrusted by the respective communities with licenses to green procurement criteria. The performance data of green
operate. Meanwhile, the Company also encourages our procurement is shown on our website at www.pttep.com
vendors to operate with care and responsibility wherever > Sustainability > Governance for Sustainable Business
they are and to increase their local sourcing to save costs > Supply Chain Management. Green Procurement
as well as to support the local communities. Local Content details are also disclosed in the “Building a Sustainable
details are also disclosed in the “Building a Sustainable Tomorrow” section, “Just Transition” topic, “Advocating
Tomorrow” section, “Just Transition” topic, “Advocating for Sustainable Supply Chain” sub-topic.
for Sustainable Supply Chain” sub-topic.

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7) Vendors’ Environmental, Social, In addition, PTTEP has made available the mechanism
and Governance (ESG) Assessment which allows both internal and external parties to report
any suspicious misconduct or wrongdoing that might
PTTEP Group conducts an assessment on suppliers’ be in violation of laws or Good Corporate Governance
sustainability on ESG aspect (ESG on-site audit), to assess and Business Ethics (CG&BE) committed by the Board,
sustainability risks in five areas: (1) corporate policy, the management, employees, or representatives of
(2) business ethics, (3) society, (4) occupational health and PTTEP Group. Procedures are in accordance with
safety, and (5) environment. The assessment was done the Whistleblowing Reporting and Protection Regulation
through a certified third party to ensure that suppliers’ to ensure efficiency, transparency, fairness and
ESG risks are audited and managed in line with the best accountability of the complaint handling process. In 2024,
practice. ESG assessment data is publicized on our the Company received no complaints from the customers.
website Click here for more information
(6) Business Partners and Joint Venture Partners
(5) Customers
Joint venture projects between PTTEP and the Company’s
PTTEP is committed to our mission to be the producer domestic and foreign business partners and joint venture
and supplier of crude oil, natural gas, condensate, partners operate under mutual working agreements
naphtha, and LPG at fair and competitive prices, through according to the international standards in order to
the arrangements of short-term, long-term, and spot promote equal ethic standards between PTTEP and
contracts. The Company assesses customer’s suitability our business partners and joint venture partners.
based on the following four criteria: (1) economic return of These agreements include details regarding the rights
product prices; (2) financial stability; (3) safety standards; and duties of business partners and joint venture partners
and (4) compliance with each customer’s local laws such as the right to become a member of a project’s
and regulations. The Company treats all customers management committee. The committee is responsible for
fairly with the objective to deliver optimal benefits for the issuance of guidelines on the procurement of products
all, while strictly adhering to the terms and conditions and services as well as for the development of strategic
of the contracts and maintains customer confidential planning and annual budgeting with a clear scope
information in compliance with Personal Data Protection and approach. The partners also have the right to audit
Act, B.E. 2562 (2019), as disclosed under the “Policy and annual financial and accounting records. At the same time,
Statement of Personal Data Protection” topic. In an effort the Company also agrees with business partners and joint
to maintain good relationship with the customers, venture partners on certain sets of appropriate and clear
the Company arranges regular meetings with customers measures, for example, penalty imposed on partners for
to exchange production plans and market-related failures to honor an agreement. In addition, the Company
information to ensure that the Company can produce and focuses on the transparent distribution of information
deliver quality products in accordance with the contracted to business partners and joint venture partners and
quantities and meet the time of customers’ needs. external parties.
The Company also conducts satisfaction surveys with
customers as means to continuously improve the quality (7) Communities and Society
of our products and services.
PTTEP Corporate Social Responsibility Policy emphasizes
sustainable social development and stakeholder
engagement at all levels. Social responsibility has been
integrated into each business’s decision-making and

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execution process. This Corporate Social Responsibility The responsible unit in providing information and response
Policy is adopted in all PTTEP operations areas. to external queries are the Investor Relations (IR) and
the Corporate Communications unit.
In this regard, PTTEP utilizes the Issue and Stakeholder
Management System (ISMS) as a tool for analyzing The information disclosure consists of financial
social risks to prevent and mitigate impact as well as to information and non-financial information. In 2024, financial
promote good relationships with communities in every information was disclosed through financial statements
operating area. Stakeholder management and Corporate which were reviewed or audited by the external auditor to
Social Responsibility Department, in charge of Corporate confirm that they were presented accurately, in all material
Stakeholder Management framework & guideline and respects, according to the Thai Financial Reporting
strategy, revisit them and analyze all data and statistics Standards (TFRS). The financial statements were
annually. Moreover, relevant managers and Public Affairs subsequently approved by the Audit Committee and/or
staff will ensure effective implementation. The data the Board prior to being disclosed to the public. The Board
& statistics are updated regularly through ISMS Report reported their responsibilities with respect to the financial
Online System and will be used as a centralized database. statements in the Annual Report (56-1 One Report).
This approach enhances the efficiency of monitoring In addition to the SET’s requirements, the Company also
community and social risks and provides opportunity for released unaudited annual financial statements in advance
management to monitor though this dashboard. PTTEP has to allow timely access to the financial information for
also set guidelines for grievances and issues handlings, the shareholders and investors. Unless stated otherwise,
allowing communities to report their concerns directly the information before and after the audit usually and
to on-site officers. Issues will be recorded and tracked generally does not contain any significant changes.
through the Grievance and Issue Monitoring System to
ensure that such issues are managed appropriately. The Company also disclosed non-financial information,
including the acquisition/disposal of assets, related
(8) Media party transactions, dividend payments, the management
discussion and analysis, invitation letter for the shareholders’
Collaborate with media with the emphasis on providing meetings, minutes of meetings, as well as other information
accurate and appropriate information for further deemed important for investment decisions. These
communication to the public in an accurate manner. disclosures were made in compliance to the guideline of
the SET’s and the Securities and Exchange Commission
4.1.3 Information Disclosure and Transparency (SEC)’s disclosure requirements for the listed companies.
Additionally, the Company disclosed the annual corporate
(1) Disclosure of Financial governance report in the Annual Report (56-1 One Report).
and Non-Financial Information
Information that PTTEP has publicly disclosed to
Information disclosure is one of the key aspects of good SET is disseminated in both Thai and English on the
corporate governance. PTTEP prioritizes the information Company’s website, which also features other up-to-
disclosure to the Stock Exchange of Thailand (SET), as well date information considered to be of interest to the
as to the shareholders and all stakeholders. The disclosed aforementioned parties. Key information available on the
information must be accurate, sufficient, timely, and equally website comprises petroleum exploration and production
accessible to all parties and is prepared in accordance projects, investment in new business for energy transition,
with the Company’s Business Ethics Guidelines. quarterly analyst meeting presentations, webcasts,

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investors’ event calendar and the Company’s presentations, historical and latest stock price, and press releases.
The Company also reports its Safety, Security, Health, and Environment (SSHE) performance in the Annual Report (56-1
One Report). Additionally, videos offering guidelines on how to calculate the Company’s financial results, along with an
infographic summarizing the operating performance, are available on our website for investors.

The Company also publishes a quarterly investor newsletter, Explorer’s Journal, which includes information that may
be beneficial to our shareholders and investors, including performance highlights, project updates, good corporate
governance practices, sustainable development roadmap, and knowledge sharing on the fundamentals of the exploration
and production business. The newsletter is available in both Thai and English on the Company’s website and is distributed
to investors in both hard copy and email formats.

In 2024, PTTEP disclosed a total of 37 articles through the SET portal and organized the following activities for
the shareholders, analysts, and investors:

Activity Frequency (Times)

• Roadshows/conferences (both domestic and overseas) 21
• Analyst meetings 4
• Opportunity Day and SET Digital Roadshow (arranged by the SET) 7
• Site visits at PTTEP’s operational sites 7
• Knowledge sharing events for investors 2
• Company visits and conference calls 27

The Company recognizes that accurate, complete, timely, and transparent information disclosure is essential to
Good Corporate Governance and Business Ethics (CG&BE), and is fully committed to excelling in this area. Therefore,
in 2024, the Company’s management held events and activities with domestic and international investors in the forms
of virtual conferences, online meetings, telephone calls, and in-person meetings.

(2) Investor Relations

The Investor Relations (IR) unit is responsible for the communication of relevant information and news that reflect
fair value of PTTEP’s stock price to the analysts, shareholders, and general investors according to the SET’s
and SEC’s requirements to build up confidence, enhance the company’s image, and cultivate a positive perception
among investors. Additionally, the IR unit coordinates and provides advice on investor relations matters to
the Company’s Board of Directors and executives.

Investors or interested individuals may contact and request information related to PTTEP through the following channels:

1) Head of Investor Relations:

Mr. Nattapol Tachavaraporn
Telephone: +66 2537 5304

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2) Investor Relations unit: the purpose and method of collection, use,

Telephone: +66 2537 4217, +66 2537 4946, disclosure, and/or transfer of personal data abroad,
+66 2537 5567 and +66 2537 5522 including rights as the owner of personal data, etc.
Fax: +66 2537 4444 The information is published at the Personal
Email: [email protected] Information Protection Center on the website of PTTEP.

4.1.4 Policy and Practices Related to 5) Establish and announce the Personal Data Protection
Personal Data Protection Standard for Employees to ensure that employees
know how to treat their personal data and how to
PTTEP recognizes the importance of personal data comply with the law.
protection and governance of personal data in accordance
with the Personal Data Protection Act, B.E. 2562 (2019) 6) Establish and announce the Personal Data Retention
(PDPA) and associated secondary laws and undertakes Guideline to provide appropriate guidance for
the following actions: personal data protection and management including
retention period and destruction to be in accordance
1) Produce PDPA Gaps Analysis and Recommendations with Company’s personal data protection policy.
to study and analyze legal requirements and
internal processes in accordance with PDPA and 7) Establish and announce the Personal Data Security
communicate the recommendations to relevant parties Incident Reporting and Response Procedure for
for implementation, for example, privacy notice, handling and reporting personal data security
personal data consent, cookies policy, and cookies incidents to be in accordance with PDPA and
consent, etc. associated secondary laws.

2) Establish a PDPA Implementation Plan and consult 8) Communicate PDPA knowledge through various
with relevant parties to put the plan into action, channels including email and provide regular training
follow up on the implementation, and examine related to educate employees. In addition, e-learning has
documents. been made available to help employees understand
the rules and practices of collecting, using, or
In addition, personal data collection, usage, disclosure, disclosing personal data, and the important duties of
and/or cross-border transferring of PTTEP’s activities the processor of personal data.
are reviewed annually to ensure compliance with
the PDPA and related secondary laws. 4.1.5 IT Security Policies and Practices
3) Establish and announce the Personal Data Since 2019, the Board has delegated the Risk Management
Protection Policy on PTTEP’s website to emphasize Committee to oversee the Company’s cybersecurity
the Company’s intention to protect personal data and strategy and review process.
explain how the Company generally treats personal
data. Later, in 2020, PTTEP appointed the Digital Steering
Committee, with the Executive Vice President of
4) Provide Personal Data Protection Notice for External the Operations Support Group (OPS) as its chairman,
Parties to inform data subject and understand to take on the following responsibilities:

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• Define PTTEP’s digital directions, policies, and foster their awareness and understanding of the relevant
strategies. corporate policies and regulations, as well as Thailand’s
• Review new digital technologies and innovative ideas Computer Crime Act, B.E. 2550 (2007) and Personal Data
in accordance with digital strategies. Protection Act, B.E. 2562 (2019). All policies and training
• Define PTTEP Digital Master Plan and Roadmap to align programs are reviewed regularly so that they remain
with PTTEP and PTT Group’s directions and business relevant and in line with the current laws.
strategies.
• Provide advice and determine solutions related to In 2023, all PTTEP staff were required to participate and
digital operations and processes. pass a compulsory online Cybersecurity Awareness
• Supervise and monitor digital risk management Training Course to ensure up-to-date awareness of current
to ensure risks are within the risk appetite under cybersecurity threats. PTTEP also sent phishing email
the Enterprise Risk Management Framework. messages to a randomly selected group of employees
every week to test employees’ awareness on cyber threats.
Reporting to the Digital Steering Committee, the Vice
President of the Information Management Department In 2024, PTTEP prepared to handle cyber incidents by
performs the role equivalent to that of the Chief Information conducting three tests per year, covering all departments,
Security Officer. He and his team are responsible for and improving the speed of vulnerability remediation.
developing the direction, targets, strategy, policies, and
standards for information technology security. Their tasks Additionally, proactive measures have been taken to
also include supervising the IT risk management as well enhance the detection and response capabilities of
as the IT security master plan and roadmap, with a view to the Security Operation Center, which covers IT,
keeping cyber risks in line with the Company’s risk appetite. Subsurface, and Operational Technology (OT) work, by
Indeed, cybersecurity risks have been incorporated into applying international standard indicators.
the corporate risk profile, which is closely overseen by
the Digital Steering Committee, the Risk Management PTTEP also received a Certificate of Registration for
Committee, and the Board of Directors to ensure that Information Security Management System – ISO/IEC
PTTEP can respond promptly to any cyber threats and 27001:2022 or ISMS for the scope: The information
any emergencies. Furthermore, to strengthen PTTEP’s security management applied to PTTEP Data Center and
response to cybersecurity incidents, the Company has Supporting Facility Governed by PTT Exploration and
already appointed the Chief Information Security Officer Production Public Company Limited. The Certificate was
and established the Cybersecurity Incident Response effective on September 2, 2023.
Task Force in the first quarter of 2023.
4.2 Governance Implementation at PTTEP
PTTEP issued three policies related to information security/
cybersecurity, namely Digital Security, Information Security 4.2.1 GRC Principles
Management System and Cybersecurity. All these policies
were announced across the organization in keeping PTTEP values the importance of integrating Governance,
with good corporate governance and are available to all Risk Management and Compliance (GRC), where
in the management and among employees through PTTEP the Company includes GRC as one of the three pillars of
Intranet. All employees have acknowledged these policies the Sustainability Framework, to ensure the effectiveness of
and received relevant training under the cybersecurity the Company’s operations and adherence to regulations,
and IT security training program, which was carried out to rules, policies, and ethics. This will lead to confidence

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among directors, executives, all staff members, and corporate governance principles, maintaining robust risk
stakeholders and propel the Company towards achieving management and internal control system as well as strictly
corporate goals in a sustainable manner. conforming to applicable laws and regulations. The key
performance in this area in 2024 is as follows:
PTTEP has continuously supported conducting business
operations with GRC principles with the following four main 1) Revisited GRC targets and workplan to ensure
goals: (1) achieve zero fraud and corruption and zero a seamless integration of GRC into business
non-compliance; (2) achieve high-impact risk identification operations.
with effective mitigation; (3) achieve 100 percent
improvement for control deficiency; and (4) increase GRC 2) Enhanced the GRC Operating Model Framework with
Maturity Level to level 4+. more clarity for effective governance, management,
monitoring, and reporting on GRC performance
The Company has adopted two essential GRC long-term across PTTEP’s domestic and international assets and
strategies, namely Smart Assurance and Mindful GRC. subsidiaries. Additionally, the Company established
The former aims to drive the specified GRC goals by an operational framework to support future projects
effective digital technology, while the latter focuses on and business initiatives.
raising awareness and encourage GRC practices among
all employees. PTTEP is also willing to extend and share 3) Continually enhanced the GRC One Digital System to
the GRC practices to its external stakeholders and study the feasibility on integrating GRC data across
relevant parties. The collaboration among teams from various GRC units, PTTEP internal departments, and
Corporate Governance and Subsidiary Management external sources, to maximize the effectiveness of data
Department and Risk Management Department has been linkage within the system.
established to drive GRC-promotion programs throughout
the Company. Their approach is in accordance with 4) Continuously fostered GRC as an integral part
the GRC Framework. Furthermore, the Company has also of corporate culture through communication
stipulated its governance structure to be in accordance campaigns targeting management and employees
with the Three Lines Model. in Thai operations and overseas, emphasizing
GRC awareness and understanding while inspiring
External independent experts are entrusted to regularly the incorporation of GRC principles and mindful
evaluate the Company’s GRC performance. For instance, practices into their work and daily lives. This includes
GRC Maturity Assessment and GRC Perception Survey initiatives of GRC case study via “GRC is in You”
with Stakeholders. Internal control assessment is also roadshow conducted to domestic and international
carried out, guided by the framework of the Committee of assets, promoting GRC learning, and sharing contents
Sponsoring Organizations of the Treadway Commission related to possible GRC issues to enhance employee
(COSO). The GRC performance is also audited by engagement. Moreover, PTTEP promoted good
the Third Line unit or the Internal Audit unit in accordance practices on GRC to external communities, including
with risk levels at a particular period. In 2024, PTTEP publications in Explorer’s Journal, shareholder site
found zero non-compliance incident with significant visits, and Facebook page: PTTEP Shareholders
impacts on PTTEP’s business continuity. Society. PTTEP has also shared GRC practices as
well as knowledge and experiences to the society and
PTTEP is committed to conducting its business with other interested parties.
transparency and effectiveness by adhering to the good

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4.2.2 Corporate Governance Concerning 3) Directors, the management, and employees who
Subsidiaries and Associated Companies have a conflict of interest shall not participate in
the consideration or voting on any matters in which
PTTEP supervises its subsidiaries and associated they have vested interest. Such conflict of interest shall
companies through the management of PTTEP Group be completely disclosed to the Company.
companies. The Company has established adequate
and appropriate monitoring and assessing systems which 4) Directors, the management, and employees shall
include risk management, internal audit and control, strictly adhere to the laws and regulations as required
compliance with rules and regulations, compliance by the Stock Exchange of Thailand (SET), particularly
with good corporate governance, and business ethics. in relation to connected transactions.
The Company regularly reports the performance to
the Corporate Governance and Sustainability Committee. The Company has established preventive measures for
The Company is also aware of the significance of potential conflicts of interest as follows:
information disclosure in accordance with the principles
of good corporate governance. Details as disclosed in 1) Directors, the management, employees, and
the “Internal Control and Connected Transactions” section, related persons must avoid financial involvement or
under the “Sufficiency and Suitability of the Internal Control engagement in a relationship with outsiders which may
System” topic. result in PTTEP Group’s loss of benefits, conflicts of
interest, or operational inefficiency.
4.2.3 Monitoring of the Compliance with
Corporate Governance Policies 2) Directors, the management, and employees who may
and Practices have a potential conflict of interest in bidding, selection
process, and awarding of the transaction, must
(1) Conflicts of Interest Prevention Policy report to their supervisors and/or those participating
in the given process through the conflicts of interest
PTTEP is committed to preventing all potential conflicts reporting system. They must also withdraw themselves
of interest to provide the Company’s stakeholders’ from participating in such process or conflicted
confidence that our business management is efficient, transactions of PTTEP.
transparent, and in compliance with the Good Corporate
Governance and Business Ethics of PTTEP Group under 3) Directors, the management, and employees shall
the following principles: report to the Company through the conflicts of
interest reporting system regarding the information
1) Directors, the management, and employees shall treat of persons having close relations and working within
the interests of PTTEP Group as priority and shall not PTTEP Group and the companies in which PTTEP has
participate or be involved in any activities which may invested. This is to prevent any potential conflict of
lead to any conflicts of interest. interest.

2) Directors, the management, and employees shall 4) Directors, the management, and employees must
conduct self-reviewing and disclose, at least on an notify the Company immediately should there be
annual basis, their transactions that have led to any suspicion or uncertainty of what they or their
a conflict of interest with the Company. related persons are involved in, or that their shares in

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the business with transactions with the Company, may (3) Anti-Corruption
lead to a conflict of interest.
Importance
5) Directors, the management, and employees shall
attend the Good Corporate Governance and Business PTTEP Board of Directors attaches great importance
Ethics (CG&BE) training sessions which were on operating with transparency and fairness under
arranged in various forms and topics as determined by corporate governance with zero tolerance on any form of
the Company, for example, induction for new directors, corruption whether directly or indirectly. PTTEP has proper
management and employees, e-learning, and governance on all relevant functions pursuant to the Good
communication through email. Furthermore, PTTEP Corporate Governance and Business Ethics of PTTEP
stipulates that CG&BE E-Learning is a compulsory Group or CG&BE which is PTTEP Group’s regulations
course that is arranged every two years. In 2024, binding all across the organization, from directors,
100 percent of PTTEP employees participated in the management, to all employees of PTTEP and its
the course. subsidiaries, who are required to sign a commitment form
agreeing to observe and conform with such regulations.
6) Directors, the management, and employees must Also, our measures encourage those related to PTTEP
conduct self-review of their conflicts of interest on Group, including suppliers and contractors and joint
an annual basis. To review their conflicts of interest venture partners, to abide by the CG&BE and uphold
related to any matters in the procurement process, the similar best practices for anti-corruption on par with
management and employees who are directly involved PTTEP’s standards.
in the procurement process must conduct self-review
and disclose their transactions which may lead to PTTEP believes that efficient anti-corruption measures
a conflict of interest at least every six months. require a sound governance structure together with
Such declaration will enable the supervisors to consider a clear management system, adequate, and proper risk
re-assignment of duty of particular members of the management and internal controls, good monitoring
management and/or employees who are involved in for strict and ongoing compliance, independent audit,
a conflict of interest. In 2024, all employees conducted and explicit guidelines as stated in the CG&BE. It also
self-review and conflict of interest disclosure with requires all directors and the management to lead on
100 percent completion. The Company discloses good governance (CG Leader) by example. PTTEP Board
the statistics of violations against conflicts of interest of Directors assigned the Corporate Governance and
policy under the topic of Whistleblowing Reporting Sustainability Committee to monitor the compliance of
and Protection Procedures. the CG&BE as well as the Anti-Corruption Policy. Corporate
Governance and Shareholder Engagement Section, under
(2) Prevention of Insider Trading the Corporate Governance and Subsidiary Management
Department, Corporate Secretary and Assurance Division,
Details are disclosed in the “Corporate Governance” is a central function to support and drive the compliance of
section, under the “Prevention of Insider Trading” topic. the CG&BE and PTTEP Group’s anti-corruption measures.
At least every quarter, updates are to be provided to
the Corporate Governance and Sustainability Committee
and the Board of Directors. The CG&BE updates were
prepared in writing based on internal control principles.
They have been published and distributed to all relevant

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stakeholders in Thai, English, and Burmese. The full PTTEP has defined corruption based on applicable rules
version of the CG&BE is available on the Company’s and legislation, both domestic and international. It mainly
website for further study by interested parties. Finally, focuses on intention: any action in the interests of PTTEP
the “Standard of Practices for Anti-Corruption” was rolled Group must not be accompanied by the intention to
out for the management and employees to conduct use one’s or others’ authority for wrongful gains, which
themselves properly under various circumstances where is unlawful and/or against PTTEP Group’s regulations.
corruption risks exist – this is considered another internal This also includes all corrupt practices undertaken
control measure of PTTEP. as a giver or recipient, or through an agent.
PTTEP recognizes that certain activities, including
In addition, to establish a good standard for transparent not-for-profit donations, sponsorship, facilitation payment,
business execution and reduce the risk of conflict of and revolving door, may be at high risk for corruption.
interest, PTTEP Group constantly adheres to the No Gift Therefore, in defining “corruption,” these activities are
Policy and explicitly announces the Policy to outsiders mentioned so that practitioners may exercise extra
that PTTEP Group personnel will not accept gifts, precaution. PTTEP also provides appropriate guidelines
entertainment, or any other benefits on any occasion. for employees when facing such situations in the Standard
Integrity & Ethics has also been made as one of PTTEP’s of Practices for Anti-Corruption to reduce corruption risks.
corporate values to be fostered across the organization. In addition, PTTEP does not make donations to support
political parties for election campaigns, both at the local
Scope of PTTEP Group’s Anti-Corruption Policy and national levels, which is in line with the guideline and
principle of political neutrality under our business ethics.
PTTEP stipulates its anti-corruption policy as an integral
part of the Good Corporate Governance and Business Measures and Principles for Implementation
Ethics of PTTEP Group (CG&BE) which is PTTEP Group’s
regulations binding across the organization, from directors, Implementation of anti-corruption measures involves
the management, all employees of PTTEP, its subsidiaries, an internal control system, risk management, compliance
and its suppliers and contractors who are required to sign oversight, audit, and promotion of corporate culture and
a commitment form agreeing to observe and conform ethics, each of which is under the responsibility of relevant
with such regulations. The policy’s contents embrace the functional units. Therefore, PTTEP defined the “Three Lines
principles, guidelines, and clear examples of all matters Model” of internal control and risk management as follows:
related to anti-corruption measures. These include
governance structure stated under Corporate Governance: 1) The First Line Roles are made up of various functional
guidelines for political neutrality, use and protection of units responsible for overseeing their respective work
information and assets, conflicts of interest, procurement while they apply proper risk management, internal
and contract, and anti-money laundering under Business control, and full compliance with all applicable laws
Ethics. The “Standard of Practices for Anti-Corruption” was and regulations. Entities in this First Line Roles are
also rolled out to guide all PTTEP personnel in conducting required to have knowledge and understanding of
themselves to prevent corruption. Examples include internal regulations and relevant laws related to their
guidelines on gift offering and acceptance, hospitality, work. Moreover, they must improve their competencies
sponsorship and donation, and conflicts of interest. These and attend the necessary training to ensure that they
reflect PTTEP’s intention in the fight against fraud and are adequately knowledgeable and ready to perform
corruption in all forms. duties in their respective jobs and efficiently confront
various situations.

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Corporate Governance 147

2) The Second Line Roles are made up of those units control. In addition, PTTEP has continuously improved its
responsible for overall legislation, regulations, and internal control system to be more effective and efficient.
policies adopted by the Company and for defining
regulations and criteria as well as monitoring Continuous Communication, Knowledge
compliance, such as the units in charge of Development, and Training
governance, risk management, internal control, and
compliance (GRC) with a GRC framework defined The Corporate Governance and Sustainability Committee
within the Governance, Risk Management, and has defined a clear plan for fostering the CG&BE of PTTEP
Compliance Management System (GRC MS) to Group and the Anti-Corruption Policy on every personnel
enable goal achievement while having proper risk across the organization through various ongoing activities
management according to applicable corporate encompassing target groups at all levels and of all age
regulations and code of ethics. At the same time, groups. Activities were designed to match target groups’
business processes are improved for efficiency interests and knowledge levels, and their implementation
and adequate internal control through reduced expanded to external stakeholders, including suppliers
redundancy. The work scope contains the following and contractors. Performance indicators of target groups
nine key components: (1) leadership and commitment; inside and outside PTTEP were clearly defined to ensure
(2) policies, objectives, and plans; (3) organization proper policy implementation for the most concrete and
and resources; (4) GRC assessments; (5) controls and tangible results. In 2024, key activities were as follows:
responses; (6) monitoring and assurance; (7) audit;
(8) continual improvement; and (9) communication Internal Measures
and culture.
1) Organized induction sessions for new directors, the
3) The Third Line Roles are made up of audit management, and employees regarding Governance,
functional unit and external auditors, responsible for Risk management, and Compliance (GRC), providing
independently auditing the overall performance of them with basic knowledge and understanding for
various management systems under the First and acknowledgment and compliance. In addition, the
Second Line Roles. Company required all personnel to acknowledge
CG&BE by signing a commitment form to demonstrate
PTTEP assigns the Internal Control Section to regularly their intention that they shall perform their duties based
conduct internal control assessments on potential fraud on CG&BE, and the form was signed with 100 percent
risks, which include risks of asset misappropriation, completion.
corruption, fraud, and fraudulent financial reporting,
by allowing process owners to conduct control self- 2) Organized GRC basic knowledge training courses
assessment of their operation process and by evaluating (GRC 101) as a compulsory course for new staff.
for the adequacy of internal control system at the Contents covered corporate governance and business
corporate level in accordance with the Office of the ethics, risk management, internal control, and
Securities and Exchange Commission (SEC)’s regulations. compliance, with an emphasis on anti-corruption and
The Company’s Vice Presidents are required to conduct relevant matters so that employees would have correct
an annual self-assessment of internal control of each unit in understanding and duly apply them to their work.
accordance with COSO principles which covers potential All staff were welcome to review this course at
fraud risk. The results of the assessment indicated that any time.
PTTEP has an adequate and appropriate level of internal

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3) Organized the CG&BE E-Learning as a compulsory Transparency),” the activity was held on November
course every two years. The course content includes 6, 2024, as a hybrid event. This event clearly
anti-fraud and anti-corruption topics. In 2024, demonstrated the commitment among PTT Group
100 percent of PTTEP employees participated in companies in carrying out businesses with accurate
the course. The next session will be held in 2026. and transparent manners, and free from all types of
corruption.
4) Arranged training courses relating to Good Corporate
Governance and Business Ethics (CG&BE) for those 7) Established communication on conflicts of interest,
at supervisor level onwards under the concept of guidance on giving and acceptance of gifts, corporate
“Leading with Ethical Leadership.” The objectives tokens, representation, or other benefits which may be
were to build ethical leadership with an understanding computed into a monetary value, and the complaint
of CG&BE, create role models, and enable supervisors handling together with the provision on protection so
to provide advice and promote their subordinates to that the management and employees may realize
have awareness of CG&BE and conduct their work the importance of corruption prevention measures.
ethically. Additionally, the Company provided communication
to enhance the confidence of all individuals in filing
5) Arranged CG&BE Health Check Program in the form complaints through the Company’s defined channels
of workshop sessions for employees. The content with a good understanding of relevant procedures
provided in the sessions was tailored for each group and protection. The number of complaints was
of employees in order to review their understanding disclosed annually as a summary along with punished
of the CG&BE of PTTEP Group. The participants cases. (Details are shown under the “Whistleblowing
were given case studies with the aim of building Reporting and Protection Procedures” topic.) This is
understanding and correctly implementing CG&BE part of the campaign for all employees to take part in
in their operations. On this occasion, feedback and building a corporate culture with transparency and
questions about CG&BE raised by employees through corruption-free practices.
the sessions were also collected to mutually determine
the appropriate practices. The final solutions would be 8) Organized other ongoing communications to
part of the annual CG&BE revision. educate personnel across the organization such as
issuing CEO Message regarding the No Gift Policy,
6) Jointly organized PTT Group CG Day 2024, an annual launching a series of internal communications on
activity where PTT Group’s flagship companies take the definition of fraud, acts considered fraudulent,
turn to host the event. The activity was arranged for differences between fraud and corruption, and
all personnel of PTT Group and representatives of penalties. etc. In addition, the Company encouraged
entities dealing with governance and anti-corruption, employees to participate in various anti-corruption
suppliers, and customers of PTT Group. Known activities, for example, promoting Anti-Corruption Day
this year as “PTT Group CG Day 2024: CG Citizen through multiple channels, such as communication
– Sustainability Connect (Opportunity, Adaptability, signboards, emails, newsletters, etc.

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Corporate Governance 149

Measures for External Parties Monitoring the Implementation of Anti-Corruption

Measures
PTTEP has a clear intention to become a leading company
in the realm of Corporate Governance (CG) demonstrating The Board of Directors has assigned the Corporate
strong commitment and expanding good governance to Governance and Sustainability Committee to monitor
external parties. This is evident in PTTEP having a written the implementation concerning anti-corruption measures,
clear policy covering external stakeholders, for example, which is part of the CG&BE. The Company Secretary, as
vendors, joint venture partners, and representatives of the Committee’s Secretary, gathers data and reports to
PTTEP Group. The Company also encourages these the Committee at least once every quarter. Moreover, since
external stakeholders to conduct businesses ethically and the oversight of compliance with anti-corruption measures
not to be involved with corruption through the following of PTTEP Group is jointly done by several functional units
activities: (the Second Line Roles and the Third Line Roles), reports
are made to the applicable sub-committees, namely
1) Notifying all suppliers and contractors about the Risk Management Committee and the Audit
the No Gift Policy and request for their cooperation Committee. All implementation results are reported to
not to give or offer gifts, tokens, or other benefits on the Board of Directors and summarized for the shareholders in
any occasions to the directors, the management, the Annual Report (56-1 One Report).
and employees of PTTEP Group. PTTEP also
communicated and invited all suppliers and Furthermore, the Corporate Governance and Sustainability
contractors to engage in online training including Committee monitors the outcomes of the implementation
post-test on anti-corrupt practices. of the CG&BE plan annually to ensure goal achievement.

2) Announcing to external parties the No Gift Policy Audit

explicitly on PTTEP’s website and installing
communicating signboards in office premises near PTTEP designates the Internal Audit Division to perform
spots where visitors can clearly see, both in Thailand fraud auditing tasks, which include corruption, and
and other countries. undertaking further examination when complaints are
received. Currently, the Internal Audit Division has an
3) Advocating to society a culture of good governance Internal Audit Guideline – Fraud Audit that covers fraud
and anti-corruption. In 2024, PTTEP took action and risk assessment, prevention, detection, and investigation
participated in various key activities. Details are shown of fraud, as well as practical guidelines used in the
under the “Collective Efforts with the Public to Counter investigation process for complaints of fraud.
Corruption” topic.
PTTEP has implemented its Continuous Control Monitoring
4) Establishing channels for external parties to inquire in System to monitor and inspect any irregular transactions
case of questions or recommendations on good that occur in PTTEP’s work processes. The system has been
corporate governance and business ethics by implemented on the Procure to Pay processes, and covers
sending an email message to Corporate Secretary and warehousing and inventory management, targeting the risk
Assurance Division ([email protected]) of non-compliance with regulations or work procedures

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that may possibly lead to fraud and corruption. When participated in an activity in PTTEP 2024 Supplier Day
an irregular transaction has been detected, the system will on November 29, 2024. The objectives were to raise
send a notice directly to the management, enabling them awareness and understanding of anti-corruption among
to investigate and promptly resolve the matter. Moreover, PTTEP’s suppliers as well as to invite them to join
the Company has continuously implemented technology the Thai Private Sector Collective Action Against Corruption
to prevent corruption, for instance, GRC One Digital (CAC). This highlights PTTEP’s commitment to expand
System, which facilitate data integration between a transparent business network to its suppliers.
the GRC unit and other units within the organization,
enabling the effective utilization of information, Robotic (4) Whistleblowing Report
Process Automation (RPA) designed to reduce accounting
errors, the Audit Management System (TeamMate+) PTTEP Board of Directors has established the
which has assisted the audit process from the audit Whistleblowing Regulation for PTTEP Group to ensure
planning process to the audit issues follow up process and that the complaint-handling process is effective,
the enhancement of Follow Up Dashboard to facilitate transparent, fair, and conforms to international standards.
timely management in monitoring the outstanding audit This regulation is meant to provide appropriate and fair
issues. protection for whistleblowers and those cooperating
with the Company in good faith. This mechanism gives
Collective Efforts with the Public to Counter Corruption an opportunity for both internal and external parties
to report any suspicious misconduct or wrongdoing
PTTEP acknowledges the significance of our role as that might be in violation of laws, the Good Corporate
a listed company to build confidence of our shareholders Governance and Business Ethics (CG&BE), anti-fraud
and stakeholders that the Company’s management is and corruption policies, and other related regulations,
transparent, fair, and free from fraud and corruption. as committed by the Board, the management, employees,
The Company, in its capacity as a state enterprise, has or representatives of PTTEP Group.
a responsibility to lead by example and to encourage
society to adopt better anti-corruption standards. In 2024, PTTEP sets clear procedures and timeframe for the
the Company proactively took several measures and investigation of complaints as prescribed in the regulation
participated in several activities to counter corruption. to ensure the transparency and fairness of the complaint-
For instance, the Company joined Thailand’s National handling process. Examples are as follows:
Anti-Corruption Day which was on September 6, 2024,
at the Stock Exchange of Thailand Office. • The Board of Directors has appointed a complaint
screening committee responsible for determining
In 2024, Thai Private Sector Collective Action Against whether a complaint contains sufficient detail to initiate
Corruption (CAC) certified PTTEP as a member of an investigation and for appointing investigators.
Thailand’s CAC. The Company has been continuously If a committee member has a conflict of interest or
accredited as CAC member since 2014, reflecting is the subject of a complaint, the secretary of
the company’s commitment to conduct business the complaint screening committee shall report to
transparently and strengthen its anti-corruption measures, the Chief Executive Officer, who will appoint
thereby gaining trust and confidence from stakeholders. an appropriate replacement to serve as a committee
In addition, the Company, in collaboration with CAC, member.

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• The Corporate Governance Section, Corporate 3) Reporting through the whistleblowing system, which
Secretary, and Assurance Division, serving as is available on PTTEP website (www.pttep.com).
the secretary of the complaint screening committee The system will assign an individual Report Number
under the Whistleblowing Regulation, acts as and PIN to the whistleblower to ensure security and
the case coordinator. It will preliminarily determine prevent forbidden access by unauthorized personnel,
whether a complaint contains sufficient detail to initiate as well as to allow the whistleblower to perform
an investigation, submit the reviewed complaint to a follow-up on the progress of the reported complaint
the investigator within seven working days, and and make inquiries. This system serves as a necessary
monitor and ensure that the resolution of complaints tool for preventing and monitoring the risks of fraud
is completed within the specified timeframe. and corruption.

• The investigators prescribed in the regulation must There is also a provision on the protection of whistleblowers
complete the investigation within 30 working days. and involved persons including the remedy for any person
If the period is extended due to necessity, the extension who is affected by the complaint in this regulation.
can be made only with the approval of the authorized Whistleblowers and those cooperating with the Company
person (not exceeding seven working days at a time in good faith shall receive appropriate and fair protection
for non-complex cases and not exceeding 30 working from PTTEP Group, such as no change of job positions/
days at a time for complex cases). The investigator titles, no threat or unfair treatment, etc. The complaint
shall not have vested interests in the complaint. investigation shall be conducted on a confidential basis
Every complaint coming through the whistleblowing and not disclosed to irrelevant persons.
channels is summarized and reported to the Corporate
Governance and Sustainability Committee and/or In 2024, PTTEP received a total of 46 complaints, consisted
Audit Committee (as the case may be), and of 36 complaints through the channels according to
subsequently reported to PTTEP Board of Directors. the Whistleblowing Regulation and 10 complaints
through the channels according to the Human Resources
The whistleblowing channels of PTTEP Group are as Management Policy. After reviewing on the clarity
follows: and adequacy of these complaints, 18 cases were
accepted for further investigation.
1) Sending complaint by post to PTTEP director,
chairman of the audit committee, supervisor, or the
Corporate Governance Section, Corporate Secretary
and Assurance Division:
PTT Exploration and Production Plc.
555/1 Energy Complex Building A, 33rd Floor,
Vibhavadi Rangsit Road, Chatuchak, Bangkok 10900

2) Sending email to the supervisor or the Corporate

Governance Section, Corporate Secretary and
Assurance Division ([email protected])

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As of December 31, 2024, the investigation of 16 cases were completed while 2 cases were still under investigation
process (completed in quarter 1/2025). A summary of complaints is shown in the table below:

Topic 2022 2023 2024

Number of whistleblowing cases 13 33 46
Whistleblowers
• External reporter 3 16 14
• Internal reporter 3 4 13
• Anonymous reporter 7 13 19
Number of accepted cases after considering evidence and witnesses 8 11 18
Number of wrongdoing cases 3 3 15
Type of wrongdoings
• Safety and Health - - 1
• Business integrity
๏ on compliance it regulation - - -
๏ on licts o nterest - 2 1
๏ orruption raud ribery - - 2
๏ se and rotection o in ormation and assets - - 2
๏ t ers - - -
• Human Resources
๏ nappropriate manner - 1 6
๏ exual arassment 3 - 2
๏ on sexual arassment - - 1
๏ t ers - - -
• Others - - -
Consequences of wrongdoings
• Verbal warning - 1 6
• Written warning 2 2 6
• Suspension - - -
• Termination with severance pay - - -
• Termination without severance pay 1 - 3

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Corporate Governance 153

After completing the investigation of these 16 accepted 4.3 Business Ethics

cases, 15 cases were found to involve wrongdoing while
one case was determined to have no offenses. Disciplinary PTTEP is committed to operating its business in
action has already been taken against those found to have an ethical manner. Business ethics is regarded as
committed misconduct, as outlined below: a crucial behavioral framework and a good approach
for the conduct of business. Hence, it is a guide for all
• The wrongdoing related to safety and health, consisting directors, members of the management, and employees
of one case was penalized with a written warning. to perform their duties effectively, and ethically, as well as
• The wrongdoing related to business integrity is to treat every group of stakeholders equally, fairly, and
as follows: transparently. These practices will build confidence and
- Conflicts of interest: one case was penalized with lead to acceptance in the efficiency and transparency of
termination without severance pay. the Company’s business operations, creating a long-term
- Corruption, fraud, bribery: two cases were penalized sustainable value for all stakeholders and fairness for
with termination without severance pay. everyone concerned.
- Use and protection of information and assets:
two cases were penalized with written warning. Business Ethics of PTTEP Group is part of the “Good
• The wrongdoing related to human resources is Corporate Governance and Business Ethics of PTTEP
as follows: Group (CG&BE).” The Board first established its written
- Inappropriate manner: six cases were penalized with Business Ethics in 1989, and it is constantly reviewed
a verbal warning and written warning. annually. The CG&BE was regarded as the highest
- Sexual harassment: two cases were penalized with regulation for business operations of PTTEP Group.
written warning. More details of the CG&BE are disclosed in Attachment 5.
- Non-sexual harassment: one case was penalized with
written warning. PTTEP’s Business Ethics consists of principles, guidelines
for good practices, samples of questions and answers,
The Corporate Governance unit has prepared and information for further study, and a list of departments
reported the results of the complaint investigation to the responsible for each of the principles. There are 10 ethical
relevant parties. The findings of the cases were used issues that reflect our organizational values of PTTEP
carry out further improvements to the Company’s internal Group to which directors, management, and employees
control measures. must adhere as per the following:

details regarding the complaint-handling procedures and 1) Compliance with Laws, Regulations, and Rules,
the whistleblowing regulation and system, please visit and Respect for Different Customs and Cultures
PTTEP website. Click here for more information 2) Political Neutrality

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3) Human Resource PTTEP continuously enhances and promotes

• Workplace Environment the awareness and understanding of PTTEP Group’s
• Privacy, Equal Treatment, and Anti-Harassment CG&BE among the Company directors and personnel.
• Illegal Drugs, Substance Abuse, and Alcohol, The Board governs the ways in which the CG&BE is
including substances that cause other intoxicating communicated to the directors and personnel to ensure
effects, such as hemp, cannabis, and kratom that they are able to uphold and comply with such policy
plants, etc. accordingly. Communication also extends to external
• Outside Employment and Management and parties, for example, employees, consultants, business
Employees’ Participation in Outside Activities partners, subsidiary companies, agents, nominees, or
4) Use and Protection of Information and Assets any persons acting on behalf of PTTEP Group in order to
• Record Keeping, Using, Disclosing, and promote good ethical cultures throughout the business
Safeguarding Information chain and society in general. Details are explained in
• Use and Storage of Electronic Data and Information the “Continuing to Provide Communication, Knowledge
Technology Resources and Training” sub-topic under the “Anti-Fraud and
• Use and Protection of Intellectual Property Corruption” topic.
• Insider Trading and Use of Inside Information
• Communicating responsibly The Board monitors and evaluates the performance of
5) Conflicts of Interest the CG&BE activities quarterly. the Corporate Secretary
6) Procurement and Contracts and Assurance Division is in charge of reporting them to
7) Anti-Fraud and Corruption the Corporate Governance and Sustainability Committee
8) Trade Competition and the Board on a quarterly basis to ensure that CG&BE
9) Anti-Money Laundering activities achieve the targeted performance. Furthermore,
10) Safety, Security, Health, and Environment the Corporate Governance and Sustainability Committee
has reviewed the work plan by taking into account
PTTEP has distributed PTTEP Group’s CG&BE electronic the evaluation results on CG&BE and Anti-Fraud and
booklet to all directors, the management, and employees Corruption measures to ensure continuity and efficiency
for their reference and adherence. Everyone is also for the development of the work plan.
required to sign their names, thus committing themselves
to apply PTTEP Group’s CG&BE to the highest working 4.4 Major Changes and Developments of
standards. In addition, the booklet is delivered to the Policy, Practices, and Corporate
Company’s business partners, regulators, parties with Governance System in the Past Year
regular business relationships with the Company,
and other interested parties. For the convenience of 4.4.1 Significant Changes and Developments of
the Company’s shareholders, investors, and interested the Corporate Governance Policy,
parties, the contents of PTTEP Group’s CG&BE booklet Guideline, and Governance System
can also be found on the Company’s website under
the Corporate Governance section. PTTEP realizes the importance of good corporate
governance that it will promote effectiveness and
sustainable growth of the Company’s operations leading

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Corporate Governance 155

to the best interest of all stakeholders. PTTEP, therefore, at all employee levels, with the ability to quickly search
regularly reviews and improves the policy, regulation, and verify the names of employees and companies
and relevant guidelines to ensure the effectiveness involved. Additionally, the system records participation
of implementation. In 2024, significant changes and in CG&BE E-Learning, which enables the analysis of
developments of the Company in CG&BE are as follows: the understanding and knowledge of CG&BE among
Management and employees.
(1) The Revision of the Good Corporate Governance
and Business Ethics Regulation (CG&BE) • The whistleblowing system has been redesigned into
a more modern and user-friendly format, improving
The CG&BE regulation is regularly reviewed and updated its effectiveness in handling the complaints. In 2024,
annually to comply with the changing laws & regulations the system underwent further improvements and was
and alignment with international standards. In 2024, expected to complete in 2025.
the key content and related practices were updated,
including the revision of the Board of Director’s 3) CG&BE Communication and Training
roles in internal control and internal auditing, as well
as the principles and framework for sustainability. PTTEP promotes the communication of CG&BE principles
The key strategies for management on stakeholders to the management and all employees, both in domestic
were introduced, and the groups of stakeholders were and overseas operations, to raise awareness, foster
redefined. The Business Ethics (BE) guidelines under understanding, and ensure the ongoing integration of
the principle of human resources were expanded to cover these principles into operations and daily life. In 2024,
gender issues and provide examples of practices related several forms of communication and training were
to substances that cause intoxicating effects. Furthermore, implemented, as outlined below:
the guidelines on the use and protection of information
and assets were improved, adding specific practices for • Conducted a CG&BE Health Check courses for
the use and storage of electronic data and information employees of S1 Asset, Suphanburi Asset, the Wellhead
technology resources must be used only for the benefit Platform Construction Department (EWP), and
of PTTEP Group. the Petroleum Development Support Base (PSB) in
Songkhla to review their understanding of PTTEP’s
(2) The improvement of CG&BE Reporting System business ethics. The course covered principles related
to anti-fraud and corruption and included discussions
PTTEP has implemented advanced technology to support with employees on common issues encountered
its operations in alignment with CG&BE, by developing regarding CG&BE, with the aim of establishing best
and enhancing key CG&BE management systems practices that align with CG&BE principles.
as outlined below:
• Launched the 2024 CG&BE E-Learning program to
• The CG&BE reporting system has been enhanced assess the knowledge and understanding of CG&BE
to improve the collection and reporting of employee- among management and all employees every two
related information more thoroughly and efficiently. years, from September 16 to November 15, 2024.
This includes tracking the giving/accepting of gifts or 100 percent of management and all employees
other benefits, as well as, reporting Conflict of Interest completed the e-learning.

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4.4.2 Other Good Corporate Governance Practices 3) Under PTTEP’s Articles of Association, director
election is done by a majority vote, with one
PTTEP values and strictly abides by PTTEP Group CG&BE shareholder having votes equal to the number of
and international best practices, which are applied with shares one holds. Shareholders can vote for individual
due regard to our circumstances, business, and the best directors. Directors receiving the highest votes are
interests of the Company, shareholders, and stakeholders elected in descending order until the available director
as a whole. Below are details of PTTEP’s additional positions are filled. PTTEP, therefore, does not rely on
implementation pursuant to the best practices: the cumulative voting method. Despite this, PTTEP has
adopted other methods of looking after the interests
1) Since PTT holds (both directly and indirectly) 65.29 of minority shareholders, including allowing them to
percent shares in PTTEP, the free-float proportion of nominate director candidates for election in advance.
shares is less than 40 percent of the total paid-up
shares. Yet, the current free-float proportion is enough 4) The verification of the rights of attending shareholders
for minor shareholders to exercise their rights to veto is done thoroughly and in detail, ensuring that multiple
significant transactions. PTTEP values full compliance granting of proxies is properly done without affecting
with the SEC and SET rules and regulations while the rights of other attending shareholders.
taking seriously the perennial stewardship of minor
shareholders’ rights. PTTEP organizes various 5) Directors automatically retire at the age of 70; their
activities to convey useful information to these qualifications become void when they reach this age.
shareholders, winning acceptance from relevant
external agencies. 6) PTTEP requires that the number of independent
directors should be no fewer than half of the number
2) PTTEP recognizes the importance of advanced of directors in the Board.
delivery of the shareholders’ meeting notices to
shareholders to allow them enough time to duly 7) PTTEP values the independence of the Chairman
examine the information. The shareholders’ meeting of the Board; therefore, we give top priority to the
date is scheduled in March to the beginning of April selection of the Chairman from the list of independent
every year for shareholders’ convenience and to not directors, except for other justification or suitability
coincide with other listed companies. This schedule in other aspects, e.g. business expertise, work
also provides shareholders with early receipt of rights experience, and good leadership in order to find
and benefits, including dividends. As PTTEP operates the suitable person. PTTEP has adopted specific
its businesses in many countries, it takes more time to processes for this position, including Chairman
carefully audit our financial statements, which are in assessment by the entire Board of Directors to ensure
the interests of shareholders, and to prepare various his genuine independence. Details are disclosed
reports well. Recently, the Company was able to send in the “Governance Structure and Key Data on
meeting invitations to shareholders by post 24 days the Board of Directors, Sub-Committees, Management,
in advance of the Meeting. In addition, PTTEP also Employees, and Others” section, “Independence
publicized the Meeting invitations on our website no of the Chairman” topic. The present Chairman is
less than 28 days in advance of the Meeting to give an independent director.
shareholders enough time to examine the Meeting
data.

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Corporate Governance 157

8) PTTEP Board of Directors annually revisits the suitability target covering all aspects of both business performance
of the Skill Mix by explicitly defining each skill aspect and good corporate governance. Assessment results
or proficiency and setting the annual target for the are discussed by applicable sub-committees in order
Skill Mix in line with prevailing business circumstances to improve their performances. In addition, the Board
and changing the business environment for director of Directors undergoes appraisal by neutral external
recruitment and capability development. The Board agencies, including the Corporate Governance Report of
also values the Board’s diversity by not discriminating Thai Listed Companies (CGR) Project carried out by
against gender, nationality, ethnic group, race, country the Thai Institute of Directors (IOD), and the ASEAN
of origin, or cultural background. CG Scorecard assessment. The evaluation results
are used for the Board’s performance improvement.
9) PTTEP applies best practices on requiring a minimum
quorum for voting in the Meeting stating that 11) In 2024, PTTEP held one independent directors’
the minimum quorum is reached with no fewer than meeting and one non-executive meeting for
two-thirds of the entire Board’s directors (excluding consultation and exchange of views on crucial,
those with vested interests) present. Furthermore, useful matters of the Company, and major and
PTTEP’s corporate governance requires that directors minority shareholders and upgraded our corporate
absent without good reasons from the Board meetings governance practices. The CEO was subsequently
on more than three consecutive occasions should informed of the outcomes of these meetings.
automatically lose their director’s qualifications.
PTTEP also sets meeting attendance as an indicator 12) PTTEP specifies a policy on CEO and senior
of the Board Performance Target. PTTEP’s practice is management remuneration in line with their
to determine and schedule Board and sub-committee short-term and long-term performance, as well
meetings during the year in advance for the benefit as PTTEP’s performance. The Company has also
of efficient planning by the directors. In 2024, disclosed the CEO’s remuneration, the ratio of
more than two-thirds of the Board attended every the CEO’s remuneration to the average remuneration
Board meeting. Finally, before any voting, the Chairman of the Company’s executives, as well as to the average
gives all directors opportunities to ask questions of all employees.
and extensively discuss issues in order to reach
unanimous decisions. 13) PTTEP does not offer a scheme that provides
the management with the right to buy PTTEP shares.
10) Assessment of the Board and sub-committees The Company instead applies an appropriate
is done through scoring on performance assessment remuneration structure that is suitable for
forms for both self-assessment and cross assessment, the Company’s business and competitiveness.
Chairman assessment, and entire-Board assessment Such structure is screened by the Nominating and
together with evaluation against Board performance Remuneration Committee and the Board of Directors.

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5. Governance Structure and Key Data on

the Board of Directors, Sub-Committees,
Management, Employees, and Others
5.1 Governance Structure
As of January 1, 2025
Board of Directors

Corporate Governance Nominating and Remuneration

and Sustainability Committee Committee

Audit Committee Risk Management Committee

Internal Audit Div. Chief Executive Officer

Legal Div. Safety, Security, Health,

and Environment Div.

Branding, Communications, Corporate Secretary

and Knowledge Intelligence Div. and Assurance Div.

Strategy, Business Development, Technology, Carbon Solutions,

and Human Resources Group and Sustainable Growth Group

Business Corporate Technology Management Carbon and Energy

Development 1 Div. Strategy Div. Div. Solutions Div.

Business Human Resources Div. Sustainability and Stakeholder

Development 2 Div. Management Div.

Finance and Accounting Group Operations Support Group

Finance Div. Accounting Div. Tax and Insurance Div. Well Engineering Supply Chain Digital Technology
and Operations Div. Management Div. Center of Excellence Div.

Geosciences, Subsurface, Domestic Production Asset International Production Engineering, Development,

and Exploration Group Group Asset Group and Maintenance Group

Geosciences, Thai Offshore 1 Asset Thai Offshore 3 Asset Myanmar Asset Engineering Execution
Reservoir Engineering, and Div.
Corporate Technical Div. Malaysia Asset
Thai Offshore 2 Asset Thai Onshore Asset Engineering Technical
Subsurface Technical COE Div.
Middle East Asset
Solutions Div. Maintenance and Asset
Africa Asset Integrity Div.

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 159

5.2 The Board of Directors (CG&BE), Public Limited Companies Act, and Securities
and Exchange Act as well as rules and regulations of
5.2.1 Composition of the Board the Securities and Exchange Commission (SEC), the
Capital Market Supervisory Board (CMSB), The Stock
PTTEP Board of Directors (Board) consists of a balanced Exchange of Thailand (SET), and relevant resolutions of the
number of qualified directors who possess versatile skill Cabinet. Directors shall also commit and dedicate their time
sets (Skill Mix) including necessary expertise relevant to to fully perform their duties and responsibilities. Directors
the Company’s lines of work. In 2024, PTTEP specified will be regarded as unqualified if they fail to attend Board
the Board’s Skill Matrix to reflect the Company’s strategic meetings more than three consecutive times without any
directions and clearly defined skills or expertise in each reasonable justifications.
line of work. The Skill Matrix has been classified into
12 areas under 2 skill categories as follows: The Board structure consists of 15 directors,
an appropriate number for the Company’s operational
1) Core Skills: basic skills which are necessary for size. The Board consists of non-executive and executive
directors to oversee the entire Company, namely directors. In addition, the Board shall have independent
Business Judgment, Management Skills & Corporate directors, comprising a number not fewer than half of the
Governance, and Business Strategy. incumbent members. As of December 31, 2024, the Board
consisted of 15 directors including:
2) Specific Skills: specific skills or expertise which
is useful for directors to supervise and oversee 14 non-executive directors
the Company, namely Industry Knowledge, Accounting, (93.33% of total members)
Legal, International Market and Collaborations,
Risk & Crisis Management, Economics & Finance, 1 executive director:
Sustainability & SSHE (Safety, Security, Health, the Chief Executive Officer (CEO)
and Environment), Innovation, Technology & Digital
Transformation and HR & Organization Development. 10 independent directors
(66.67% of total members)
The candidates nominated for the selection process to
become PTTEP’s directors shall possess all Core Skills 2 female directors
identified above so that they can properly oversee PTTEP’s (13.33% of total members)
business and conduct, as well as the planning of various
strategies. The candidates shall also possess Specific PTT is the only major shareholder of PTTEP, while minor
Skills that are useful for PTTEP’s business to be able shareholders are highly varied and are not concentrated
to support the operations of PTTEP. Currently, PTTEP’s in groups. The aforementioned Board’s components
Board of Directors consists of qualified directors with and proportions are deemed appropriate to maintain
versatile skills in both Core and Specific Skills, fulfilling the balance within the Board for the best interests of
the requirements of PTTEP’s Board Skill Mix. In addition, the Company’s shareholders.
PTTEP places great emphasis on the Board Diversity and
efforts against discrimination to promote equal treatment, The names, backgrounds, qualifications, experiences,
regardless of their ethnicity, nationality, gender, age, skin and numbers of shares of non-executive directors,
color, religion, and disability, as well as regularly revisits executive directors, independent directors, and directors
the balance and sufficiency of Board Diversity to ensure from PTT (the major shareholder of PTTEP) are disclosed
alignment with the changing business environment. in Attachment 1 “Information of the Board of Directors,
PTTEP directors must not be over 70 years old and shall Management, Controlling Persons and Company
possess the qualifications according to the Good Corporate Secretary” as well as on PTTEP’s website.
Governance and Business Ethics of PTTEP Group
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5.2.2 Information of the Board and Controlling Persons

The full list of the Board of Directors as of December 31, 2024, is as follows:

Name of Director Position Starting Date

1. Mr. Krairit Euchukanonchai Chairman February 1, 2021
Chairman of the Independent Directors Committee
2. Ms. Penchun Jarikasem Independent Director February 1, 2018
Chairman of the Audit Committee
3. Mr. Veerathai Santiprabhob Independent Director October 15, 2020
Chairman of the Risk Management Committee
Member of the Corporate Governance
and Sustainability Committee
4. Mr. Teerapong Wongsiwawilas Independent Director January 1, 2022
Chairman of the Nomination and Remuneration
Committee
Member of the Audit Committee
5. Mr. Wuttikorn Stithit Director January 1, 2023
Member of the Risk Management Committee
6. General Nithi Chungcharoen Independent Director January 1, 2023
Member of the Nomination and Remuneration
Committee
Member of the Risk Management Committee
7. Mrs. Natjaree Anuntasilpa Independent Director March 17, 2023
Member of the Audit Committee
8. Mr. Ekniti Nitithanprapas Director April 3, 2023
Member of the Corporate Governance
and Sustainability Committee
9. Mr. Danucha Pichayanan Independent Director March 1, 2024
Member of the Corporate Governance
and Sustainability Committee
10. Mr. Phongsthorn Thavisin Independent Director April 1, 2024
Chairman of the Corporate Governance
and Sustainability Committee
Member of the Nomination and Remuneration
Committee
11. Admiral Pogkrong Monthardpalin Independent Director April 1, 2024
Member of the Nomination and Remuneration
Committee

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 161

Name of Director Position Starting Date

12. Mr. Thongthit Chayakula Independent Director April 1, 2024
Member of the Audit Committee
13. Mr. Kongkrapan Intarajang Director May 21, 2024
14. Mr. Wattanapong Kurovat Director November 15, 2024
Member of the Risk Management Committee
15. Mr. Montri Rawanchaikul Director October 1, 2021
Chief Executive Officer
Secretary to the Board

5.2.3 Information on the Roles and Duties of the Board

Scope of Authorities and Duties of the Board

According to the principles of accountability, duty of care, and duty of loyalty, the Board’s roles and responsibilities
have been clearly defined strictly in line with those stipulated by laws, objectives, Articles of Association of PTTEP,
and resolutions of the shareholders and Board meetings. The scope of authorities and duties of the Board are as follows:

1) To govern and ensure that PTTEP’s operations are in compliance with the Company’s CG&BE. PTTEP is to be
a leader and a role model in adopting, advising, communicating, and promoting the CG&BE among employees
of PTTEP as well as other organizations.

2) To consider and approve the statement of vision, mission, and corporate values of PTTEP Group to ensure that they
are effectively applicable and practical.

3) To consider and approve PTTEP Group’s strategic plan, business direction, targets, workforce structure, and other
significant operations, while regularly monitoring and reviewing operation results to ensure that they are in line
with the Company’s strategy, operational direction, targets, and determined policies with an emphasis on agility
and appropriateness to facilitate the management to effectively and efficiently manage the business, while considering
impacts on safety, security, health, environment, innovation and technology, as well as social responsibility.

4) To ensure efficient and adequate internal control systems through a clear set of regulations and work processes
as well as standardized and reliable accounting system and financial reporting, appropriate and adequate risk
management, and effective compliance program with regular monitoring.

5) To consider and approve significant matters as prescribed by laws or in the Company’s affidavits, policies,
regulations, or authorities which may result in obligations with PTTEP.

6) To consider cases related to conflicts of interest in a prudent and transparent manner by filing individual stakes
and those of any related persons while preventing potential misuse of the Company’s properties and inappropriate
execution of transactions with the Company’s connected persons.

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162 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

7) To ensure that the Company has clear and proper The Board is permitted to request documents and
regulations, standardized and reliable financial information and seek advice and services in relation to
reporting, an efficient internal control system, and the Company’s business operations from the management.
proper risk management. In addition, if deemed necessary and appropriate,
directors may seek advice from external and independent
8) To ensure that audits are performed effectively by advisors at the Company’s expense.
internal and external auditors.
Responsibilities of the Board
9) To ensure that communication and disclosure of
information to the Company’s stakeholders are The following are the key duties of the Board. Details
performed in an accurate, complete, appropriate, are disclosed under the topic of “Scope of Authorities
and timely manner. and Duties of the Board.”

10) To ensure that the Company’s stakeholders are treated 1) Policy and Business Direction Determination
fairly and equitably.
The Board is responsible for decision-making regarding
11) To consider, approve, and appoint experts from PTTEP’s operational policies and determining the corporate
different professions to provide the Company vision, mission, and values. The Board is also assigned to
with insightful information as well as to act on be directly involved in the Company’s budgetary planning,
the Company’s behalf on matters that can significantly and organizational development strategy to accommodate
affect the financial position or reputation of PTTEP continuous changes in the business environment,
Group. as well as to provide the management with advice to lead
the Company towards our five ultimate goals of “Growth,
12) To consider and approve the Board Performance Prosperity, Stability, Sustainability, and Dignity.”
Target as well as to evaluate the performance of
the Board, Chairman of the Board, and sub-committees. 2) Good Corporate Governance and Business Ethics

13) To consider and approve the Chief Executive Officer’s The Board is responsible for establishing PTTEP Group’s
annual targets and key performance indicators CG&BE, whereby all directors, the management, and
(KPIs), as well as to set remunerations in accordance employees must adhere to while operating businesses for
with the CEO’s performance. The Board is also PTTEP Group. This is to ensure that our businesses are
responsible for ensuring that the Company has operated in accordance with good standards and ethical
an effective performance evaluation process for practices with transparency, efficiency, and verifiability.
high-level executives. In addition, the rights of the Company’s stakeholders are
taken care of proportionately to their fair shares to maintain
14) To appropriately delegate authority to the CEO the general confidence and acceptance in the Company.
to manage the Company according to strategic The Corporate Governance Unit has been established to
plan, business directions, targets, and policies of be responsible for matters regarding the CG&BE.
the organization, as well as to ensure that there is
appropriate oversight and efficient monitoring and
evaluation.

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 163

3) Internal Control and Auditing 5) Prevention of Conflicts of Interest

PTTEP Board of Directors acknowledges the importance The Board establishes various management tools to ensure
of an internal control system and internal audit. that business management is efficiently and transparently
The Board ensures that PTTEP Group has an internal control carried out in the best interest of PTTEP Group, by ensuring
system that is efficient and in line with the Company’s that the Company and our management are without
risk appetite. The Board assigns the Audit Committee any conflicts of interest. Should any of the Company’s
to regularly verify the efficiency and effectiveness of the directors, the management, or employees have a stake
Company’s internal control system from internal audit that may potentially lead to a conflict of interest,
results provided by the Internal Audit Unit, as well as to he or she must withdraw from the participation or be abstained
validate and provide recommendations on the assessment from voting, and subsequently inform the authority of such
results of PTTEP Group’s internal control system on an matter. This has been stipulated in the Business Ethics,
annual basis. The Internal Audit Unit holds independence which directors, the management, and employees can use
and reports directly to the Audit Committee. This is to as ethical guidelines in doing business.
ensure that PTTEP Group achieves its goals in operating,
reporting, and complying with the applicable laws, rules, 6) Compliance
and regulations, as well as building confidence among
the management, investors, and the Company’s other The Board values the importance of full legal compliance
stakeholders. PTTEP has an internal control system with all applicable rules and regulations in all jurisdictions
that is in line with relevant international standards. where PTTEP Group operates. The Board also provides
The Company ensures that there is an appropriate control the Group with the support required to conform to
environment, assessment of risks that might affect its the applicable laws as well as to properly manage compliance
objectives, efficient control activities, and a sufficient risks. This is an important mechanism to ensure that
and reliable internal and external communication system. PTTEP Group’s operations are carried out accurately and
Moreover, there are ongoing monitoring activities and carefully as well as to be able to operate according to our
separate evaluations on PTTEP’s internal control systems. strategy towards the business goals. The Compliance Unit
is assigned by the Board to be responsible for this matter.
4) Risk Management

PTTEP Board of Directors is responsible for the effective Authorities and Duties of the Chief Executive Officer
management of risks to ensure the achievement of
PTTEP Group’s strategic goals as well as specifying 1) Authority in accordance with Resolutions from
the Company’s risk appetite. The Risk Management the Shareholder Meetings
Committee has been tasked with establishing policies
and a framework for risk management, overseeing, and The Chief Executive Officer is the authorized signatory to
supporting PTTEP Group’s efficient risk management. bind PTTEP with external parties (Clause 9, Paragraph 6,
The Committee also reviews strategic and significant risks of the Company’s Articles of Association registered with
at both the corporate and project levels, sets operational the Ministry of Commerce).
plans, follows up on, evaluates, and continuously improves
the plans in order to manage the risks within the risk 2) Authority provided by resolutions from the Board’s
appetite. The Committee regularly and promptly reports Meetings of PTTEP
the results of risk management to the Company’s Board
of Directors. The Board authorizes the Chief Executive Officer to act
and conduct, on the Company’s behalf, a normal course
of business operations under the stated objectives in our

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164 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Memorandum of Association, petroleum concessions, and PTTEP recognizes the value of knowledge and
other agreements, including other businesses that benefit experience that our directors have earned over the years
the Company. In addition, the Chief Executive Officer is in the position and, therefore, does not have a rigid limit for
also authorized to be the acting body, conducting the director’s term. This essentially allows our competent
the business under PTTEP regulations and assigned to act and qualified directors at the time to continuously and
as Secretary to the Board of Directors, adopting practices effectively perform their duties.
similar to other private companies in the E&P business
while upholding the best interests of the Company. In terms of qualifications, PTTEP specifies a directorship
The Chief Executive Officer’s delegation of authority is policy for a Director to serve in the director position in
permitted except in a case where the concerned attorney state-owned enterprises and/or juristic persons as follows:
or the delegated person has a direct or indirect conflict of 1. Assume directorship in state-owned enterprises and/or
interest with the Company or our subsidiaries in exercising juristic persons that state-owned enterprise is
such authority. a shareholder for no more than three positions
2. Assume directorship in listed companies for no
Segregation of Duties between the Board of Directors more than five positions. Such directorship must not
and the Management contradict the criteria mentioned in 1.

The Board of Directors and the management have Moreover, the total number of directorships under 1. and 2.
different important roles. PTTEP Board of Directors must not exceed five positions.
oversees and appoints high-level management to manage
the operations of PTTEP Group, follows up on and Details of the number of directorships held by each of
evaluates the performance of the management to ensure the Company’s directors are disclosed in Attachment 1
the highest benefits for PTTEP Group, and ensures that “Information of the Board of Directors, Management,
operations are carried out to achieve the determined goals. Controlling Persons, and Company Secretary.”
The Board’s key role is to oversee but not to become involved As of December 31, 2024, none of the directors held
with day-to-day operations, which are the management’s a directorship in more than the above conditions.
responsibility. In this manner, there is a balance between
the role of oversight and the role of carrying out day-to-day Segregation of Duties between the Chairman and Chief
operations. The management is responsible for managing Executive Officer
operations in line with the direction set or assigned by
the Board. The management must also report the results The Board is authorized to elect one director to be
of operations to the Board regularly. the Chairman of the Board, whereby a pool of independent
directors is to be considered first. The Board must also
Directors’ Serving Terms and Their Directorship in appoint another person to be Chief Executive Officer
Other Companies (CEO). The Chairman of the Board who acts as a policy
leader is always not the same person as the CEO who is
PTTEP’s Articles of Association prescribes that one-third appointed to be responsible for business management
of the Company’s directors shall be retired by rotation in under the authorities empowered by the Board of Directors
each AGM and that the Board shall consist of no more and the framework set out in the Company’s regulations.
than 15 members. The Board allows each of the directors For clear segregation of duties and responsibilities and
and independent directors to serve consecutively on the balance of authority, the Chairman will not participate
the Board for no more than nine years, while a director in the daily management of the business. The duties and
who has served on the Board for nine consecutive responsibilities of the Chairman of the Board are as follows:
years will not be considered for another term for the
optimal benefits of the Company and shareholders.

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 165

1) Supervise the Board to perform its duties with Policy and Practices for Chief Executive Officer
efficiency, according to the Board Performance Target and Executives with Directorships in Other Companies
and shareholders’ expectations, independent from
the management. PTTEP stipulates a principle in the CG&BE regarding
2) Determine the agenda for PTTEP Board’s meetings. the holding of directorship in other companies or organizations
3) Serve efficiently as Chairman at the Board’s and that are not their own or their families’ businesses by
the shareholders’ meetings and ensure that the the Chief Executive Officer and executives. The individuals
Company’s directors perform their duties as must be given approval from the Company’s authorized
stipulated in the CG&BE and foster CG&BE as part of personnel, on an only-if-necessary and no-harms-done
the corporate culture. basis, as well as accept the condition that they shall not,
4) Support and ensure constructive relations between in every aspect, associate PTTEP and their position held
directors and the management. in the Company in those external activities. Meanwhile,
remuneration of the Company’s executives who are
For the purpose of work delegation and appropriateness, assigned to assume a directorship role in the organizations
the Chairman is not allowed to hold any position in any or units in, or related to, the petroleum exploration
of the Company’s sub-committees as clearly stated in and production is considered PTTEP’s; otherwise,
the charter of the sub-committees. the remuneration is considered theirs. Details of directorships
held by each of the executives are disclosed in Attachment 1
Independence of the Chairman “Information of the Board of Directors, Management,
Controlling Persons, and Company Secretary.”
PTTEP considers independence the most important factor
in the selection of the Company’s Chairman of the Board. 5.3 Information about Sub-Committees
Should there be no suitable candidate for the position,
the Company’s other directors will be considered. Sub-Committees
The current Chairman, Mr. Krairit Euchukanonchai,
is qualified as an independent director, in accordance with PTTEP Board of Directors is responsible for the appointment
the Company’s own definition of an independent director of directors who have expertise and knowledge in certain
which is stricter than what the law requires, and has areas to become members of the sub-committees
performed his duties with independence. The Chairman as specified by the Company’s Articles of Association.
and his performance are appraised and examined Each of the Company’s sub-committees is responsible
for future improvements by the Board every year and for a specific set of tasks. Qualifications, service terms,
the score is also disclosed in the Annual Report and responsibilities of the sub-committee members
(56-1 One Report) (The appraisal score of the Chairman in are prescribed by the Company’s regulations through
2024 was 2.96 out of 3). Details of the appraisal results are the sub-committees’ respective charters. All members
disclosed under the “Performance Appraisal of the Board” of the Audit Committee must be independent directors,
topic. In addition, all Company’s directors are allowed while the majority of the members of the Nomination and
to independently express their views freely regarding Remuneration Committee, and the Corporate Governance
the business operation, whether in meetings of the Board, and Sustainability Committee must be independent
sub-committees, or on other occasions. This is to ensure directors. The Chairman of the Board and the Chief
that the management is able to operate businesses Executive Officer, however, are not allowed to assume
with efficiency, accuracy, transparency, and in the best any directorship in the sub-committees. In addition,
interests of the shareholders. the Chairman of each sub-committee must be an independent
director. Applying to every meeting, the sub-committees
are required to report the outcome of each meeting to

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the Board for acknowledgment as well as to disclose them 3) To evaluate and review the Company’s sustainability
in the Annual Report (56-1 One Report) every year. target, policy, roadmap, and workplan in response
to a dynamic business environment, applicable
Currently, PTTEP has four sub-committees, namely (1) the laws, related international best practices, and
Audit Committee, (2) the Nomination and Remuneration recommendations from trusted institutions and also to
Committee, (3) the Corporate Governance and consider and respond to shareholders’ suggestions
Sustainability Committee, and (4) the Risk Management and feedback.
Committee. Names of the directors, duties and
responsibilities, number of meetings, meeting attendance, 4) To oversee, monitor, and evaluate the performance
and remuneration policy are disclosed in the “Governance of the Company’s sustainability to ensure its balance
Structure and Key Data on the Board of Directors, and efficiency, as well as to create the utmost benefits
Sub-Committees, Management, Employees, and Others” for the Company and its stakeholders and to report
and “Corporate Governance Milestones” section. the progress to the Board on a regular basis.
Meanwhile, reports of the Company’s sub-committees are
disclosed in the “The Sub-Committees Report” topic under 5) To determine the Company’s good corporate governance
the “Corporate Governance Milestones” section. and business ethics policy before proposing it to
the Board for approval. In addition, the Committee
5.3.1 Corporate Governance advises and promotes the implementation at all
and Sustainability Committee levels, reviews the policy annually to ensure its
appropriateness and conformity with the laws
The Corporate Governance and Sustainability Committee and international best practices, and monitors
has duties and responsibilities according to its charter the evaluation and reports on compliance with good
as follows: corporate governance and business ethics of PTTEP
on a regular basis.
1) To determine the Company’s sustainability target,
policy, roadmap, and workplan, covering all the key 6) To oversee the disclosure of sustainability information
aspects: High Performance Organization (HPO); to stakeholders in the Company’s annual report and
Governance, Risk Management, and Compliance sustainability report.
(GRC); and Sustainable Value Creation (SVC),
and consider Sustainability’s budget which will be 7) To regularly review and update its own charter to
proposed to the Board for approval. ensure its relevance and appropriateness.

2) To advise and provide support to ensure that 8) To disclose the committee’s performance in
the Company’s operations are in line with the the Company’s annual report.
Sustainability Statement and sustainability framework,
capable of achieving the Company’s targets as well 9) To perform other duties as assigned by the Board.
as comparable to the practices of leading companies.
Additionally, the Committee shall encourage The Corporate Governance and Sustainability Committee
the Board, the management, and all personnel to consists of at least three directors, where the majority
follow the Company’s sustainability pathway in an of whom must be independent directors. The Company
efficient manner. Secretary serves as the Committee’s secretary. As of
December 31, 2024, the Committee comprised four
members as follows:

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 167

Mr. Phongsthorn Thavisin Chairman of the committee and Independent Director

Mr. Veerathai Santiprabhob Member and Independent Director
Mr. Ekniti Nitithanprapas Member
Mr. Danucha Pichayanan Member and Independent Director

According to its charter, the Corporate Governance and Sustainability Committee must meet at least four times a year.
In 2024, the Committee held four meetings which were attended by all incumbent directors. The Committee disclosed
its annual performance in the Corporate Governance and Sustainability Committee Report for 2024.

5.3.2 Audit Committee

The Audit Committee has the duties and responsibilities according to its charter as follows:

1) To develop the Audit Committee Charter to be in line with the Company’s scope of work and responsibilities which
must be approved by the Board and revised at least once a year.

2) To review the Company’s financial reports with the external auditor on a quarterly basis to ensure accuracy, credibility,
and adequacy.

3) To ensure that the Company’s activities are performed in compliance with the Securities and Exchange law, SET
requirements, other laws, regulations, procedures, cabinet resolutions related to the business, and the Company’s
rules and regulations.

4) To arrange an investigation and analysis of impacts and issues, as well as establish measures or any actions to
immediately restrain any suspicious conduct in case the external auditor finds practices of a director, a manager,
or a person responsible for the operation of the juristic person suspicious of committing management malpractice
in a fraudulent manner. This includes reporting the suspicious circumstances, progress, and investigation results to
the Securities and Exchange Commission, Thailand (SEC) and the external auditor within the specified timeframe.

5) To review connected transactions or transactions with potential conflicts of interest to ensure that these transactions
are in compliance with the laws and SET’s regulations and that they are reasonable as well as in the best interest
of the Company, and review transactions with potential fraud which may affect the Company’s operations.

6) To monitor acquisition or disposal of assets with significant value (Material Transactions or MT) by reviewing and
providing opinions on investment transactions during the Board meetings to ensure that the investment transactions
are reasonable and in the best interest of the Company as well as to ensure that these transactions comply with
the laws and SET’s regulations, and establish a reporting process for investment transactions under the purview of
the management. Afterward, the Audit Committee is to keep monitoring the progress of the transactions to ensure
that the investment plan is achieved with risk assessment in place.

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7) To consider the reasonableness of fundraising 13) To approve a risk-based audit plan and instruct internal
transactions by reviewing and providing opinions auditors to conduct other duties as appropriate, taking
on the transactions during the Board meetings and into consideration the Company’s benefits as well as
monitoring that the use of funds aligns with the the impact on independence and objective of
objective of fundraising disclosed to the SEC. the audit.

8) To review the efficiency and effectiveness of internal 14) To endorse the budget, division structure, and
control, risk management, and governance processes. manpower of the Internal Audit Division for
the management to propose to the Board.
9) To oversee and monitor the internal audit process and
ensure that the process is appropriate and effective 15) To approve the charter of the Internal Audit Division.
as well as ensure the independence of the Internal
Audit Division in order to enhance internal audit 16) To approve the Independence Declaration Form
performance. when the Head of the Internal Audit Division has to
personally conduct audit fieldwork.
10) To evaluate the Internal Audit Division’s performance,
including audit-related problems and difficulties, and 17) To endorse the results of audits which are approved in
suggest ways to improve the internal audit system and the annual audit plan as well as special audit requests.
the capabilities of internal auditors. The outcome and
suggestions are to be reported to the Board at least 18) The Chairman of the Audit Committee or a member
once a year. must attend shareholders’ meetings to answer
questions related to the Committee’s duties or
11) To consider, select, and propose the appointment, the appointment of the external auditor.
including the removal of an external auditor, and to
propose the auditor’s remuneration to the Board. 19) To review the accuracy of self-assessment and related
The Audit Committee is to disclose the remuneration of documents regarding anti-corruption measures in
the external auditor in annual reports of PTTEP as well as reference to Thai Private Sector Collective Action
attend a meeting with the external auditor from Against Corruption (CAC).
the State Audit Office of the Kingdom of Thailand
(SAO) or the external auditor endorsed by SAO at 20) To perform other duties as assigned by the Board
least once a year, in the absence of the management, upon its consent.
to review audit findings and other issues, and
recommend reviews or audit of any items, if necessary. 21) To report the Audit Committee’s performance on
internal audit to the Board at least on a quarterly basis,
12) To endorse the appointment, transfer, removal, within 60 days from the end of each quarter, except
promotion, and performance appraisal of the Head of for the fourth-quarter report, which is to be issued as
the Internal Audit Division by seeking comments from an annual report. Such reports must be submitted to the
the Chief Executive Officer. The Audit Committee will regulating ministry of the Company’s parent company
appoint an investigation committee to investigate and the Ministry of Finance within 90 days from the
the case in which the Head of the Internal Audit end of the accounting year for acknowledgment.
Division is suspected of noncompliance with the law or The Committee’s annual report must also be disclosed
the Company’s rules and regulations which include in the Company’s annual report.
the Good Corporate Governance and Business Ethics
of PTTEP Group.

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 169

The Audit Committee consists of at least three directors, but not more than five directors, all of whom must be independent
directors. The Head of the Internal Audit Division acts as the Committee’s secretary. As of December 31, 2024,
the Committee comprised four members as follows:

Director’s Name Position Financial Statements Audit Experience

Ms. Penchun Jarikasem Chairman of June 27, 2022 – Present Chairman of the Audit Committee,
the Audit Committee TISCO Financial Group
Public Company Limited
June 27, 2022 – Present Chairman of the Audit Committee,
TISCO Bank Public Company Limited
January 2022 – Present Chairman of the Audit Committee,
PTT Exploration and Production
Public Company Limited
April – June 26, 2022 Member of the Audit Committee,
TISCO Financial Group
Public Company Limited
April – June 26, 2022 Member of the Audit Committee,
TISCO Bank Public Company Limited
December 2020 – Sub-Committee on Finance
September 2023 and Accounting, Energy
Conservation Fund
April 30, 2020 – Member of the Audit Committee,
December 2021 PTT Exploration and Production
Public Company Limited
April 2018 – Present Chairman of the Audit Committee,
Ritta Holdings Company Limited
2018 – September 2019 Chairman of the Sub-Committee
for Finance and Accounting,
State Railway of Thailand
April 2016 – April 2018 Chairman of the Audit Committee,
Osotspa Public Company Limited
2016 – December 2018 Sub-Committee for Finance
and Budgeting Improvement,
Office of the Public,
Sector Development Commission
(OPDC)
2011 – 2015 Executive Vice President,
Finance and Accounting Group,
PTT Exploration and Production
Public Company Limited

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Director’s Name Position Financial Statements Audit Experience

Mr. Teerapong Wongsiwawilas Member of January 2022 – Present Member of the Audit Committee,
the Audit Committee PTT Exploration and Production
Public Company Limited
December 2020 – Present Member of the Audit Committee,
Krung Thai Bank Public Company
Limited
2017 – 2021 Member of the Audit Committee,
Bangchak Corporation
Public Company Limited
Mrs. Natjaree Anuntasilpa Member of April 2023 – Present Member of the Audit Committee,
the Audit Committee PTT Exploration and Production
Public Company Limited
2019 – April 1, 2023 Member of the Audit Committee,
Airports of Thailand
Public Company Limited
2015 – 2015 Director of the Bureau of Economic
Budgeting 1 (Director, higher level),
Bureau of the Budget,
Office of the Prime Minister
2014 – 2015 Director of Bureau of Evaluation 2
(Policy and Plan Analyst, Expert level),
Bureau of the Budget,
Office of the Prime Minister
Mr. Thongthit Chayakula Member of April 2024 – Present Member of the Audit Committee,
the Audit Committee PTT Exploration and Production
Public Company Limited

All members of the Committee had necessary knowledge, expertise, and experience in auditing financial statements.
One of the members, namely Mrs. Natjaree Anuntasilpa, holds a degree in accounting.

According to the Audit Committee Charter, the Committee must hold at least one meeting every quarter. In 2024,
the Committee held 15 meetings which included a meeting that was conducted together with the Risk Management
Committee. The majority of directors attended all meetings. The Committee has disclosed its annual performance in
the Audit Committee Report for 2024.

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 171

5.3.3 Nomination and Remuneration Committee 5) To consider and propose qualified Directors to be
a member and a chairman of a Sub-Committee to
The Nomination and Remuneration Committee has the the Board for consideration when there is a vacancy
duties and responsibilities according to its charter as or propose the restructuring of Sub-Committee to
follows: the Board for consideration as deem appropriate.

1) To select and nominate the name of individuals 6) To consider the restructuring of organization to support
qualified to be Director, or Chief Executive Officer, growth and changes in business circumstances.
when there is a vacancy, or to replace those whose
terms have expired, or Acting Chief Executive Officer 7) To consider remuneration packages for the Board
when there is a vacancy and the nomination process and Sub-Committees with fair and reasonable
is still under consideration, for election by the Board principles in accordance with work performance,
of Directors or by the shareholders in consideration the Company’s performance, the practices of
with the Board composition, knowledge and capability the industry, and the scope of duties and responsibilities.
and their experiences which is useful to PTTEP, The Remuneration package must be proposed at
the number of companies they serve as a director, and the Shareholders’ Meeting for approval.
their conflict of interest are taken into consideration.
Also, the Committee may consider the candidates from 8) To consider the remuneration package of the Chief
a Director’s pool provided by a trusted organization. Executive Officer and salary structure of Executives
with fair and reasonable principles and propose at
2) To consider the Chief Executive Officer’s succession the Board Meeting for approval. For consideration of
plan and appropriate executive-level management’s the Chief Executive Officer’s remuneration, the duties
development system to ensure that candidates are and responsibilities together with annual performance
with skills and qualifications in accordance with shall also be taken into account.
PTTEP’s target growth.
9) To evaluate the performance of the Nomination and
3) To consider the qualifications that are appropriate for Remuneration Committee and report its performance
a director and necessary for conducting business in to the Board Meeting and disclose to shareholders
accordance with PTTEP’s strategy (Skill Matrix), and to on an annual basis.
annually determine the Target Skill Mix for the selection
of directors. This includes preparing a list of potential 10) To review this charter regularly to ensure its suitability
nominee directors, Chief Executive Officer, or Acting and timeliness at all times.
Chief Executive Officer in advance and/or when there
is a director or Chief Executive Officer vacancy and 11) To perform other duties as may be assigned by
submitting it for consideration to the Board’s the Board.
or the Shareholders’ meetings, as applicable.
The Nomination and Remuneration Committee consists
4) To consider annual Board Performance Target of at least three directors, the Chairman, and the majority
and annual key performance indicators (KPIs) of the members must be independent directors.
of the Chief Executive Officer and propose The Company Secretary serves as the Committee’s secretary.
to the Board for consideration; and to set the As of December 31, 2024, the Committee comprised four
Performance Evaluation Form of the Board, Chairman, members with four independent directors as follows:
Director, Sub-Committees, and Chief Executive
Officer.

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Mr. Teerapong Wongsiwawilas Chairman and Independent Director

Mr. Phongsthorn Thavisin Member and Independent Director
General Nithi Chungcharoen Member and Independent Director
Admiral Pogkrong Monthardpalin Member and Independent Director

According to its charter, the Committee must meet at least two times a year. In 2024, the Committee held nine meetings
which were attended by all incumbent directors. The Committee has disclosed its annual performance in the Nomination
and Remuneration Committee Report for 2024.

5.3.4 Risk Management Committee

PTTEP’s Risk Management Committee has the following duties and responsibilities in accordance with its charter:

1) Define the Enterprise Risk Management Policy and Framework including providing guidance and recommendations
to the Board and management on key corporate risks and mitigations.

2) Consider the Risk Appetite Statement and Corporate Level Risk Metrics & Limits prior to submission to the Board
for approval as well as monitor the results regularly.

3) Govern and support the risk management implementation to ensure its effectiveness and efficiency at both
the corporate and business unit levels (Enterprise-wide Risk Management) by considering risks in decision-making,
resource allocation, and the execution of business activities.

4) Consider strategic risks and key risks at the corporate level in core and strategic business areas by providing
recommendations to manage the risks within the risk appetite according to 2), as well as monitor and evaluate the
mitigation strategies in response to the business environment.

5) Screen and provide comments on any material transaction involving the company’s investments or divestments
prior to the Board’s approval.

6) Consider the oil price risk management and financial risk management hedging objectives and guidelines prior to
the Board’s approval as well as monitor hedging performance regularly.

7) Foster risk management as an integral part of the corporate culture.

8) Support the Risk Management function in assessing key risks and advising on other potential risks that may
impact the corporate level to ensure continuous and effective risk management in line with industry best practices
and support PTTEP in achieving its business objectives. This includes the authority to directly assign tasks related
to PTTEP’s risk management to the Risk Management function.

9) Report key risks and results of risk management to the Board regularly and promptly alert the Board of any significant
risk management events.

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 173

10) Disclose the Committee’s performance in the Company’s Annual Report.

11) Review and update its own charter to ensure its relevance and appropriateness.

12) Perform other risk management-related duties as may be assigned by the Board.

The Risk Management Committee consists of at least three directors, and at least one of them is an independent director.
As of December 31, 2024, the Committee comprised four members, two of whom were independent directors, as follows:

Mr. Veerathai Santiprabhob Chairman and Independent Director

Mr. Wuttikorn Stithit Member
General Nithi Chungcharoen Member and Independent Director
Mr. Wattanapong Kurovat Member

In 2024, there were changes to the Members of the Risk Management Committee as follows:

• Mr. Pitipan Tepartimargorn had his term ended due to retirement by rotation. His retirement was effective from
April 1, 2024, onwards.
• Mr. Veerapat Kiatfuengfoo has resigned from the position of Director. His resignation was effective from
September 30, 2024, onwards.
• Mr. Wattanapong Kurovat has been appointed as a member of the Risk Management Committee. His appointment
was effective from November 15, 2024, onwards.

According to its charter, the Committee must hold at least four meetings a year. In 2024, the Committee held 13 meetings,
including one conducted together with the Audit Committee. Three members attended all the meetings, while one
member was absent from one due to a prior commitment. The Committee disclosed its annual performance in the Risk
Management Committee Report for 2024.

5.3.5 Independent Directors Committee

The Independent Directors Committee has the duties and responsibilities according to its charter as follows:

1) To propose to the Board and/or the Chief Executive Officer (as applicable) significant matters that are beneficial to
the Company as well as to its major and minor shareholders.

2) To advise the Board of Directors on their roles and duties that should be practiced and to provide advice as
per the roles and duties that should be practiced of independent directors for the benefit of the Company as well as
its major and minor shareholders.

3) To review the Company’s operations to ensure that they comply with the laws relevant to independent directors
as well as to review the definition of independent directors to ensure that it is legally appropriate and complete.

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4) To perform other duties as assigned by the Board, provided that such duties do not affect the Committee’s
independence.

5) To regularly review and update the Independent Directors Committee Charter to ensure its relevance and
appropriateness.

PTTEP directors who meet all qualifications required of independent directors according to the CG&BE are considered
independent directors without the need for any appointment from the Board of Directors. As of December 31, 2024,
the Committee comprised 10 members as follows:

Mr. Krairit Euchukanonchai Chairman

Ms. Penchun Jarikasem Member
Mr. Veerathai Santiprabhob Member
Mr. Teerapong Wongsiwawilas Member
General Nithi Chungcharoen Member
Mrs. Natjaree Anuntasilpa Member
Mr. Danucha Pichayanan Member
Mr. Phongsthorn Thavisin Member
Admiral Pogkrong Monthardpalin Member
Mr. Thongthit Chayakula Member

According to its charter, the Committee must meet at least once a year as necessary and appropriate with the Company
Secretary serving as the Committee’s secretary. In 2024, the Committee held one meeting and all incumbent directors
attended the meeting. There was no compensation paid to members of the Committee for their meeting attendance.

5.4 The Management

5.4.1 Name List of the Management

As of January 1, 2025, PTTEP’s management, according to the definition of management as defined by the Capital
Market Supervisory Board (CMSB), consists of 19 members. Details of their biography, qualifications, and experience
are disclosed in Attachment 1 “Information of the Board of Directors, Management, Controlling Persons, and Company
Secretary.”

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 175

Name List and Number of Shares held by the management, their Spouse/Cohabiting Partner and Minor Child

Number of Ordinary Shares

Name As of As of Increase/
January 1, 2024 January 1, 2025 (Decrease)
During the Year
1. Mr. Montri Rawanchaikul 52,050 52,050 -
Chief Executive Officer
2. Mrs. Natruedee Khositaphai 107,457 107,457 -
Executive Vice President, Operations Support Group
3. Mr. Chayong Borisuitsawat1 65,096 65,096 -
Executive Vice President, Domestic Production Asset Group
4. Mr. Piya Sukhumpanumet2 89,916 89,916 -
Executive Vice President, Geosciences, Subsurface,
and Exploration Group
5. Mr. Nirandorn Rojanasomsith 135,202 135,202 -
Executive Vice President, Engineering, Development,
and Maintenance Group 38,839 38,839 -
Spouse/Cohabiting Partner
6. Ms. Kanita Sartwattayu3 50,279 50,279 -
Executive Vice President, Strategy,
Business Development, and Human Resources Group
7. Mr. Nopasit Chaiwanakupt - - -
Executive Vice President, Technology,
Carbon Solutions, and Sustainable Growth Group
8. Mrs. Chanamas Sasnanand4 n/a 45,411 n/a
Executive Vice President, Finance and Accounting Group
9. Mr. Titi Thongjen5 n/a 2,000 n/a
Acting Executive Vice President,
International Production Asset Group
Remarks:
1 Appointed as Executive Vice President, Domestic Production Asset Group effective on December 1, 2024 (previously held the position of Executive
Vice President, Strategy, Business Development, and Human Resources Group).
2 Appointed as Executive Vice President, Geosciences, Subsurface, and Exploration Group on January 1, 2025 (previously held the position of Executive
Vice President, International Production Asset Group).
3 Appointed as Executive Vice President, Strategy, Business Development, and Human Resources Group effective on December 1, 2024 (previously
held the position of Executive Vice President, Domestic Production Asset Group).
4 Appointed as Executive Vice President, Finance and Accounting Group effective on October 1, 2024 (number of ordinary shares held on appointment
date was 45,411 shares).
5 Appointed as Acting Executive Vice President, International Production Asset Group effective on January 1, 2025 (number of ordinary shares held
on appointment date was 2,000 shares).

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Number of Ordinary Shares

Name As of As of Increase/
January 1, 2024 January 1, 2025 (Decrease)
During the Year
10. Mr. Sermsak Satchawannakul6 45,215 45,215 -
Senior Vice President, Finance Division
11. Mr. Sakchai Sarawek7 - - -
Senior Vice President, Accounting Division
12. Mrs. Maneeya Srisukhumbowornchai8 n/a - n/a
Senior Vice President, Tax and Insurance Division
13. Ms. Nuchanong Sangkeaw9 4,605 4,605 -
Vice President, Managerial and International
Asset Accounting Department
14. Ms. Natiya Leelasiri10 n/a 32,576 n/a
Vice President, Accounting Policy and Solutions Department
15. Mr. Chayanin Yiamsombut 22,145 22,145 -
Vice President, Insurance Department
16. Mrs. Yada Vudhivorn - - -
Vice President, Tax Department
17. Ms. Sukporndee Assamongkol11 4,618 4,618 -
Vice President, Operations and Domestic Asset
Accounting Department
18. Ms. Chutima Uthaiwatthanathorn12 n/a - n/a
Vice President, Capital Market and Financial
Planning Department
Remarks:
6 Appointed as Senior Vice President, Finance Division effective on October 1, 2024 (previously held the position of Senior Vice President, Accounting
Division).
7 Appointed as Senior Vice President, Accounting Division effective on October 1, 2024 (previously held the position of Vice President, Managerial
Accounting Department).
8 Appointed as Senior Vice President, Tax and Insurance Division effective on June 1, 2024 (number of ordinary shares held on appointment date was
none).
9 Appointed as Vice President, Managerial and International Asset Accounting Department effective on October 1, 2024 (previously held the position
of Vice President, Capital Market and Financial Planning Department).
10 Appointed as Vice President, Accounting Policy and Solutions Department effective on January 1, 2025 (number of ordinary shares held on appointment
date was 32,576 shares).
11 Appointed as Vice President, Operations and Domestic Asset Accounting Department effective on August 16, 2024 (previously held the position of
Vice President, Financial Accounting Department).
12 Appointed as Vice President, Capital Market and Financial Planning Department effective on October 1, 2024 (number of ordinary shares held on
appointment date was none).

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 177

Number of Ordinary Shares

Name As of As of Increase/
January 1, 2024 January 1, 2025 (Decrease)
During the Year
19. Mr. Thanat Thamrongsaksuvit - - -
Vice President, attached to Senior Vice President
of Finance Division, assigned as Managing Director
of PTTEP Treasury Center Company Limited (PTT TC)
Management Who Retired or Rotated during 2024
1. Mr. Suksant Ongvises13 10,681 10,681 -
2. Mr. Sumrid Sumneing14 13,000 13,000 -
3. Mr. Rangsan Bhengbhun15 65,917 65,917 -
4. Mrs. Panporn Sasananan16 - - -
5. Ms. Pratamaporn Deesrinthum17 49,249 49,249 -
Remarks:
13 Ceased to perform the role of Executive Vice President, Lang Lebah Project effective on January 1, 2025 (number of ordinary shares held on
the last date in his position was 10,681 shares).
14 Ceased to perform the role of Executive Vice President, Finance and Accounting Group effective on September 30, 2024 (number of ordinary shares
held on the last date in his position was 13,000 shares).
15 Ceased to perform the role of Executive Vice President, directly report to Chief Executive Officer effective on January 1, 2025 (number of ordinary
shares held on the last date in his position was 65,917 shares).
16 Ceased to perform the role of Senior Vice President, Finance Division effective on October 1, 2024 (number of ordinary shares held on the last date
in her position was none).
17 Ceased to perform the role of Vice President, Accounting Policy and Solutions Department effective on January 1, 2025 (number of ordinary shares
held on the last date in her position was 49,249 shares).

5.4.2 Remuneration Policy for the Management

Remuneration of the Chief Executive Officer

The remuneration of the Chief Executive Officer (CEO) is appropriately determined based on criteria that are clear,
transparent, fair, and reasonable. PTTEP’s Nominating and Remuneration Committee is responsible for reviewing
the remuneration of the CEO prior to proposing to the Board for approval. The approval from the Board is based on
his or her performance, the Company’s performance, remuneration of listed companies comparable in size and industry,
roles and responsibility, and overall economic situation.

The ratio of the annual compensation of the CEO compared to the average annual compensation of the Company’s
executives is approximately 1.3:1, while the ratio of the annual compensation of the CEO compared to the average
annual compensation of the Company’s employees is approximately 10.5:1.

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Remuneration of the Chief Executive Officer

2023 2024
Total Amount (THB) Total Amount (THB)
Salary 13,742,400 15,680,160
Bonus1 9,734,200 10,468,281
Other compensations2 973,159 803,908
Total 24,449,759 26,952,349
Remarks:
1 Annual bonus shall be paid in January in the following year.
2 Provident Fund contribution

Remuneration of the Executives

PTTEP’s Nominating and Remuneration Committee is responsible for the salary structure of the Company’s executives.
The key principle is to establish an unbiased and reasonable structure that reflects not only the Company’s business
nature and its performance but also some of the variables which can be compared to and justified by those of other
leading energy companies in the industry, taking into account the roles and responsibilities of executive positions.
The Board must grant approval to the structure prior to the implementation.

The CEO, meanwhile, is responsible for reviewing the appropriateness of the remuneration of each of the executives
as well as their annual salary increase, taking into consideration his or her individual target-based performance
and the Company’s performance measured against the annual performance targets determined in advance.

To maintain the Company’s remuneration competitiveness, PTTEP conducts an annual survey on the remuneration of
leading companies in the industry. The information gathered through the survey allows the Board to better understand
the current market situation to further increase the Company’s competitiveness in the job market as well as to be able
to provide the Board with thorough explanations particularly when the changes in the salary structure and payment
method are significant. The ratio of the average annual compensation of the executives compared to the average annual
compensation of the Company’s employees is approximately 7.9:1

Remuneration of the Executives

2023 2024
Number Total Amount (THB) Number Total Amount (THB)
Salary 80,216,110 91,487,530
Bonus 9* 57,948,298 10* 59,014,118
Other compensation 11,650,313 13,263,455
Total 149,814,721 163,765,103
Remark: * Executives consisted of Executive Vice Presidents and PTT’s executives who have been seconded to PTTEP.

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 179

In 2024, compensation (salary, bonus, and contribution to the provident fund) of PTTEP’s and the subsidiaries’ employees,
including wages of the seconded employees, totaled THB 14,308,956,890.

Remuneration of the Directors of Subsidiaries and Associated Companies

PTTEP’s subsidiaries and associated companies are functional units of the Company in carrying out E&P and related
businesses, including new business, in order to optimize the Company’s benefits, taking into account the business
and investment conditions. PTTEP assigns the Company’s management to hold a directorship position in our subsidiaries
and/or associated companies in order to ensure that they are managed in compliance with the business direction
and strategy of PTTEP.

PTTEP has set up a policy for directors’ remuneration of subsidiaries and associated companies. The directors’
remuneration policy is based on the roles and authorities of the Board of Directors of such subsidiaries and associated
companies, their size of investment, and business risks. The management who are assigned to be directors of subsidiaries
or associated companies are entitled to additional remuneration subject to the remuneration policy of such subsidiaries
or associated companies.

5.5 Personnel
5.5.1 Number of Employees

As of December 31, 2024, PTTEP and our subsidiaries had a total workforce of 5,592 employees.

Number of Employees*

Employee Type Total (Persons)

Thai Permanent Employees 2,063
Thai Contracted Employees 2,133
Non-Thai Contracted Employees 63
Local Employees in Overseas Subsidiaries 1,329
Seconded Employees from PTT Group Companies and Joint Venture Partners 4
Total 5,592

Remarks:
* Based on the Company’s database as of December 31, 2024. The list is exclusive of outsourced staff hired through service contracts and third-party
service providers. M&A conditions are excluded.

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Number of Employees in Each Function Group*

Thai Thai Non-Thai Local Seconded

Function Group* Permanent Contracted Contracted Employees Employees Total
Employees Employees Employees
Chief Executive Officer 5 5
Domestic Production Asset Group 562 867 4 1,433
Engineering, Development, 256 294 1 551
and Maintenance Group
Finance and Accounting Group 164 186 2 352
Geosciences, Subsurface, 238 62 11 11 322
and Exploration Group
International Production Asset Group 210 49 13 1,261 1,533
Operations Support Group 265 480 16 5 766
Strategy, Business Development, 122 73 2 197
and Human Resources Group
Technology, Carbon Solutions, 82 56 138
and Sustainable Growth Group
Lang Lebah Project 26 21 45 92
Internal Audit Division 16 2 1 19
Legal Division 13 10 1 24
Safety, Security, Health, 39 29 1 69
and Environment Division
Corporate Secretary and Assurance 39 6 45
Division
Branding, Communications, 26 19 1 46
and Knowledge Intelligence Division
Grand Total 2,063 2,133 63 1,329 4 5,592

Remarks:
* Based on the Company’s database and organization structure as of December 31, 2024. The list is exclusive of outsourced staff hired through service
contracts and third-party service providers. M&A and Divestment conditions are excluded.

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Staff Demography by Nationality and Work Location*

Thailand Overseas Worldwide

1% 17% 25%

99% 83% 75%

Thai Non-Thai

Remark: * Based on the Company’s database as of December 31, 2024.

Staff Demography by Gender and Age*

9% 5%
55 years up
30% 45–54 22%

45% 35–44 49%

15% 25–34 22%

1% 20–24 2%

Male Female

Remark: * Based on the Company’s database as of December 31, 2024.

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Employee Turnover

IN1, 3 OUT1, 2
Thai Permanent Employees 63 86
Thai Contracted Employees3 203 59
Non-Thai Contracted Employees 14 21
Local Employees 178 81
Seconded Employees 4 4
Remarks:
1 Based on the Company’s database as of December 31, 2024.
2 Including voluntary resignation, dismissal, early retirement, retirement, and death
3 The turnover was exclusive of outsourced staff hired through service contracts and third-party service providers. M&A and Divestment conditions are
excluded.

Turnover Rate

In 2024, the Company’s total employee turnover rate (Voluntary resignation, dismissal, early retirement, retirement,
death) was 4.49 percent.

Voluntary Turnover Rate

The voluntary resignation rates (resignation and early retirement) from 2019 to 2024 are as shown below:

2019 2020 2021 2022 2023 2024

2.5% 1.7% 3.1% 3.1% 3.0% 3.6%
Remark: M&A and Divestment conditions are excluded.

5.5.2 Human Resource Development Policy

To increase the organization’s and staff’s capabilities, both Thais and non-Thais, for continuous business growth
domestically and internationally, PTTEP has executed a capability development process by implementing a competency-
based training and development, focusing on the 70:20:10 model of on-the-job training, coaching and mentoring,
and formal training, respectively, in an effort to accelerate human resource development. In 2024, the Company provided
the following training and development programs for employees:

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(1) In-House and External Training Courses

PTTEP provides in-house and external training courses from various institutions, both domestic and overseas, to staff and
the management at all levels. These training courses cover a wide variety of topics, including technical and functional
training and Safety, Security, Health, and Environment (SSHE) training on which PTTEP places great importance.
In 2024, there were many development programs on the environment, such as those on topics of Waste Management,
Water Management, Environmental Impact Assessment, Biodiversity and Ecosystem Services Management, and Oil
Spill Management. Moreover, PTTEP has also focused on and provided various types of training on digital skills, foreign
languages, business management, and leadership skills to our staff to further improve their skills. In 2024, PTTEP also
continued to develop individual development plans for all our staff.

To respond to our Company’s strategy which will expand to other new business opportunities apart from petroleum
exploration and production, and to strive towards becoming a low-carbon organization, PTTEP employees must,
therefore, be equipped with new knowledge and skills for our new business execution in the future. The key staff who
need to have a good knowledge foundation were provided with basic knowledge training on new businesses, such
as alternative energy, electricity, and greenhouse gas reduction technology, to ensure their readiness for the energy
transition. Furthermore, PTTEP also emphasizes the development of the management, to update and equip them with
new necessary knowledge and skills. Training courses were provided to support our management team to ensure
the Company’s sustainable growth and readiness for succession in management positions.

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(2) Online Training Courses In 2024, the Company invested in human capital
development programs at a total amount of
In contrast to conventional learning approaches, online THB 338,965,940 and provided more than 297,060
learning enables employees to engage in a structured training and development hours for our employees with
learning experience irrespective of the limits of their an average of 53 training and development hours per
geographical location. The Company has implemented person per annum. PTTEP has in place a policy for
and embraced diverse online learning platforms, catering the management to produce an Individual Competency
to all types of employees, thereby enabling them to access Development Plan (ICDP) in order for PTTEP to be able
learning opportunities from any location and at any time to develop its staff capabilities in line with the determined
as well as to help employees stay abreast of global trends, plans. To ensure standardization, PTTEP has conducted
PTTEP places a strong emphasis on the integration of the Technical Competency Assessment Calibration with
Diversity & Inclusion within its learning and development Job Family Masters in each Job Family. As a result,
processes, and it has been actively evolving a blended our 2024 employees’ competency both at PTTEP corporate
learning approach. By combining diverse methods, and international assets increased by approximately 6.04
the Company aims to craft a comprehensive and impactful percent.
training experience that addresses varied learning styles,
including gender, age, and time. The Company calculated the Human Capital Return on
Investment (HCROI) in several dimensions. These included
(3) Long-term Training and Development Programs man-hours and cost spent on development activities
against total revenue and production, time to autonomy for
Long-term training and development programs are for young technical professionals, and readiness of immediate
the period of 1–3 years based on employees’ Individual successors for senior management positions, as well as
Development Plans (IDPs) to prepare employees for continuous development of additional measurements
various projects in specific periods. Under this approach, to evaluate the HCROI more efficiently. The results are
employees are required to undertake on-the-job training subsequently used to evaluate and elevate the efficiency
through various assignments relating to the Company’s and effectiveness of the development activities for future
projects or to be temporarily assigned to work with improvement.
the Company’s business partners or services companies
in Thailand and overseas. In the technical areas, mentors 5.6 Other Significant Information
are also assigned to assist and coach the employees
during their journeys along individual development plans. 5.6.1 Secretary to the Board of Directors
(4) Master’s & Doctoral Degree Scholarship Programs The Board of Directors appointed Mr. Montri Rawanchaikul,
for Employees Director and Chief Executive Officer, as The secretary to
the Board of Directors, effective from January 1, 2022.
The Company provides scholarships to employees to The secretary of the Board of Directors serves as the focal
help them pursue master’s & doctoral degrees in leading point between the Board and the management and is
domestic and overseas universities in the following fields: responsible for providing advice to the Board on legal
1) Petroleum Geosciences; compliance regarding the duties and responsibilities of
2) Petroleum Engineering; the Board and the management. The secretary of the Board
3) Engineering; of Directors is also an accountable person in reviewing the
4) Drilling and Well Engineering; agenda and minutes of the Board’s meetings prior to their
5) Digital and Information Technology;
6) Technology and Carbon Solution (Alternative Energy).

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 185

submission to the Board and managing documentation • Providing suggestions and advice, coordinating, and
of the Shareholders’ meetings, as well as the preparation monitoring to ensure that the Board of Directors perform
for the Board for the Shareholders’ meetings. Mr. Montri their roles in compliance with relevant applicable laws,
Rawanchaikul is highly knowledgeable, capable, and rules, and regulations as well as the Company’s
experienced, allowing him to aptly support the Board in objectives, Articles of Association, resolutions from
carrying out its fiduciary duties. the Board’s and shareholders’ meetings;

5.6.2 Company Secretary • Organizing meetings of the Board, sub-committees,

and shareholders;
The Board of Directors appointed Ms. Yaninee
Wajeepratubjit, Senior Vice President, Corporate Secretary • Providing orientation and giving advice to new
and Assurance Division, as the Company secretary and members of the Board;
secretary of the Corporate Governance and Sustainability
Committee, secretary of the Nominating and Remuneration • Recommending necessary and appropriate training
Committee, and secretary of the Independent Directors programs to members of the Board;
Committee, effective from May 1, 2023. Ms. Yaninee holds
a degree in accounting. She is highly knowledgeable, • Coordinating with the Company’s functional units
capable, and experienced in corporate secretarial to ensure that the Company’s business operations
functions. In addition, she has attended seminars and are in line with the directions set by the Board and
completed all necessary training which are beneficial to shareholders’ meetings and work with external
her role. Details of the Company Secretary are disclosed regulators who oversee listed companies;
under Attachment 1 “Information of the Board of Directors,
Management, Controlling Persons, and Company Secretary.” • Governing the Company’s subsidiaries, including
preparing and safeguarding their important documents;
The Company secretary has performed roles with fiduciary
duties by holding responsibilities and duties on care and • Promoting and educating directors, the management,
loyalty to the Company, as required by the Securities and and employees about Good Corporate Governance
Exchange Act, including preparing and safeguarding and Business Ethics of PTTEP Group and ensuring
the Company’s important documents, namely the director full compliance with such policy, including regularly
registry, notice of the Shareholders’ meetings, notice of reviewing PTTEP Group’s CG&BE to comply with
the Board’s meetings, Minutes of the Shareholders’ related laws and in line with international practices of
meetings, Minutes of the Board’s meetings, and Annual leading organizations;
Reports; safeguarding the Conflicts of Interests Report
submitted by the members of the Board and management • Ensuring that all shareholders are treated fairly,
as well as sending a copy of the report to the Chairman ethically, and lawfully, as well as promoting good
of the Board and Chairman of the Audit Committee, as relationships with minority shareholders;
stipulated by law.
• Acting as a focal point who is responsible for
The Company secretary is also responsible for the coordinating with relevant parties when reports or
following duties as required by the Board: complaints are submitted through the Whistleblowing
System of PTTEP Group;

• Performing other duties as required by the Company.

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5.6.3 Head of the Internal Audit Division (4) Consulting Services

PTTEP has established the Internal Audit Division, which The auditors provide consulting services for other units
has a direct reporting line to the Audit Committee and whereby the nature and scope of such services are
an administrative (Dotted-Line Reporting) reporting line to pre-determined. These are to ensure that they will result
the CEO. The head of the audit division is to oversee in improved efficiency and effectiveness of the existing
the auditors’ performance in accordance with their roles and future processes in corporate governance, risk
and the scope of work as follows: management, and internal controls. The auditors may
also provide useful recommendations on the design of
(1) In-House and Subsidiary Audits such processes.

The purpose of the audits is to ensure that the operations (5) Fraud Investigation
are in accordance with the Company’s targets. The auditors
evaluate the efficiency, adequacy, and effectiveness of The Internal Audit Division is responsible for undertaking
governance, risk management, and internal controls. investigations of all reported or suspected frauds in
The audits and the processes involved are also developed accordance with the duties and procedures stipulated
to identify control weaknesses which could potentially in the Whistleblowing Regulation. Investigation team
open up opportunities for fraud, as well as to provide members must not bear any conflicts of interest on
recommendations for the enhancement of internal controls complaints under the investigation. Prevention, detection,
to ensure that they are appropriate and adequate. further investigation, and prosecution of fraud offenders
are the responsibility of the management.
(2) Joint Venture and Joint Operating Company Audits
(6) Special Audit Requests
The auditors conduct audits on the operators for projects
that PTTEP has invested in to ensure that the operators Special audit requests are not included in the annual
comply with the joint venture agreements and other audit plan. The Internal Audit Division performs such tasks
related contractual arrangements and that they possess as requested by the Company’s management and/or
appropriate internal controls. Expenditures incurred must the Audit Committee to quickly prevent and mitigate risks.
also follow correct proportions according to the respective
participating interests of each party in the joint venture. According to the Audit Committee Charter, the Audit
Committee has a duty to endorse the appointment,
(3) Digital Technology Audit transfer, removal, promotion, and performance appraisal
of the Head of the Internal Audit Division, as specified in
The auditors conduct audits to review the adequacy of the Audit Committee Charter.
the adoption of digital technology in various work systems
of the Company to ensure that digital technology is Mrs. Maneeya Srisukhumbowornchai held the position of
well managed and in line with the Company’s business Senior Vice President of the Internal Audit Division and
objectives with appropriate resources within the risk Head of the Internal Audit Division during May 1, 2023,
appetite. to May 31, 2024. Since June 1, 2024, Mr. Chayagorn
Leangruenrom has assumed these positions. The Audit
Committee deems that both aforementioned executives
are qualified to undertake the responsibilities efficiently
based on their educational background, necessary
knowledge, skills, and work experiences. They both

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Governance Structure and Key Data on the Board of Directors, Sub-Committees, Management, Employees, and Others 187

have also completed direct training on audits, including 5.6.5 Head of the Investor Relations
the management of the Internal Audit Division and internal
auditor competency development. These have contributed Details are disclosed in the “Corporate Governance”
to the regular enhancement of efficiency of those related section under the topic of “Investor Relations.”
to internal audit, as well as support for the work of
the Audit Committee. 5.6.6 Remuneration of Auditor
The details of the Head of the Internal Audit Division (1) Audit Fees
are disclosed in Attachment 3 “Details of the Head of
the Internal Audit Division and the Head of the Compliance In 2024, PTTEP and its subsidiaries had total Audit Fees
Function.” of USD 2.21 million (THB 78.05 million). Of this amount,
USD 0.69 million (THB 24.39 million) was for the audit
5.6.4 Head of the Compliance Function firm of PTTEP (PwC) and persons or companies related to
the auditor and the audit firm.1 The remaining amount of
PTTEP has established the Corporate Governance and USD 1.52 million (THB 53.66 million) was for other firms.
Subsidiary Management Department which has a direct
reporting line to the Senior Vice President of the Corporate (2) Non-Audit Fees2
Secretary and Assurance Division and the Chief
Executive Officer, respectively. The key responsibilities In 2024, PTTEP and its subsidiaries had Non-Audit
are to promote and ensure that PTTEP Group operates Fees to PwC and persons or companies related to
in full compliance with all applicable laws as well as the auditor and the audit firm, for a total of USD 1.21 million
to support the management in managing compliance (THB 41.54 million). Of this amount, USD 0.44 million
risk efficiently through various compliance programs. (THB 14.93 million) was for consulting services for M&A
This includes providing communication and training in the areas of Financial Due Diligence, tax, and accounting,
programs, developing, maintaining, and monitoring legal which were deal-specific or one-off transactions, and
compliance using the Legislation e-Database, identifying the remaining amount was for other services, such as tax
and conducting compliance risk assessment, providing services and special purpose audit, which were mostly
advice on new issuance or amendment of PTTEP Group’s procured through a bidding process. The Non-Audit Fees
internal regulations to be in line with the laws, coordinating to PwC and persons or companies related to the auditor
with regulators regularly and reporting compliance and the audit firm of USD 1.21 million (THB 41.54 million)
performance to the Audit Committee and the management. was approximately 10 percent when compared against
all Non-Audit Fees in 2024, which included charges from
Head of the Compliance Function in 2024 was Ms. Chalida other service companies.
Srikorakul, who has been appointed as the Vice President
of the Corporate Governance and Subsidiary Management Summary of the Auditors’ Report for the Past
Department from January 26, 2021, until the present. Three Years (2022–2024)
More details related to the Head of the Compliance The auditors expressed an unqualified opinion in
Function are disclosed in Attachment 3 “Details of the Auditors’ Report on PTTEP’s consolidated financial
the Head of the Internal Audit Division and the Head of statements for the past three years.
the Compliance Function.”
1 In accordance with the definition of the Securities and Exchange
Commission of Thailand (SEC)
2 “Non-Audit Fees” is a terminology commonly used by SEC reporting
requirements.

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6. Corporate Governance Milestones

6.1 Summary of the Board’s Performance in 3) An Independent Director must not be a person who
the Past Year is related by blood or legal registration as a father,
mother, spouse, sibling, or child, including the spouse
6.1.1 Nomination, Development, and of a child of any other Director, the Management,
Performance Assessment of the Board major shareholder, controlling person or person to be
nominated as director, the Management, or controlling
(1) Independent Director person of the Company or its subsidiaries.

PTTEP’s Definition of an Independent Director 4) An Independent Director must not have or have had
a business relationship with PTTEP Group, associate
PTTEP Independent Directors must annually review and companies, major shareholders, or controlling persons
certify their independence. They need to be fully qualified that may interfere with independent discretion, which
without any prohibited characteristics in accordance with includes not being or having been a significant
the law. They must also have the following additional shareholder or the controlling person of any person
qualities as stipulated by PTTEP’s definitions, which are having a business relationship with PTTEP Group,
stricter than the law: associate companies, major shareholder, or controlling
person unless the foregoing relationship has ended
1) An Independent Director must not hold shares for at least two years prior.
exceeding 0.5 percent (SEC sets at one percent) of
the total number of shares with voting rights of PTTEP The “business relationship” in the previous paragraph
Group, associate companies, major shareholders, or includes normal business transactions, rental, or lease
controlling persons, including shares held by persons of property, transactions related to assets or services
related to that Independent Director. or granting or receipt of financial assistance through
receiving or extending loans, guarantees, providing
2) An Independent Director must not be or have been assets as collateral, and any other similar actions,
an executive director, employee, advisor earning which result in the Company or the counterparty being
a regular monthly salary, or a controlling person subject to indebtedness payable to the other party
of PTTEP Group, associate companies, major in an amount starting from three percent of the net
shareholders, or controlling persons unless the tangible assets of the Company or from THB 20 million
foregoing status has ended for at least two years prior. or more, whichever amount is lower. The calculation
In this regard, such prohibited characteristics are to of such indebtedness shall be in accordance with
exclude cases where an independent director used the method for calculating the value of related party
to be a government official or advisor of a government transactions under the Notification of the Capital
agency that is a major shareholder or a controlling Market Supervisory Board Re: Rules on Execution of
person of the Company. Related Party Transaction, mutatis mutandis. In any
case, the consideration of such indebtedness shall
include indebtedness incurred during the period of
one year to the date of establishing the business
relationship with the related person.

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Corporate Governance Milestones 189

5) An Independent Director must not be or ever An Independent Director with the qualifications in
have been an auditor of PTTEP Group, associate accordance with the aforementioned 1) to 9) may be
companies, major shareholders, or controlling assigned by the Board of Directors to make a decision
persons. An Independent Director must also not be on the business operation of PTTEP Group, associate
a significant shareholder, controlling person, or companies, major shareholders, or controlling persons in
partner of the audit firm which employs the auditors the form of a collective decision.
of PTTEP Group, associate companies, major
shareholders, or controlling persons unless The definition related to Independent Directors is in line with
the foregoing relationship has ended for at least two the Notification of the Securities and Exchange Commission
years prior. Re: Determination of Definitions in Notifications relating to
Issuance and Offer for Sale of Securities.
6) An Independent Director must not be or have been
a provider of professional services, which includes Business Relationship or Professional Services of
serving as a legal advisor or financial advisor being Independent Directors of the Company during the Past
paid with a service fee of more than THB 2 million per Fiscal Year
year by PTTEP Group, associate companies, major
shareholders, or controlling persons, and not being - None -
a significant shareholder, controlling person,
or partner of such provider of the professional (2) Nomination of Directors and the Management
services unless the foregoing relationship has ended
for at least two years prior. Nomination of Directors

7) An Independent Director must not undertake any When there is a vacancy for a director position or when
businesses of the same nature and in significant a director’s term limit is due, it is a duty of the Nomination
competition with the business of the Company or and Remuneration Committee to select the candidates
its subsidiaries, or not being a significant partner in who fit the required skills, experience, and are in line with
a partnership or an executive director, employee, the Company’s Target Skill Mix and strategic directions to
or advisor earning a regular monthly salary, ensure that the Board’s composition is complete, comprising
or holding more than one percent of the voting shares experienced and well-rounded experts in various areas
of another company that undertake a business of with the right balance, and for the optimal benefit to
the same nature and in significant competition with PTTEP. The Company attaches importance to factors
the business of the Company or its subsidiaries. such as Board Diversity which includes consideration
on gender, independence, and conflicts of interest of
8) An Independent Director must not be a director who directors in a comprehensive and transparent manner.
is appointed as the representative of the directors of On December 31, 2024, PTTEP Board comprised 10
the Company, major shareholder, or the shareholder independent directors and two female directors from 15
related to the major shareholder. directors.

9) An Independent Director must not have any other

characteristics that cause the inability to express
independent opinions on the business operation of
the Company.

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The Nomination and Remuneration Committee determines the three-fourth majority voting rule. The elected director
the Target Skill Mix for director nominations by analyzing is permitted to remain in his or her directorship for only
the Board’s current Skill Matrix. In 2025, PTTEP focuses on as long as the remaining term of the predecessor.
the three main areas of Target Skill, namely (1) Accounting,
(2) Law, and (3) Economics & Finance, including Nomination and Succession Plan of the Chief Executive
investment banking. Officer

In addition, the Nomination and Remuneration Committee The Nominating and Remuneration Committee has
also considers director candidates from the directors’ pool included in its Charter the role of considering the Chief
provided by the State Enterprise Policy Office (SEPO) Executive Officer succession plan and appropriate
which comprises a list of people who are regarded as executive-level management’s development system to
highly qualified for the operations of state enterprises. ensure a candidate list with the skills and qualifications in
As of December 31, 2024, PTTEP had nine directors line with the Company’s target growth.
whose names were listed in SEPO’s directors’ pool.
The Company also seeks advice from the major The Nominating and Remuneration Committee is
shareholder, PTT, as well as considers minor shareholders’ responsible for considering the candidates’ knowledge,
proposals (if any) according to the rules regarding skills, experience, profession, and other various specific
the nomination of a person to fill in the positions that are qualifications to bring about the best of interests to
due to retire by rotation. the Company, for example, strategic vision in the energy
sector, the ability to lead substantial investment to achieve
The election of directors to replace those who are due to targets, the crisis management ability, working experience
retire by rotation must obtain approval from the AGM by in Exploration and Production, ability to seek and manage
a majority vote based on the number of the Company’s New Business for the Company’s sustainable growth and
shareholders with voting eligibility at the Meeting. also looking into their probable conflicts of interest.
The election process is as follows:
The Company formulates a succession plan for the Chief
1) Should the number of director candidates be fewer Executive Officer to prepare the Company for the time
than the number of positions to be elected, PTTEP when the Chief Executive Officer is unable to perform
will propose at the Meeting to elect all candidates as his or her duties or when the serving term is completed.
directors by voting for individual candidates, under The plan helps to minimize the risks and the impacts which
which each of them must receive majority votes. may result from the discontinuity of the management.
The procedure for a succession plan is as follows:
2) Should the number of director candidates exceed
the number of those to be elected, a ballot is to 1) PTT Group Management Committee (PTTGMC),
be held. Each shareholder may vote for as many a committee in which the Company’s Chief Executive
director candidates as the number of the opened Officer is a director, and PTTEP forms the Group
positions. Voting will then be carried out for each of Leadership Development Program (GLDP).
the individuals. Those with the highest ballots will The program’s primary focus is to enhance the capability
be elected, as many as the number of the opened of the management from the levels of PTT Group’s
positions. Each of them must receive majority votes. executives, Executive Vice Presidents, and above to
prepare them for a possible nomination to become
When a director position becomes vacant for reasons other the Chief Executive Officer in one of PTT Group
than rotation, the Board may elect a new director, using companies.

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Corporate Governance Milestones 191

2) PTT CEO and President reviews the shortlisted names PTTEP has a systematic succession planning for every
at the Senior Executive Vice President level of PTT vacancy of the management in accordance with the
and Executive Vice President level of PTT Group with positions in the organizational structure in order to fill in
suitable qualifications from 1) and proposes potential vacancies due to appointments and transfers, retirement,
candidates to PTT Nominating Committee for review and reorganization to support the Company’s business
which will then further propose the candidates to PTT expansion domestically and internationally. The Career
Board of Directors for the selection of the most suitable Review Board (CRB) is authorized to select and appoint
person to be PTTEP’s next Chief Executive Officer. successors for managerial positions using the Company’s
Management Success Profile as the screening criteria.
3) After receiving the candidate names, accompanied These profiles comprise organizational knowledge,
by opinions of PTT Board from 2), and comparing experiences, competency, as well as personal attributes
them with the Company’s potential candidates at required for the target positions, while Currently Estimated
the Executive Vice President level, the Company’s Potential is also taken into consideration. Once the
Nominating and Remuneration Committee will successors are identified, their individual short-term
reassess the individual’s knowledge, capability, and long-term development plans will be established
and experience relating to the business, conflicts of with emphasis on technique and functional knowledge,
interest, and his or her vision to lead the Company to managerial skills, personality, and soft skills required for
grow according to the strategic plan determined by different business areas, such as Asset Management,
PTTEP’s Board of Directors. Strategy & Business Development, Technical Expert, and
Business Support, according to the corporate values and
4) The Nominating and Remuneration Committee organizational culture to ensure that the successors are
proposes the name of the final candidate, together qualified for the target positions by the time of requirement.
with opinions and a fair and reasonable remuneration
package proposed by the Nominating and (3) Development of Directors
Remuneration Committee, to the Board of Directors for
approval and appointment of the Company’s Director Orientation of New Directors
and new Chief Executive Officer.
The orientation program which is provided to the
Nomination of the Management and Succession Plan Company’s new directors consists of:

The Board grants Chief Executive Officer the authority 1) Briefing by the Chief Executive Officer and PTTEP
to select and appoint individuals who possess high-level executives: This briefing covers the
the knowledge, capabilities, and experience to management nature of business, business directions, knowledge,
positions in consultation with the Career Review Board and techniques of petroleum exploration and
(CRB) Committee in line with PTTEP Rules and Regulations production, relevant rules and regulations, the Good
for Human Resource Management. The nomination must Corporate Governance and Business Ethics of
then be acknowledged by the Board. Exceptions are PTTEP Group (CG&BE), and any other information that
made for the appointment of the Executive Vice President is necessary and beneficial for an efficient undertaking
and above, where the Board’s approval is required. of the Director’s role – as well as other topics that
If the nominee is not from within the organization, the directors are interested in.
an interview with the interview committee is required,
while the nomination of the Head of Internal Audit
Division requires approval from the Audit Committee.

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2) Director Manual: This contains essential information such as strategic plans, relevant rules and regulations,
and the CG&BE covering issues of Human Rights, Measures to Prevent the Use of Insider’s Information, Conflicts
of Interest, and Anti-Fraud and Corruption, etc., which will be beneficial for efficient undertaking of the director’s
roles. The PTTEP Director’s Manual is updated regularly so that it can be used as a reference.

3) Site Visits: New directors visit PTTEP Group’s facilities as appropriate so that they can better understand
the business. The visits are also beneficial for an efficient undertaking of their roles as Directors.

At the end of each orientation, new directors will evaluate the effectiveness of the program for further improvement.
Any director elected as Chairman of the Board is also required to attend a briefing on how to efficiently perform
the Chairman’s duties and conduct Board and shareholders’ meetings.

Development and Training of Directors

PTTEP encourages its directors to continuously develop their knowledge and understanding of the business and their
duties. The Company facilitates this by encouraging Directors to participate in various training courses and taking
responsibility for any training expenses incurred. PTTEP also arranges regular briefings and presentations to provide
useful information and offer updates on their responsibilities and best practices in accordance with relevant laws
and good corporate governance principles.

In 2024, PTTEP organized briefing and presentation sessions as well as facilitated its Board of Directors’ participation
in external training, conferences, and seminars beneficial to fulfilling their duties as PTTEP directors, as follows:

Director Activities and Other Courses

1) Mr. Krairit Euchukanonchai - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study visit on Technology, Digitalization, and Renewable Energy in the People’s
Republic of China
- Study visit on Carbon Capture and Storage (CCS) and Hydrogen in Japan
- Study trip and site visit to PTT Gas Separation Plants in Rayong
- The Energy Intelligence Forum in the UK
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability

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Corporate Governance Milestones 193

Director Activities and Other Courses

2) Ms. Penchun Jarikasem - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study visit on Technology, Digitalization, and Renewable Energy in the People’s
Republic of China
- Study trip and site visit to PTTEP and PTT Group, as follows:
1) PTTEP Technology and Innovation Center (PTIC) in Rayong
2) PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Sustainability
- Training Courses provided by the Thai Institute of Directors Association (IOD),
as follows:
1) Board Nomination & Compensation Program (BNCP)
2) The Board’s Role in Mergers & Acquisitions (BMA)
3) Mr. Veerathai Santiprabhob - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study visit on Technology, Digitalization, and Renewable Energy in the People’s
Republic of China
- Study trip and site visit to PTTEP and PTT Group, as follows:
1) PTTEP Technology and Innovation Center (PTIC) in Rayong
2) PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
4) CCS as a service in Thailand

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Director Activities and Other Courses

4) Mr. Teerapong Wongsiwawilas - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study trip and site visit to PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
5) Mr. Wuttikorn Stithit - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study visit on Technology, Digitalization, and Renewable Energy in the People’s
Republic of China
- CERAWEEK 2024
- Study trip and site visit to PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
4) CCS as a service in Thailand

PTT Exploration and Production Public Company Limited

Corporate Governance Milestones 195

Director Activities and Other Courses

6) General Nithi Chungcharoen - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study visit on Technology, Digitalization, and Renewable Energy in the People’s
Republic of China
- CERAWEEK 2024
- Study trip and site visit to PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
4) CCS as a service in Thailand
- Risk Management for Corporate Leader (RCL) by the Thai Institute of Directors
Association (IOD)
7) Mrs. Natjaree Anuntasilpa - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study trip and site visit to PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
8) Mr. Ekniti Nitithanprapas - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study visit on Technology, Digitalization, and Renewable Energy in the People’s
Republic of China
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability

PTT Exploration and Production Public Company Limited

196 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Director Activities and Other Courses

9) Mr. Danucha Pichayanan - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
10) Mr. Phongsthorn Thavisin - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study trip and site visit to PTTEP and PTT Group, as follows:
1) PTTEP Technology and Innovation Center (PTIC) in Rayong
2) PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
- Training Courses provided by the Thai Institute of Directors Association (IOD),
as follows:
1) Director’s Guide to Legal Obligations & Duties (DLD)
2) ESG in the Boardroom : A Practical Guide for Board (ESG)
11) Mr. Thongthit Chayakula - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study trip and site visit to PTTEP and PTT Group, as follows:
1) PTTEP Technology and Innovation Center (PTIC) in Rayong
2) PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
- Advanced Audit Committee Program (AACP) by the Thai Institute of Directors
Association (IOD)

PTT Exploration and Production Public Company Limited

Corporate Governance Milestones 197

Director Activities and Other Courses

12) Admiral Pogkrong Monthardpalin - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study trip and site visit to PTT Gas Separation Plants in Rayong
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
- Director Certification Program (DCP) by the Thai Institute of Directors Association
(IOD)
13) Mr. Kongkrapan Intarajang - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
14) Mr. Wattanapong Kurovat - The National Defence Course (Class 67)
15) Mr. Montri Rawanchaikul - Internal Lecture and Discussion Session on Annual Strategy Review
- Internal Lecture and Discussion on Business Strategies of AI and Robotics
Ventures Company Limited (ARV)
- Internal Lecture and Discussion on Digital Transformation Strategies, Master Plan,
and Strategic Working Model
- Study visit on Renewable Energy, Decarbonization, and Energy Innovations in
France and the Netherlands
- Study visit on Technology, Digitalization, and Renewable Energy in the People’s
Republic of China
- CERAWEEK 2024
- Study trip and site visit to PTT Gas Separation Plants in Rayong
- The Energy Intelligence Forum in the UK
- Internal Lectures on the following topics:
1) Hydrogen and Low Carbon Fuels
2) Decarbonization
3) Sustainability
- The Cullinan: The Making of the Digital Board by Digital Economy Promotion
Agency (depa) in collaboration with the Thailand Management Association (TMA)

PTT Exploration and Production Public Company Limited

198 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

As of December 31, 2024, the Company had 15 directors 4) Appraisal of the Chairman, which includes questions
in total, and all of them had participated in the directors’ about the efficiency of the Chairman’s performance,
roles programs provided by the Thai Institute of Directors according to the roles and responsibilities of
Association (IOD). 14 of the Company’s directors the Chairman as stated in the SEC’s Corporate
(93 percent of the total number) had participated in Governance Code for Listed Companies 2017
IOD’s Director Certification Program (DCP), while four of (CG Code) and the CG&BE of PTTEP Group under
the Company’s directors (27 percent of the total number) Section 6.3: Roles of the Board of Directors and
had attended the IOD’s Director Accreditation Program Management. This includes topics such as acting as
(DAP). In addition, the Company regularly provided them the Chairman of the Board’s meetings and the Annual
with information on new and useful seminars and training General Shareholders’ Meeting, setting the agenda
courses. Details of the training courses attended by for the Board’s meetings, and enhancing the
the directors are disclosed in Attachment 1: “Information of relationship between the Board and the management.
the Board of Directors, Management, Controlling Persons,
and Company Secretary.” In 2024, the Board Performance Target was established by
the Board, covering three aspects, namely (1) the building
(4) Performance Appraisal of the Board of the Company’s stability, growth, and appropriate return
to the Shareholders, (2) PTTEP’s Corporate Governance
The Good Corporate Governance and Business Ethics assessment results and meeting attendance, and
of PTTEP Group (CG&BE) stipulates that there should be (3) the efficiency of directors’ performance. The criteria
an annual performance appraisal of the Board derived and performance appraisal form were also reviewed by
from the Board Performance Target and Performance the Nomination and Remuneration Committee according
Appraisal Form. This allows the Company’s directors to to the SEC’s CG Code. The 2024 performance appraisal
review their performance, key issues, and obstacles that form is divided into four types as mentioned above.
they have faced during the year as well as to enhance their The questions appearing in the form are revised to be more
directorship efficiency. concise and in line with the purpose of the assessment as
indicated in the Good Corporate Governance and Business
Four types of the Board’s performance appraisal are: Ethics of PTTEP Group (CG&BE). Moreover, the questions
are adjusted to increase clarity, measurability, and the
1) Individual self-appraisal and individual cross-appraisal capability to produce an effective improvement plan.
by other directors, including four evaluation topics, To increase the clarity, the scoring has changed to
namely (1) qualifications, (2) independence, the use of 1–3 scale: 1 = do not agree/needs improvement,
(3) roles and responsibilities, and (4) training and 2 = agree/meets the standard, and 3 = strongly agree/good.
self-development.
Process
2) Appraisal of the entire Board, including five evaluation
topics, namely (1) strategic planning and corporate The Corporate Secretary and Assurance Division,
policies, (2) Board performance, (3) management a focal point of the Board’s performance appraisal
governance and cooperation, (4) Board meetings, coordination and preparation, distributes the appraisal
and (5) Board structure and qualifications. form to each director, gathers and processes the result
of the assessment in order to summarize and propose
3) Appraisal of the sub-committees, which includes the result and improvement plan to the Nomination
questions on each of the sub-committee’s and Remuneration Committee and the Board for their
performance and efficiency according to the roles acknowledgment.
and responsibilities stated in their charters.

PTT Exploration and Production Public Company Limited

Corporate Governance Milestones 199

Summary of the 2024 Board Performance Appraisal’s (5) Performance Appraisal of the Chief Executive
Results Officer (CEO)

1) Self-appraisal average score was 2.92. For individual The Board has set the target and key performance
cross-appraisal by other directors, the average score indicators (KPIs) annually for PTTEP Chief Executive
was 2.93, representing an increase from 2.89 in 2023 Officer, which aligns with PTTEP’s corporate KPIs.
(total score = 3). The Nomination and Remuneration Committee is responsible
for the assessment in order to evaluate and monitor
2) The average score from self-appraisal of the entire the performance of the Chief Executive Officer against
Board was 2.90, slightly decreased from 2.91 in 2023 both short-term and long-term goals.
(total score = 3).
6.1.2 Meeting Attendance and Individual
In addition, the 2024 self-appraisal of the entire Board Directors’ Remuneration
included an assessment of cooperation between
the Board and the management. The same set of questions (1) The Board’s Meetings
was evaluated by the management to further develop their
relationships and cooperation and to promote two-way The Board’s monthly meetings and agenda are scheduled
communication. and set in advance each year by the Board itself.
There are at least 12 regular meetings annually, held every
3) The 2024 appraisal scores of the four sub-committees Friday on the third week of each month. Additional meetings
were as follows: may also be held as deemed appropriate. Meetings related
to the Company’s strategic directions and policies are
3.1) The appraisal score of the Audit Committee was held at least once a year. The Non-Executive Directors
3.00, the same as the 2023 score (total score = 3). meeting and Independent Directors Committee meeting
3.2) The appraisal score of the Nomination and are also arranged at least once a year each. The Board
Remuneration Committee was 3.00, the same members had been informed of the meeting schedule
as the 2023 score (total score = 3). of 2025, along with the monthly regular agenda since
3.3) The appraisal score of the Corporate August 2024. In 2024, there were 20 Board meetings held
Governance and Sustainability Committee in a hybrid format according to the Emergency Decree
was 2.75, increasing from 2.50 in 2023 (total on Electronic Meeting, B.E. 2563 (2020) to facilitate
score = 3). the Board members who are unable to attend in person.
3.4) The appraisal score of the Risk Management In order to allow the Board Members to study and consider
Committee was 3.00, increasing from 2.89 the contents of the meeting agenda in advance, the Board
in 2023 (total score = 3). usually receives meeting invitations from the Company
Secretary, along with agenda and important documents
4) The 2024 appraisal of the Chairman of the Board was related to the meetings, for review at least seven calendar
2.96, increasing from 2.89 in 2023 (total score = 3). days prior to the meeting date, except when there is
insufficient information or in urgent situations. In addition,
PTTEP reported the aforementioned results to the meeting documents are delivered to the directors
the Board for acknowledgment. Recommendations from through a dedicated application to facilitate and speed up
the Board’s appraisal will be used in the future to improve their reviews as well as to promote a paperless process.
the efficiency of the Board, sub-committees, Chairman,
and the management, such as proposing more agenda Generally, the Company’s Chairman, the CEO, and
items relating to the performance of the subsidiaries with the Company Secretary are responsible for agenda
high-value investments. proposals for Board meetings; however, the Company’s

PTT Exploration and Production Public Company Limited

200 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

directors are also eligible to propose agenda items. 4) To amend the Memorandum or Articles of Association;
The Board’s meeting agenda items are clearly classified,
including monthly items of performance review as well as 5) To increase or reduce the registered capital, issue
budget execution. debentures, amalgamate, and dissolve the Company;

During each of the meetings, which usually lasts 6) In case where the Company or one of the subsidiaries
approximately four hours, the Chairman allocates adequate agrees to enter connected transactions, or disposition
time for each agenda item to provide an opportunity or acquisition of the Company’s or the subsidiary’s
for directors to express their opinions independently. assets, as determined by the Securities and Exchange
The Company’s executives are also invited to attend law and notifications in relation to such transactions,
the meetings to provide necessary information and answer or the acquisition or disposal of assets of a listed
any questions on the agenda as well as to acknowledge company, as applicable.
the policies and issues being raised to effectively
implement them. The Company Secretary provides advice The minutes of the Board’s meetings cover all significant
to the Board on related rules and regulations for proper matters. For issues seeking approval, all resolutions are
practices, takes minutes of the meetings, as well as keeps unanimous. The names of the persons attending or absent
complete filing of all the necessary meeting information from the meetings, the names of the meetings’ attendants,
and documents. opinions of directors, questions, the management’s
responses, or clarifications are recorded in detail,
The Board’s resolutions are based on a majority vote, while the minutes and related documents are system
where one director has one vote. Should a director have atically filed and kept safely. All directors of the Board
a stake in one of the issues, he or she will not be allowed usually attend every meeting unless an absence is
to attend the meeting and/or exercise his or her vote on deemed necessary, in which case the director in question
that issue. In the circumstance where the voting is tied, must submit a leave application to the Board’s Chairman,
the Chairman of the meeting is to cast the decisive vote. specifying the reason. The leave application must be
communicated to all the Board members prior to the meeting
The issues which require an approval of no fewer than and will be subsequently recorded in the report of individual
three-fourths of the total votes of the Company’s eligible directors’ meeting attendance. In 2024, the majority
shareholders attending the meeting are as follows: of the Board members attended every meeting.

1) The sale or transfer of whole or important parts of In 2024, non-executive directors held one meeting in
the business of the Company to other persons; the absence of the management. The purpose was to follow
up on the undertakings of the management and for the
2) The purchase or acceptance of business transferred Board to discuss issues of priority, such as the procurement
from other public limited companies or private process and promoting a corporate culture based on
companies to the Company; the Outward Mindset approach. The results were summarized
and communicated to the CEO for further implementation.
3) The making, amending, or canceling of contracts Additionally, a meeting of Independent Directors was held
relating to the leasing out of the businesses to discuss key issues that are of interest to the Company,
of the Company, wholly or certain important parts, shareholders, and minority shareholders. The topics
the assignment to any other persons to manage included the qualifications of directors and compliance
the businesses of the Company or the amalgamation with the regulations and best practices established by
of the businesses with other persons with objectives the Securities and Exchange Commission (SEC) and
towards profit and loss sharing; the Stock Exchange of Thailand (SET).

PTT Exploration and Production Public Company Limited

 Meeting Attendance of PTTEP Directors in 2024

Non- Corporate Nomination Annual

Independent Executive Governance Audit and Risk General
Board of Directors Directors Directors and Committee Management
Remuneration Committee Shareholders’
Committee Committee Sustainability Committee Meeting 2024
Director’s Name Committee
Corporate Governance Milestones

Total number Total number Total number Total number Total number Total number Total number Total number
of meetings Physical Online of meetings of meetings of meetings of meetings of meetings of meetings of meetings
20 Times 1 Time 1 Time 4 Times 15 Times 9 Times 13 Times 1 Time
1. Mr. Krairit Euchukanonchai 20/20 20/20 - 1/1 1/1 - - - - 1/1
2. Ms. Penchun Jarikasem 19/20 17/20 2/20 1/1 1/1 - 15/15 - - 1/1
3. Mr. Veerathai Santiprabhob 19/20 12/20 7/20 1/1 1/1 4/4 - - 13/13 1/1
4. Mr. Teerapong Wongsiwawilas 20/20 16/20 4/20 1/1 1/1 - 15/15 9/9 - 1/1
5. Mr. Wuttikorn Stithit 20/20 17/20 3/20 - 1/1 - - - 13/13 1/1
6. General Nithi Chungcharoen 20/20 18/20 2/20 1/1 1/1 - - 9/9 13/13 1/1
7. Mrs. Natjaree Anuntasilpa 19/20 8/20 11/20 1/1 1/1 - 13/15 - - 1/1
8. Mr. Ekniti Nitithanprapas 20/20 12/20 8/20 - 1/1 4/4 - - - 1/1
9. Mr. Danucha Pichayanan1 17/17 10/17 7/17 1/1 1/1 4/4 - - - 1/1
10. Mr. Phongsthorn Thavisin2 16/16 15/16 1/16 1/1 1/1 4/4 - 7/7 - -
11. Mr. Thongthit Chayakula3 16/16 13/16 3/16 1/1 1/1 - 14/15 - - -
12. Admiral Pogkrong Monthardpalin4 16/16 10/16 6/16 1/1 1/1 - - 7/7 - -
13. Mr. Kongkrapan Intarajang5 12/12 10/12 2/12 - 1/1 - - - - -
14. Mr. Wattanapong Kurovat6 3/4 3/4 - - - - - - 1/1 -
15. Mr. Montri Rawanchaikul 20/20 19/20 1/20 - - - - - - 1/1

PTT Exploration and Production Public Company Limited

201
 202
Non- Corporate Nomination Annual
Independent Executive Governance Audit and Risk General
Board of Directors Directors Directors and Committee Remuneration Management
Committee Committee Sustainability Committee Committee Shareholders’
Meeting 2024
Director’s Name Committee
Total number Total number Total number Total number Total number Total number Total number Total number
of meetings Physical Online of meetings of meetings of meetings of meetings of meetings of meetings of meetings
20 Times 1 Time 1 Time 4 Times 15 Times 9 Times 13 Times 1 Time
Resignation of Former Directors during 2024
1. Mr. Pitipan Tepartimargorn7 4/4 1/4 3/4 - - - - 2/2 2/3 1/1
2. Mrs. Angkarat Priebjrivat8 4/4 4/4 - - - - 3/3 - - 1/1

PTT Exploration and Production Public Company Limited

3. Mr. Auttapol Rerkpiboon9 7/7 5/7 2/7 - - - - - - 1/1
4. Mr. Veerapat Kiatfuengfoo10 13/13 10/13 3/13 - 0/1 - - - 6/6 1/1

Remarks:
1 Mr. Danucha Pichayanan was elected as a director effective from March 1, 2024, and Corporate Governance and Sustainability Committee member effective from April 1, 2024.
2 Mr. Phongsthorn Thavisin was elected as a director, a Chairman of Corporate Governance and Sustainability Committee, and Nomination and Remuneration Committee member effective from April 1, 2024.
3 Mr. Thongthit Chayakula was elected as a director and Audit Committee member effective from April 1, 2024.
4 Admiral Pogkrong Monthardpalin was elected as a director and Nomination and Remuneration Committee member effective from April 1, 2024.
5 Mr. Kongkrapan Intarajang was elected as a director effective from May 21, 2024.
6 Mr. Wattanapong Kurovat resigned from directorship effective from February 6, 2024 and subsequently resumed the positions of Director and Risk Management Committee member effective
from November 15, 2024.
7 Mr. Pitipan Tepartimargorn concluded the directorship term at the annual shareholders’ meeting, effective from April 1, 2024.
8 Mrs. Angkarat Priebjrivat concluded the directorship term at the annual shareholders’ meeting, effective from April 1, 2024.
9 Mr. Auttapol Rerkpiboon resigned from directorship, effective from May 13, 2024.
10 Mr. Veerapat Kiatfuengfoo was elected as a director effective from March 1, 2024, and was elected as Risk Management Committee effective from April 1, 2024. Mr. Veerapat resigned from directorship,
effective from September 30, 2024.
56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Corporate Governance Milestones 203

Number of PTTEP Shares held by the Directors, Their Spouses/Cohabiting Couple, and Minor Children as of
December 31, 2024

Number of Ordinary Shares

Director’s Name As of As of Increase/(Decrease)
December 31, 2023 December 31, 2024 during the Year
1. Mr. Krairit Euchukanonchai - - -
2. Ms. Penchun Jarikasem - - -
3. Mr. Veerathai Santiprabhob - - -
4. Mr. Teerapong Wongsiwawilas - - -
5. Mr. Wuttikorn Stithit - - -
6. General Nithi Chungcharoen - - -
7. Mrs. Natjaree Anuntasilpa - - -
8. Mr. Ekniti Nitithanprapas - - -
9. Mr. Danucha Pichayanan1 n/a - n/a
10. Mr. Phongsthorn Thavisin2 n/a - n/a
11. Mr. Thongthit Chayakula3 n/a - n/a
12. Admiral Pogkrong Monthardpalin4 n/a - n/a
13. Mr. Kongkrapan Intarajang5 n/a - n/a
14. Mr. Wattanapong Kurovat6 n/a - n/a
15. Mr. Montri Rawanchaikul 52,050 52,050 -
Former Directors Whose Tenures Lapsed during 2024
1. Mr. Pitipan Tepartimargorn7 - - -
2. Mrs. Angkarat Priebjrivat8 - - -
3. Mr. Auttapol Rerkpiboon9 - - -
Spouse/Cohabiting Couple 500 500 -
4. Mr. Veerapat Kiatfuengfoo10 - - -
Remarks:
1 Mr. Danucha Pichayanan was elected as a director effective from March 1, 2024, and Corporate Governance
and Sustainability Committee member effective from April 1, 2024.
2 Mr. Phongsthorn Thavisin was elected as a director, a Chairman of Corporate Governance and Sustainability Committee,
and Nomination and Remuneration Committee member effective from April 1, 2024.
3 Mr. Thongthit Chayakula was elected as a director and Audit Committee member effective from April 1, 2024.
4 Admiral Pogkrong Monthardpalin was elected as a director and Nomination and Remuneration Committee member effective from April 1, 2024.
5 Mr. Kongkrapan Intarajang was elected as a director effective from May 21, 2024.
6 Mr. Wattanapong Kurovat resigned from directorship effective February 6, 2024 and subsequently resumed the positions of Director
and Risk Management Committee member effective from November 15, 2024.
7 Mr. Pitipan Tepartimargorn concluded the directorship term at the annual shareholders’ meeting, effective from April 1, 2024.
8 Mrs. Angkarat Priebjrivat concluded the directorship term at the annual shareholders’ meeting, effective from April 1, 2024.
9 Mr. Auttapol Rerkpiboon resigned from directorship, effective from May 13, 2024.
10 Mr. Veerapat Kiatfuengfoo was elected as a director effective from March 1, 2024, and was elected as Risk Management Committee effective from
April 1, 2024. Mr. Veerapat resigned from directorship, effective from September 30, 2024.

PTT Exploration and Production Public Company Limited

204 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

(2) Remuneration of the Board and Members of Remuneration for Members of the Sub-Committees
the Sub-Committees
Members of the Company’s sub-committees, according
PTTEP has a clear and transparent policy with regard to to the Articles of Association, receive the following
the remuneration of the Company’s members of the Board remuneration:
of Directors and sub-committees. The Nomination and
Remuneration Committee, which is responsible for the 1) Meeting allowance of THB 45,000 per person per
policy, reviews the remuneration with prudence by taking meeting attendance;
into consideration the remuneration of affiliated companies
within the PTT Group and the leading listed companies in 2) The sub-committee chairman’s remuneration is
The Stock Exchange of Thailand, the Board’s performance, an additional 25 percent of the above.
duties and responsibilities of directors, PTTEP operational
performance, overall economic situation. The 2024 Annual Other Remuneration for PTTEP Directors
General Shareholders’ Meeting (AGM) approved
the following remuneration for members of the Board and - None -
sub-committees, as proposed by the Nomination and
Remuneration Committee.

Remuneration for Members of the Board

1) Monthly allowance of THB 40,000 per person per

month in a full-month payment;

2) Meeting allowance of THB 50,000 per person per

meeting attendance;

3) Bonus for the Board if there is a dividend of that year,

totaling 0.2 percent of the Company’s consolidated
net profit of that year, but no more than THB 60 million
per year;

4) The chairman’s remuneration is an additional

25 percent of the above.

PTT Exploration and Production Public Company Limited

 Remuneration of Members of the Board and Sub-Committees in 2024

Corporate Nomination
Audit Governance and Risk
Board of Directors and Management
Committee Sustainability Remuneration Committee 2024
Director’s Name Bonus Paid Total
Committee Committee
Corporate Governance Milestones

in 2025
Monthly Meeting Meeting Meeting Meeting Meeting
Allowance Allowance Allowance Allowance Allowance Allowance
1. Mr. Krairit Euchukanonchai 600,000 1,250,000 - - - - 5,126,530 6,976,530
2. Ms. Penchun Jarikasem 480,000 950,000 843,750 - - - 4,101,223 6,374,973
3. Mr. Veerathai Santiprabhob 480,000 950,000 - 180,000 - 697,500 4,101,223 6,408,723
4. Mr. Teerapong Wongsiwawilas 480,000 1,000,000 675,000 - 506,250 - 4,101,223 6,762,473
5. Mr. Wuttikorn Stithit 480,000 1,000,000 - - - 585,000 4,101,223 6,166,223
6. General Nithi Chungcharoen 480,000 1,000,000 - - 405,000 585,000 4,101,223 6,571,223
7. Mrs. Natjaree Anuntasilpa 480,000 950,000 585,000 - - - 4,101,223 6,116,223
8. Mr. Ekniti Nitithanprapas 480,000 1,000,000 - 180,000 - - 4,101,223 5,761,223
9. Mr. Danucha Pichayanan 400,000 850,000 - 180,000 - - 3,428,892 4,858,892
10. Mr. Phongsthorn Thavisin 360,000 800,000 - 225,000 315,000 - 3,081,520 4,781,520
11. Mr. Thongthit Chayakula 360,000 800,000 495,000 - - - 3,081,520 4,736,520
12. Admiral Pogkrong Monthardpalin 360,000 800,000 - - 315,000 - 3,081,520 4,556,520

PTT Exploration and Production Public Company Limited

205
 206
Corporate Nomination
Audit Governance and Risk
Board of Directors and
Committee Sustainability Remuneration Management 2024
Director’s Name Committee Bonus Paid Total
Committee Committee in 2025
Monthly Meeting Meeting Meeting Meeting Meeting
Allowance Allowance Allowance Allowance Allowance Allowance
13. Mr. Kongkrapan Intarajang 320,000 600,000 - - - - 2,521,244 3,441,244
14. Mr. Wattanapong Kurovat 160,000 150,000 - - - 45,000 930,059 1,285,059
15. Mr. Montri Rawanchaikul 480,000 1,000,000 - - - - 4,101,223 5,581,223

PTT Exploration and Production Public Company Limited

Former Directors Retiring by Rotation or Resigning during 2024
1. Mr. Pitipan Tepartimargorn 160,000 200,000 - - 90,000 112,500 1,030,909 1,593,409
2. Mrs. Angkarat Priebjrivat 160,000 200,000 135,000 - - - 1,030,909 1,525,909
3. Mr. Auttapol Rerkpiboon 200,000 350,000 - - - - 1,490,335 2,040,335
4. Mr. Veerapat Kiatfuengfoo 280,000 650,000 - - - 270,000 2,386,778 3,586,778
Total 7,200,000 14,500,000 2,733,750 765,000 1,631,250 2,295,000 60,000,000 89,125,000
Remarks:
1) 2024 Directors’ Bonus to be proposed for approval from the Annual General Meeting of Shareholders for the year 2025 at the rate of 0.2 percent of the Company’s net profit from the 2024 consolidated
financial statements of the Company is due to be approved by the shareholders in 2025. If the dividend is paid to shareholders, the payment for a director will be made according to the directorship’s
terms of service. The chairman of the board receives a 25 percent higher bonus, but no more than THB 60 million per year.
2) PTTEP provides the Chairman with a corporate car to carry out corporate-related purposes only during the term of chairmanship.
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Corporate Governance Milestones 207

6.1.3 Corporate Governance Concerning Subsidiaries and Associated Companies

PTTEP supervises its subsidiaries and associated companies through the management structure of PTTEP Group
companies. We establish adequate and appropriate monitoring and assessment systems, which include risk management,
internal audit and control, compliance with rules and regulations, and compliance with good corporate governance
and business ethics. Undertakings are regularly reported to the Corporate Governance and Sustainability Committee.
We are also aware of the significance of information disclosure in accordance with the principles of good corporate
governance. Details are disclosed in the “Internal Controls and Connected Transactions” section, the “Sufficiency
and Suitability of the Internal Control System” topic.

6.2 The Audit Committee Report

PTTEP is determined to ensure appropriate business management with efficiency and effectiveness as well as recognition
of its good corporate governance by investors and related parties. The Audit Committee, in line with this direction,
is appointed by the Board to govern, oversee, and review the Company’s processes as well as promote the Company to
have appropriate Governance, Risk Management, and Compliance (GRC) Management. This is to achieve the Company’s
goals and meet future challenges in accordance with the Company’s strategic direction and create sustainable value
for the Company and its stakeholders.

The Audit Committee consists of four independent directors. Ms. Penchun Jarikasem is the Chairman of the Audit
Committee. Mr. Teerapong Wongsiwawilas, Mrs. Natjaree Anuntasilpa, and Mr. Thongthit Chayakula are members of
the Audit Committee. All directors have sufficient knowledge and experience to review the accuracy and reliability of
the financial statements.

In 2024, the Audit Committee executed its Board-assigned duties and those under its own charter, in conformity with
best practices and related laws & regulations. The Committee met 15 times including a co-meeting with the Risk
Management Committee. In December 2024, the Audit Committee Meeting was attended by the Chief Executive Officer
(CEO), the Company’s internal and external auditors at the same time. Details of the number of meetings attended by
directors are as follows:

List of the Directors No. of Meeting Attendance

Ms. Penchun Jarikasem Chairman of the Audit Committee 15/15
Mr. Teerapong Wongsiwawilas Member of the Audit Committee 15/15
Mrs. Natjaree Anuntasilpa Member of the Audit Committee 13/15
Mr. Thongthit Chayakula Member of the Audit Committee 14/15

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The Committee’s activities in 2024 according to the Audit The Committee reviewed the effectiveness of risk
Committee Charter can be summarized as follows: management through the Corporate Risk Profile and
the Strategic Risk report as presented to the Board
1) Review of Financial Reports of Directors meeting, together with the review of
significant risk reporting in audit reports of the Internal
The Committee reviewed the Company’s quarterly Audit Division. In addition, a meeting with the Risk
and annual financial statements with the auditor Management Committee was arranged to discuss any
(PricewaterhouseCoopers ABAS – PwC) without the linkage between the Company’s risks and the audit
presence of the management, to independently discuss plan to ensure that the audit work covers major risks
significant matters that occurred in each accounting together with dynamic risks. In addition, the significant
period, independence in performance of duties, audit results were taken into consideration in
auditor’s opinion, significant events and auditor’s focus the Company-wide risk assessment.
areas, accounting standard updating, and any matters
which may have impact on the Company’s financial 3) Review of Connected Transactions or Transactions
reporting. The Committee also had a meeting with with Potential Conflicts of Interest
the management to review the financial statements.
This is to ensure that the Company’s financial The Committee reviewed connected transactions or
reporting is accurate and reliable, the statements transactions with potential conflicts of interest prior
disclosed complete, sufficient, and timely information, to the Board’s consideration to ensure that they were
and complied with all relevant laws and regulations reasonable and beneficial to the Company and to
as well as generally accepted accounting standards. safeguard the benefits of minority shareholders.
The Committee also provided recommendations
regarding the Company’s Management’s Discussion For connected transactions with the parent company,
and Analysis (MD&A) to cover an analysis of relevant which are petroleum sales agreements, the Committee
factors affecting the Company’s operations and considers the negotiation transparency, pricing, and
financial statements. contract duration to ensure the reasonableness of
the transactions. The joint venture companies, which
2) Review of the Internal Control System and Risk have no connection with their parent companies, have
Management reviewed the conditions of such transactions. The terms
and conditions of the petroleum sales agreements
The Committee reviewed the efficiency and under the Petroleum Act, B.E. 2514 (1971) have also
effectiveness of the Company’s internal control system been approved by the relevant regulatory authorities.
through the audit results reported by the Internal Audit
Division and also endorsed the assessment results The Committee also reviewed the disclosure of
of the Company’s internal control system including the transactions in the Annual Report (56-1 One
the Self-Assessment Form required by the Securities Report) and was of the opinion that the transactions
and Exchange Commission of Thailand (SEC), which were correctly and completely disclosed. Prices
found that the Company had a proper and sufficient and conditions were fair and in the best interests
internal control system. This included internal control of the Company. Moreover, the transactions were
related to financial objectives and processes with high appropriately approved by the management or
fraud risk. The Company also improved internal control the Board of Directors prior to their commencement.
continuously to align with its operations, objectives,
and relevant laws and regulations and to ensure that
it had sufficient monitoring and control on subsidiaries.

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4) Monitor acquisition or disposal of assets with 6) Oversight of Internal Audit Activities

significant value (Material Transactions: MT)
The Committee reviewed and approved the annual
The Committee reviewed and provided opinions on audit plan and long-term audit plan, which were
investment transactions during the Board meetings to prepared according to the risk-based approach
ensure that the investment transactions are reasonable (Risk-Based Audit Plan) and emphasized an increase
and in the best interests of the Company as well as to in the frequency of audit cycles for projects that are
ensure that these transactions comply with the laws crucial to the company’s performance. The Committee
and SET’s regulations. In addition, the Committee also reviewed audit results as well as followed up on
established a reporting process for investment the progress of action plans in response to audit findings.
transactions under management’s authority. Afterward, In addition, the Committee reviewed the performance
the Committee keeps monitoring the progress against the audit plan, the independence of internal
of the transactions in a co-meeting with the Risk auditors, and key performance indicators of the Internal
Management Committee to ensure that the investment Audit Division and assessed the performance of
plan is achieved, and risk assessment is in place. the Head of the Internal Audit Division. Moreover,
The Committee also made recommendations on the Committee reviewed the Audit Charter on an annual
the format of progress reporting in accordance with basis. In 2024, the Audit Charter and operational
the type of the investment project, as well as documents were revised to comply with the Global
emphasized that the topics to be reported must be Internal Audit Standards, effective on January 9, 2025.
determined to meet the expectations in accordance
with the Audit Committee’s best practices to prevent The Committee recognized the importance of digital
and deter inappropriate behavior of listed companies technologies and promoted its adoption in the audit
issued by the Securities and Exchange Commission, process. This enabled audit work to adapt to
Thailand (SEC). organizational transformation in the digital era. Digital
technologies also come into play in enhancing audit
5) Review of Compliance with Related Laws and work to become more accurate, complete, and
Regulations rapid as well as equipped with better analysis for
precise and timely problem-solving. An example
The Committee reviewed PTTEP Group’s compliance is the implementation of the Audit Management
with the Securities and Exchange laws, SET’s System (TeamMate+) which has assisted the audit
Regulations, and/or other related laws, both Thai process from the audit planning process to the audit
laws and the laws of other countries in which PTTEP issues follow-up process (end-to-end process) and
Group operates or invests. Moreover, the Committee the enhancement of Follow-Up Dashboard to facilitate
acknowledged the compliance report prepared by management in monitoring the interim outstanding
Compliance Function, in addition to the audit results audit issues. In addition, in 2024, the Internal Audit
related to compliance with related laws and regulations Division developed projects applying information
which are reported by the Internal Audit Division. technology systems to support the audit process
The Committee also recommended additional relevant (IA BOT project), such as automated audit programs
action plans and followed up on the progress of those and connected transaction reports preparation
action plans. systems, etc.

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The Committee also promoted the human resource In addition, the Committee met with the external auditor to
management of the Internal Audit Division by acknowledge the audit plan and observations as well as
considering and supporting the internal auditor’s key audit matters in the auditor’s report, and also met
manpower to be adequate for current tasks and separately with the external auditor in the absence of
increasing audit assignments which are in line with the management to gather additional opinions from
the company’s business growth. The Committee the auditor.
encouraged internal audit staff to attend training
especially on necessary skills and digital technologies The Committee considered the independence of
for further use in audit work and to ensure that the auditor for non-audit service transactions
internal audit activities are appropriate and effective. that engage the company and its affiliates which
The Committee also supported advisory services role of the external auditor worked for. The Committee
the Internal Audit Division in order to add long-term value also considered and approved the framework for
to the Company and fulfill stakeholders’ expectations. the services on an annual basis (pre-approval).
The management reports the summary of such services
7) Nomination of the External Auditor for 2025 and to the Committee on a quarterly basis. These are to ensure
Meeting with the External Auditor the external auditor’s independence. Additionally,
the Committee had an opinion on clear disclosure
The State Audit Office of the Kingdom of Thailand of non-audit fees in the Annual Report (56-1 One Report)
(SAO) requested the Company to outsource so that shareholders are informed of information that
an external auditor in accordance with the State may affect the independence of the external auditors.
Fiscal and Financial Disciplines Act, B.E. 2561 (2018),
Section 71, requiring the SAO or the external auditor 8) Oversight of Good Corporate Governance and Fraud
endorsed by the SAO to audit the financial reports of Prevention
the government agency. The Company then proposed
Ms. Amornrat Pearmpoonvatanasuk, Certified Public The Committee encouraged the improvement of
Accountant Registration No. 4599 or Mr. Boonrueng the Company’s business processes and internal control
Lerdwiseswit, Certified Public Accountant Registration system to ensure comprehensive control over fraud
No. 6552 or Mr. Kan Tanthawirat, Certified Public prevention. For example, the Committee promoted
Accountant Registration No. 10456, the auditors procurement through a competitive bidding process
from PricewaterhouseCoopers ABAS Limited (PwC), and supported the use of analysis of past procurement
to serve as the Company’s external auditor in 2025. reports for preparing annual procurement plans
The Committee considered that PwC is a leading in advance. As a result, the proportion of bidding
company with reliable performance, independence, transactions is continuously higher than direct
and experience in auditing; with reasonable audit fee. negotiation transactions every year. The Committee
Therefore, the Committee agreed to propose PwC to be also encouraged staff whistleblowing, which allowed
the Company’s external auditor together with its audit a person to raise suspicious misconduct or potential
fees to the Board, SAO, and the 2025 Annual General fraud. In addition, the Committee verified the results
Meeting for further consideration and approval. of the Company’s self-evaluation form relating to
the anti-corruption system to re-certify as a member
of the Thai Private Sector Collective Action Against
Corruption (CAC) every three years. In 2024, PTTEP
was certified as a member of the CAC for the fourth
consecutive time.

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9) Review of the appropriateness of the Audit The Committee is confident in the competency of
Committee Charter the Internal Audit Division, which consists of personnel with
various qualifications, skills, and experiences, enabling
The Committee reviews the Audit Committee Charter on them to perform their duties in auditing to cover various
an annual basis. In 2024, the Committee recommended aspects efficiently.
the revision of the Audit Committee Charter by
adding the scope of the Committee’s duties on The Committee’s overall opinion regarding the work
the arrangement of an investigation and analysis of in 2024 is that the Company’s financial reports were
impacts and issues, as well as establishing measures accurate and in compliance with generally accepted
or actions to immediately restrain any suspicious accounting standards and International Financial
conduct in case that the external auditor finds practices Reporting Standards. The Company also conducted
of a person responsible for the operation of the juristic its operations in compliance with the relevant laws
person that appears to be suspicious of committing and obligations. In addition, the Company has proper risk
management malpractice in a fraudulent manner. management, fraud risk management, internal controls,
This is to be in accordance with the Securities and internal audit, and corporate governance.
Exchange Act, B.E. 2535 (1992), Section 89/25.
The Committee’s performance was graded “Very Good”
In addition, the Committee also added the scope by themselves, the Board of Directors, and related
of duties to monitor the acquisition or disposal of agencies.
assets with significant value (Material Transactions:
MT) including investment transactions under
the management’s authority, and to consider
the reasonableness of fundraising transactions as
well as monitor that the use of funds aligns with the
objective of fundraising. The additional duties have (Ms. Penchun Jarikasem)
been identified to conform with the Audit Committee’s Chairman of the Audit Committee
best practices to prevent and deter inappropriate
behavior of listed companies issued by the Securities
and Exchange Commission, Thailand (SEC).

In conclusion, in 2024, The Committee fully and

independently conducted its roles and responsibilities
to ensure that the Company was equipped with
good corporate governance and operated with same
performance standard as other leading companies
in the industry. The Committee reported the results of
all meetings to the Board on a monthly basis.

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6.3 The Sub-Committees Report 2) Reviewed GRC targets and work plan (GRC Strategy,
Target, and Roadmap) to not only ensure the alignment
6.3.1 The Corporate Governance and with international standards but also to promote
Sustainability Committee Report the application of GRC principles to achieve operational
objectives sustainably. The crucial part included
PTTEP emphasizes on operating our business for the specification of targets and work plans to cultivate
sustainability by taking into consideration Thailand’s goals a strong GRC-driven culture throughout the Company.
and the global trends in addressing climate change,
driving operations to correspond with energy transition, 3) Continuously promoted the application of Good
while adhering to Good Corporate Governance and Corporate Governance and Business Ethics (CG&BE)
Business Ethics. throughout operational areas of PTTEP, including
the undertakings of directors, the management, and
PTTEP’s Board of Directors has appointed the Corporate employees through activities, such as workshops
Governance and Sustainability Committee to establish to review and enhance understanding of CG&BE
the Company’s sustainability target, policy, and roadmap, principles, enabling all employees to apply in their
which covers Governance, Risk Management, and work. At the same time, vendors were encouraged
Compliance (GRC) principles, to drive sustainable to participate in the Company’s online training on
business operations and growth. The Committee anti-corruption. Employees were also reminded
comprises four directors, which includes three independent of the importance of conflicts of interest and were
directors, namely Mr. Phongsthorn Thavisin, Mr. Veerathai required to self-assess their conflicts of interest at least
Santiprabhob, Mr. Ekniti Nitithanprapas, and Mr. Danucha once a year. The Company also raised employees’
Pichayanan. awareness of the No Gift Policy and invited employees
to participate in Anti-Corruption Day activities,
In 2024, the Committee convened four times in which PTT Group CG Day 2024, and evaluation programs
all directors attended every meeting. The agenda items to help enhance corporate governance standards
and outcomes of the Committee’s undertakings this year of the Company. This helps develop PTTEP’s good
can be summarized as follows: governance standards. More importantly, employees
were encouraged to adopt GRC principles to further
1) Revised PTTEP Good Corporate Governance and foster a strong corporate culture for the Company.
Business Ethics (CG&BE) to align with current
international standards, including the Organization for
Economic Co-operation and Development Principles
(OECD) 2023, Corporate Governance Code 2017
from The Securities and Exchange Commission,
along with the Ten Principles of the United Nations
Global Compact. This is to consequently assure that
the CG&BE is an integral part of achieving the Company’s
sustainability framework under the GRC element.

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4) Considered, monitored, and provided advice on with global trends in fossil fuel consumption
PTTEP implementation of the sustainability strategy, and closely monitor the emerging laws and
which can be divided as follows: regulations. The progress shall be presented to
the Committee on a quarterly basis to ensure the
4.1) Considered the 2025 work plan and budget on achievement of decarbonization targets which
sustainability to ensure operational continuity in include reducing the GHG emissions intensity
alignment with PTTEP’s sustainability material by at least 30 percent by 2030 and 50 percent
topics, as well as to achieve the long-term by 2040, according to the 2020 baseline, and
sustainability targets covering Environmental, achieving Net Zero GHG Emissions by 2050.
Social, and Governance (ESG) dimensions.
The Committee particularly focused on the work 4.3) Monitored the sustainability performance on
plans under the decarbonization strategy aimed a quarterly basis to ensure alignment with the
at achieving Net Zero Greenhouse Gas (GHG) annual work plans and targets. Additionally,
Emissions by 2050. the promotion of public communication was
encouraged to raise public awareness about
4.2) Reviewed and provided recommendations on the effectiveness of the Company’s sustainability
GHG emissions reduction management in line initiatives, especially by new approaches that
with the established implementation plan. could enhance recognition of PTTEP’s initiatives
This involved revisiting the guideline of the ration such as publicizing the PTTEP Ocean Data
on effects of GHG emissions for investment Platform to enhance data utilization for studies
decisions in new Exploration and Production and research and communicating the importance
(E&P) projects, including the application of and benefits of the Carbon Capture Storage
PTTEP’s Internal Carbon Pricing (ICP) and its (CCS) for Thailand’s economy. Furthermore,
implementation. The Committee also considered the Committee provided extensive recommendations
the carbon credit management and governance on the Company’s sustainability efforts, such
model, as well as set carbon credit portfolio as creating an adaptation plan relative to
aspiration and strategy through various methods, “Ocean for Life” strategy, with regard to climate
such as forest conservation and restoration, change expanding the PTTEP Ocean Data
collaboration with external agencies, and carbon Platform database and integrating the data
credit acquisition through potential platforms with other global platforms to stimulate new
with clear governance structure. Furthermore, research and knowledge for Thailand benefits,
the Committee suggested strengthening along with waste management to ensure target
the GHG measurement, reporting, and data achievement of the Zero Waste to Landfill for
verification along with establishing a concrete domestic operations by 2025.
decarbonization work plan to proactively cope

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4.4) Monitored PTTEP’s implementation of Corporate 6.3.2 The Nomination and Remuneration
Social Responsibility (CSR) projects based on Committee Report
2023 and 2024 work plans. The Committee
recommended the Company to focus on PTTEP’s Nomination and Remuneration Committee is
the implementation of CSR projects that are an important tool or mechanism under PTTEP’s good
associated with PTTEP’s sustainability strategy corporate governance in selecting persons who are
and advised to prioritize projects based on qualified to be nominated for election as directors or
evaluation of their implementations and social Chief Executive Officer. The selection method is based on
return on investment (SROI). This was to ensure principles and transparency. The work of the Committee
concrete benefits for society and environment, also includes consideration of proposals for remuneration
both domestically and internationally, as well as for members of the Board of Directors, members of
being in line with the concept of sustainability. sub-committees, and Chief Executive Officer (CEO),
as well as salary structures for senior executives, based on
4.5) Reviewed sustainability performance reporting fair and reasonable methods and criteria. PTTEP’s Board
and public disclosure to ensure alignment appointed the Nomination and Remuneration Committee
with PTTEP’s sustainability material topics which comprised four independent directors as follows:
as well as Good Corporate Governance and (1) Mr. Teerapong Wongsiwawilas, (2) Mr. Phongsthorn
Business Ethics under the 56-1 One Report Thavisin, (3) Admiral Pogkrong Monthardpalin, and
2024. Moreover, it was recommended that (4) General Nithi Chungcharoen
the content undergo verification by external
parties for accuracy and reliability. In 2024, the Nomination and Remuneration Committee
held a total of nine meetings, and all Nomination and
5) Supported the continuous arrangement of site visit Remuneration Committee members attended every
activities for shareholders. The objectives are to meeting. The summary of their undertakings is as follows:
enhance an understanding of PTTEP business, build
confidence in investing in the PTTEP, and strengthen 1) Established the principles for evaluating
long-term relationships between shareholders and the performance of the Board of Directors in 2024 (Board
the Company. Performance Target), with key considerations including
monitoring performance results against the Corporate
Throughout the year, the Committee has performed KPIs to achieve established goals, adherence to good
its assigned duty with prudence, competence, and corporate governance practices, active participation of
independence to strengthen PTTEP’s corporate directors in meetings, engagement in training and self-
governance, business ethics, and sustainability development, and the overall performance evaluation
development for the optimal benefit of the organization, of the Board of Directors by external parties, such as
shareholders, and stakeholders. The Committee also the Corporate Governance Survey Project of Listed
informed the Board of Directors on the performance report Companies (CGR) conducted by the Thai Institute of
on a quarterly basis. Directors Association (IOD).

(Mr. Phongsthorn Thavisin)

Chairman of the Corporate Governance
and Sustainability Committee

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2) Evaluated the performance of the Board of Directors, 5) Determined the qualifications and criteria for selecting
Sub-Committees, and Chairman of the Board, the organization’s leaders, developed, and formulated
including reviewing and improving the performance a succession plan for the organization’s leaders to
evaluation form to ensure it is clear and measurable support the organization’s sustainable growth, in line
based on established goals, as well as interpreting with the business situation and both short-term and
the results to develop an operational improvement long-term strategic plans. Moreover, the Committee
plan with precision and efficiency, while adhering to considered the criteria for evaluating and determining
the principles of good corporate governance for listed appropriate compensation for the CEO position.
companies (CG Code) as stipulated by the Securities
and Exchange Commission. Evaluation results were 6) Considered setting the remuneration for the Board
reported to the Board of Directors. of Directors and sub-committees at a level that is
appropriate to their responsibilities, aligned with the
3) Reviewed and improved the criteria for the qualifications Company’s strategic plans and long-term goals, and
(Skill Matrix) of the Board and considered determining comparable to similar businesses within the same
the Board Target Skill Mix to guide the selection of industry.
directors replacing those whose terms will expire in
2025 or under other circumstances. This approach 7) Considered the organization’s remuneration policy
aligns with the evolving business environments. and salary structure to ensure alignment with business
In 2025, PTTEP will prioritize three key Skill Mix objectives, enabling effective implementation of
areas which are (1) Accounting, (2) Legal, and the strategic plan.
(3) Economics and Finance in order to support both
E&P and Beyond E&P business operations, foster The Nomination and Remuneration Committee has
investment in new areas, and drive the development diligently performed its duties with prudence and
of advanced technologies to enable the development independence, providing advice which is beneficial
of new businesses, enhance the efficiency of current and appropriate to shareholders and stakeholders.
E&P operations, and strengthen compliance with laws The Committee has also consistently reported its
and contracts to effectively manage legal risks. performance to the Board throughout 2024.

4) Proposed candidates for the Board of Directors and

sub-committees with appropriate qualifications based
on the Skill Matrix to the Board when a vacancy
arises, considering the Board’s composition, as well (Mr. Teerapong Wongsiwawilas)
as the knowledge, skills, and experience beneficial to Chairman of the Nominating
PTTEP. Also, the Committee evaluated factors such as and Remuneration Committee
the number of other positions held by the candidate
and any potential conflicts of interest. The Committee
provided shareholders, both major and minor, with
the opportunity to nominate qualified individuals for
directorship, ensuring equal treatment, fairness, and
appropriateness in the selection process.

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6.3.3 The Risk Management Committee Report 1) Governed strategic risk management at both
the corporate strategy and strategy execution levels
PTT Exploration and Production Public Company Limited focusing on three strategic pillars: (1) Drive Value
(PTTEP) is committed to continuously enhancing its risk – enhancing the value of the petroleum exploration
management practices to ensure that the Company and production business, (2) Decarbonize – reducing
fulfills its vision, mission, goals, and strategies, while also greenhouse gas emissions, and (3) Diversify – growing
creating long-term value for both the Company and its new business sectors. This ensured that PTTEP could
stakeholders. In 2024, PTTEP continued to be resilient execute its strategies or resiliently adjust them in
in the face of challenges and risks across in multiple response to changing internal and external factors in
aspects, including the energy transition, severe and a timely manner. Additionally, the Committee considered
unpredictable climate change, natural disasters, disruptive the 2025 Work Program and Budget as well as the
technologies and innovations, escalating geopolitical five-year (2025–2029) investment plan.
tensions, fluctuations in oil prices and exchange rates,
and evolving cyber threats. 2) Monitored risks, including geopolitical events
associated with existing projects, and provided
The Board of Directors has appointed the Risk Management recommendations to mitigate the likelihood of potential
Committee to oversee the Company’s overall risk risks and impacts. This included risk assessments
management in accordance with the established and mitigation plans for G1/61 Project to ensure
policies and the risk management framework. The Risk natural gas delivery to meet contractual obligations,
Management Committee comprised of four members, Myanmar Project to maintain continuous operations,
including two independent directors: Mr. Veerathai and Southwest Vietnam Project for the final investment
Santiprabhob, Mr. Wuttikorn Stithit, General Nithi decision to enter the development phase, while
Chungcharoen, and Mr. Wattanapong Kurovat. considering both risks and potential economic returns.

In 2024, the Risk Management Committee convened 3) Screened and provided opinions on the investment
13 times, including a co-meeting with the Audit Committee. expansion in the petroleum exploration and production
Three members attended all the meetings, while one business, including stake acquisitions and exploration
member was absent once due to a prior commitment. ventures in new areas that align with the investment
The key meeting agenda items and the Committee’s strategy in key strategic regions, as well as divestments
performance can be summarized as follows: to manage the overall portfolio in alignment with
strategic objectives. The Committee also advised
on risks and potential opportunities, mitigations, and
monitored those risks.

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4) Screened and provided opinions on the investment In addition to the above, the Risk Management Committee
expansion into new businesses and future energy has continuously overseen the Company’s key risks to
technologies to support the energy transition, ensure that they remain within acceptable levels as defined
as well as advising on investment strategies, risks, by the Company. These include risks related to exploration
and potential opportunities, such as conducting option and production operations, finance, cybersecurity,
analyses, forming joint ventures with expert companies legal matters, the environment, and emerging risks.
to gain insights and expand business opportunities, The Committee regularly reports the results of risk
and monitoring emerging technologies from leading management to PTTEP Board on a monthly basis,
countries to assess potential investment opportunities. including prompt updates on key risks that impact
the corporate level.
5) Considered the Risk Management Committee Charter,
the Risk Governance Framework, the Risk Appetite The Risk Management Committee has carried out its duties
Statement, Corporate-Level Risk Metrics and Limits, to the best of its ability, with careful consideration and
and the Enterprise Risk Management Policy, ensuring independence, in overseeing PTTEP’s risk management
that they reflected the implementation of strategies and in line with the scope, authority, and responsibilities
aligned with evolving business objectives, particularly defined in the Risk Management Committee charter.
in strategic risk management and promoting risk As a result, PTTEP’s risk management has been effectively
management as a core element of the corporate implemented, successfully achieving the Company’s
culture. The Committee also advised on enhancing risk objectives and goals, and ensuring maximum benefits
management efficiency, such as quarterly monitoring of for PTTEP, its shareholders, and stakeholders.
key assumptions for strategies and applying scenario
planning concepts to manage risks in situations with
multiple potential outcomes.

6) Attended co-meetings with the Audit Committee to (Mr. Veerathai Santiprabhob)

monitor progress on any material transactions involving Chairman of the Risk Management Committee
the Company’s investment or divestment projects
from 2023 to the present, in accordance with the best
practices of the Securities and Exchange Commission
(SEC). The Committee also exchanged insights on
the 2025 annual audit plan, key recurring audit findings,
and strategic risks.

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7. Internal Control
and Connected Transactions
7.1 Internal Control 1) Control Environment

PTTEP places great emphasis on the continuous PTTEP has established a sufficient and suitable control
development of the internal control system by applying environment which promotes effective and efficient
the Committee of Sponsoring Organizations of the business operations. The Board of Directors (Board)
Treadway Commission (COSO) or COSO 2013 Framework and the management have cultivated an ethical working
to our business activities adequately and appropriately. environment under the principles of Good Corporate
This is to provide reasonable assurance that the Governance and Business Ethics of PTTEP Group
Company’s operations, including utilization of resources (CG&BE) to achieve objectives of “Growth, Prosperity,
and safeguarding of assets, are efficient and effective, Stability, Sustainability, and Dignity.” Main activities
the reporting for both financial and non-financial reports are conducted by our control environment can be summarized
accurate, reliable, timely, and suitable for all applications, as follows:
and that all business operations are in compliance with
relevant laws and regulations. PTTEP also establishes • PTTEP has incorporated a written principle of CG&BE
the Internal Control unit, reporting to the Corporate in the internal regulations of PTTEP Group. The Board,
Governance and Subsidiary Management Department, the management, and employees at all levels are
to be responsible for governing and supporting our required to sign the commitment form to formally
business operations in alignment with the Internal acknowledge and strictly conform to the CG&BE.
Control Policy as well as to assess the efficiency of the They are also required to self-assess their conflicts
internal control system throughout the organization. of interest annually. Moreover, Integrity & Ethics is
The assessment is subsequently reported and reviewed also embedded as one of PTTEP’s corporate values
by the Audit Committee every year. (EP SPIRIT) to reflect the Company’s emphasis
and strong intention that the CG&BE principles be
7.1.1 Adequacy and Suitability of the Internal implemented as fundamental for our transparent and
Control System auditable business operations. All employees also
receive a formal communication regarding our CG&BE
PTTEP assesses internal control system annually based along with a booklet to be used as a reference at
on the internal control adequacy evaluation form of the the very beginning of their employment.
Securities and Exchange Commission (SEC), which
adhered to the five components of COSO 2013 Framework, • PTTEP emphasizes the communication of good
namely (1) Control Environment, (2) Risk Assessment, practices according to the CG&BE and the
(3) Control Activities, (4) Information and Communication, consequential penalties in case of a breach to ensure
and (5) Monitoring Activities. The 2024 assessment results that it is well understood by the management and
are as follows: employees, both domestically and internationally,

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Internal Control and Connected Transactions 219

through email and other communication activities. regulations and efficiency of the Company’s internal
Topics that are communicated include the use and control system in accordance with international
protection of information and assets of the Company standards. This is to ensure that the management and
including confidential information, anti-fraud and employees can effectively integrate ethical conduct
corruption, trade competition, and anti-money into the course of their work. Moreover, PTTEP is
laundering. There are additional communications regularly evaluated by external independent parties
on dos/don’ts regarding actions that may result in fraud, such as the Corporate Governance Report of Thai
email alerts regarding blackout periods for securities Listed Companies held by the Thai Institute of Directors
trading to prevent insider trading issues, induction Association (IOD), the Dow Jones Sustainability
programs for new directors, the management, and Indices (DJSI), the ASEAN CG Scorecard, the Thai
employees, as well as e-learning and CG&BE Train Private Sector Collective Action Against Corruption
the Trainer courses. PTTEP also publicizes CG&BE on (CAC), and the NACC Integrity Awards by the National
the Company’s website to communicate with external Anti-Corruption Commission (NACC).
stakeholders and demonstrate a strong will through
the Company’s policy in encouraging our business
alliances, including joint venture partners, suppliers/
vendors, and company representatives, to operate
with integrity and to avoid involvement in any form of
corruption. In addition, online training and assessments
are also specifically arranged for our vendors to
ensure that PTTEP’s anti-corruption practices are
well-understood. Moreover, whistleblowing cases and
consequences have been appropriately managed,
in case an actual offense is committed. The Company
also has a strong stance against corruption together
with the public sector and civil society by continually
participating in anti-corruption activities, such as the
certification of the Thai Private Sector Collective Action
Against Corruption (CAC), as well as joining Thailand’s
National Anti-Corruption Day and International • PTTEP establishes clear Segregation of Duties
Anti-Corruption Day activities. (SoD) between the Board and the management.
The Board’s duties are to oversee corporate strategies
• PTTEP monitors and assesses whether the Company’s and goals without performing routine operations as the
Business Ethics are being followed by the performance management does, as well as to follow up on business
of responsible Second Line units in related areas, performance by the management to ensure the
such as the use of information technology and achievement of strategic plans, operational directions,
electronic devices by the Information Management objectives, and policies as determined. The Board
System unit, monitoring of legal compliance by the also ensures that strategies and policies are agile,
Compliance unit, procurement and contract by the suitable, as well as adequate to allow smooth and
Supply Chain Intelligence and Solutions unit along efficient operations under the business environment
with the Procurement unit. The Internal Audit Division at the particular times; thus enabling the Company’s
plays the Third Line role with the task of independently sustainable growth. Meanwhile, the management
auditing operations to verify compliance with internal has the responsibilities to oversee and operate

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the organization in alignment with the established to the Board on a quarterly basis for the purposes
Board’s direction and report operational performances of monitoring and evaluating the performance
to the Board on a regular basis. to ensure balance and effectiveness, in order to
achieve maximum benefits for the Company and
• In 2024, the Board had continuously focused on the all stakeholders in the long-term and sustainable
operations according to corporate strategies which manner.
are determined to sustain energy security, respond
to emerging crisis and energy transition, along with • PTTEP’s organization structure is designed to
preserving the environment. Since decarbonization accommodate the Company’s businesses, which
constitutes a key strategy, the Board has set the target involve both petroleum exploration and production
to achieve Net Zero Greenhouse Gas Emissions in business (E&P) and businesses beyond E&P, with
2050, and reduce greenhouse gas emission intensity the flexibility and ability to drive strategic business
by at least 30 percent by 2030 and 50% by 2040 plans and emerge through the energy transition.
(from the 2020 base year) by the following actions: The Company has been able to manage corporate
resources efficiently with cost competitiveness
1) Managing E&P portfolio to transform PTTEP into under safety standards. In addition, the Company’s
a low-carbon organization by investing in projects segregation of duty as well as checks and balances
that are in line with the Company’s Net Zero are in line with internal control principles. In 2024, the
Greenhouse Gas Emissions target. Company has undergone organizational restructuring
to enhance efficiency in operations and support
2) Developing the technology to reduce excess growth for E&P and new businesses, including
greenhouse gas emissions from the petroleum carbon management and decarbonization targets.
production process (Production and Planet in The restructuring included, for instance, the
Balance) with the aim of zero routine flare for establishment of Supply Chain Intelligence and
future projects which is to be used in parallel with Solutions Department to focus on the long-term supply
Carbon Capture and Storage (CCS). In addition, chain strategies, the establishment of Maintenance
more renewable energy, such as solar and wind and Asset Integrity Division to strategically drive
power, are to be utilized, along with exploration for maintenance and inspection executions along with
new forms of energy, such as hydrogen for electrical continuous productions and support relative operations
generation at operating sites. The Company has from beyond E&P businesses, and the centralization
also explored opportunities and technologies of E&P and beyond E&P legal work scopes under the
on Carbon Capture and Utilization (CCU) by Legal Division.
converting carbon into valuable products or
materials for the future. • PTTEP has determined reporting lines, duties, and
responsibilities in the organizational structure as
3) Accumulating carbon credits to offset the excess well as authorities corresponding to the Company’s
from greenhouse gas emission target in 2050, business requirements and responsibilities. They are
which is in accordance with the guidelines from the clearly defined and documented under the Company’s
Board. These include Carbon Credit Management, Functional Description and the Delegation of Authority
Net Zero Greenhouse Gas Emissions in all countries and Signature (DAS) as well as communicated to
where the company operates, and opportunities to all employees in case of any changes. All information
develop greenhouse gas offsetting projects in the is consolidated on PTTEP intranet to serve as a reliable
future. The management shall report the progress reference for employees.

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Internal Control and Connected Transactions 221

• PTTEP has established a written regulation on human through the 360º Evaluation System which aligns with
resource management which focuses on recruiting, PTTEP’s corporate values (EP SPIRIT). In addition,
developing, and retaining competent employees to the Company adopts an integrated system for
support businesses and accommodate short-term and employees’ annual remuneration increase and bonus
long-term organizational growth. payment to enhance the efficiency of performance
evaluation as well as compensation budget monitoring
• PTTEP regularly assesses current and future manpower and management.
demands by reviewing the qualifications of required
and requested positions to support business growth • PTTEP has established both the Internal Control
both short-term and long-term. Manpower plans Policy and the Internal Control Standard. These
and human resource management strategies are documents have been consistently communicated
reviewed annually in parallel with the development with the management and employees through
of the Company’s strategy and business directions. training courses, activities, and publications, such as
In addition, specific development plans for high the organization-wide communication on internal
potentials, management succession plans, as well as control to domestic and overseas employees, and the
job rotation and promotion plans have also been online learning materials on internal control. This is to
conducted. Since 2022, PTTEP has reviewed and ensure an accurate understanding of the principles,
added human resource development goals to support roles, and responsibilities of each individual in relation
the beyond E&P businesses, allocate manpower, to the internal control system. Moreover, PTTEP, which
develop success profiles, management succession is defined as a state enterprise under the State Fiscal
plans, internal and external recruitment plans, as well as and Financial Disciplines Act, B.E. 2561 (2018), has
employee development plans (reskill/upskill) to support appointed the Internal Control Committee as stipulated
new businesses. In 2024, PTTEP has conducted by the Ministry of Finance’s Rule on Internal Control
Employee Engagement Survey which is carried out Standard and Guidelines for Government Agency,
every two years to obtain current employee satisfaction B.E. 2561 (2018) to ensure that the Company’s
levels and develop the policies and improvement plans operations are in compliance with the mentioned laws
aimed at motivating, developing, and retaining the and regulations. In addition, the Board has assigned
employees. Executives will communicate the survey the Audit Committee to oversee and provide advice
results to employees and establish improvement plans on the Company’s internal control and internal audit
to enhance employee engagement. systems, as well as financial reports, along with the
selection and nomination of the Company’s external
• PTTEP has established a clear process of employee auditor according to the roles and responsibilities as
performance appraisal where factors such as detailed in the Audit Committee Charter.
achievability, practicality, and alignment with current
corporate strategy have been taken into account. • In 2023, PTTEP has conducted the GRC Maturity
Employees and their supervisors are encouraged Assessment and used the results to develop key
to periodically review their KPI targets, progress, improvements in Governance, Risk Management,
or any limitations so that appropriate revisions on the and Compliance (GRC) operations during 2024,
KPIs and targets can be agreed upon. The Company with the goal of enhancing GRC effectiveness and
also maintains a pay-for-performance compensation achieving targeted objectives. Initiatives included the
system to retain highly competent individuals and refinement of GRC Operating Model as a foundation
comprehensive performance appraisal system for oversight, management, monitoring, and reporting

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of GRC activities, the establishment of Integrated GRC • PTTEP regularly communicates Standard, Guideline,
Work Process to ensure clearer and more efficient Process, and Tools related to risk management to the
connections within and across GRC-related functions, management and employees through various channels,
as well as the fostering of GRC culture through regular such as training for the management, employees
communication, activities, and training programs. as well as Risk Coordinators, along with workshops and
These efforts aim to raise awareness, understanding, email communications to enhance understanding of
and practical application of GRC principles among all personnel and to ensure the concepts and practices
all management and employees, both domestically can be applied to their respective work in order to
and internationally. Additionally, PTTEP emphasizes ensure that the Company achieves its objectives.
extending GRC knowledge to various stakeholders,
including suppliers and contractors. • PTTEP manages risks throughout the organization
based on five key areas: (1) Strategic Planning
2) Risk Assessment and Management, (2) Investment and Divestment
Decision-Making, (3) Capital Project Management,
PTTEP places importance on risk management by (4) Operational and Business Process, and
appointing the Risk Management Committee to be (5) Environmental, Social, and Governance (ESG). With
responsible for setting related policy and risk appetite, these, five risk categories have been set up to
as well as overseeing the effectiveness of company-wide comprehensively cover all risk areas: (1) Strategic/
risk management. The Company has also applied Portfolio Risk, (2) Financial/Market Risk, (3) Shareholder/
the ISO 31000 Risk Management and COSO Enterprise Political & Regulatory Risk, (4) Operational Risk, and
Risk Management (ERM) concepts across the organization (5) Major Project Management Risk. In 2024,
whereby all types of risk and corruption possibilities, the Company developed a web-based risk registration
as well as key changes that may affect business operations, system (Risk Register) by adding strategic risk
are taken into consideration to manage such risks in registration which is high-level management for relevant
a timely manner. These risk management approaches can units to better identify and assess risk at all levels,
be summarized as follows: allowing for the development of Risk Profile at various
levels through Event Risk Profile, ranging from the level
• PTTEP has specified the Risk Management Committee of corporate to function group, division, department,
Charter, Risk Governance Framework, and key and asset/project level. In addition, strategic risks
documents related to risk management including are regularly reported to Management Committee
Risk Appetite Statement, Corporate Level Risk (MC) and Risk Management Committee (RMC) on
Metrics & Limits, Enterprise Risk Management Policy, a quarterly basis.
and Risk Management Guideline to clearly define
roles, responsibilities, and authorities relevant to • PTTEP integrates risk management reports with other
risk management at all levels across the Company, assurance reports within the GRC One Dashboard to
including the Board, Risk Management Committee, centralize GRC database and provide management
the management, as well as supporting and operational with real-time reporting.
business units. It is also ensured that the contents of
each document are aligned with the dynamic business • PTTEP performs risk assessment from all-round
environment and communicated corporate-wide on factors that may impact corporate performance,
a regular basis. including (1) internal factors such as strategic risk,
risks in exploration, development, and production,

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Internal Control and Connected Transactions 223

investment risk of existing and new projects, personnel developing internal control corresponding to such risks
competency risk, financial risk, and (2) external with the aim to efficiently and effectively improve our
factors such as volatility risks in oil and petroleum internal control measures.
product prices, foreign exchange rates, and interest
rates, geopolitical risk, legal risk, climate change, and • PTTEP’s Audit Committee assigns the Internal Audit
cybersecurity risk. Division to carry out audits on high-risk areas which
may lead to fraud and be responsible for regularly
• PTTEP prepares and reviews risk management action assessing audit results and measures taken to prevent
plans and reports to the management and Risk and mitigate fraud.
Management Committee regularly. Key Risk Indicators
(KRIs) are also established as an early warning tool to • PTTEP regularly considers, revises, and approves
monitor and determine risk mitigations in a timely manner. strategic plans, as well as monitors and reviews
related performance, to ensure that business goals
• PTTEP appointed the Hedging Committee to oversee remain reasonable and consistent with the changing
and manage petroleum price risk and financial risk situations. The Company closely monitors changes
more efficiently. in key factors that may affect PTTEP, such as oil
prices, global and domestic economic situations,
• PTTEP has established the Business Continuity geopolitics, foreign exchange rates, laws and
Management Policy, Business Continuity Management regulations, government policies, climate change, and
Standard, Corporate Business Continuity Procedure, technological advancements. This is to ensure that
Business Continuity Management System (BCMS) PTTEP is able to respond to the risks that have arisen
Audit Procedure, Business Impact Analysis Guideline, from such factors or any emerging risks in a timely
and Business Continuity Plan Guideline which are manner.
in alignment with the ISO 22301:2019 standard as
demonstrated by the certifications possessed by • PTTEP prepares for the energy transition and attempts
critical assets. In 2023, PTTEP developed a centralized to achieve sustainable growth goals by establishing
BCMS Management (PTTEP ONE ISO 22301 BCMS) the Technology, Carbon Solutions, and Sustainable
and enhanced BCMS Digital Platform to maximize Growth Group to drive and oversee new businesses
the competency of the Company’s business continuity in alignment with ongoing industry transformations.
management. The Strategy and Business Management unit is
responsible for studying, developing strategic plans,
• At the corporate level, PTTEP assesses business overseeing new business activities, monitoring
activities that face high exposure to fraud risk, progress and performance, and managing risks, all of
which comprises risks from asset misappropriation, which are presented to the Board and management
corruption, fraudulent practices, or misstatement of for consideration. Additionally, the Company has
financial reporting. The Company considers historical implemented Standard of PTTEP Group Governance
information and future possibilities of fraud to evaluate & Subsidiary Management for the companies PTTEP
the likelihood and develop the corresponding Group to effectively oversee subsidiaries with varying
Corporate Risk Profile. business models, such as AI and Robotics Ventures
Company Limited (ARV), FutureTech Energy Ventures
• At the process level, process owners are responsible Company Limited (FTEV), and Xplor Ventures Company
for managing both fraud and operational risks arising Limited (XPV).
from processes under their responsibilities and

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3) Control Activities comprised Safety Security Health and Environment

(SSHE), Branding and Communications & Knowledge
PTTEP has adequate control activities according to the Intelligence and Operational Excellence, Thai Offshore
Company’s risk appetite as well as to each business 2 & 3 Assets (G2/61 and Arthit projects), Thai Onshore
unit’s operational environment or activities. Appropriate Assets (Suphanburi and Sinphuhorm projects), Tax
control activities, including preventive, detective, and Management, and PTTEP Services Limited (PSL)
corrective controls, have been established to mitigate to ensure the adequacy and appropriateness of
risks along with being periodically reviewed and improved. the existing controls to achieve related business
Deployment of controls is, for instance, the application objectives.
of policies, work processes, appropriate organizational
restructuring, and technological systems. The Company • PTTEP develops general control measures over
also encourages employees to be strictly and constantly information technology (IT) system and physical
aware of the importance of adherence to control activities equipment security, including data backup and
and compliance with related laws and regulations to recovery, to ensure business continuity amidst any
ensure that our internal control system is as effective as disruptions. The Company’s IT security policy has been
designed. The key control activities can be summarized issued and implemented across the organization to
as follows: ensure compliance with good corporate governance
guidelines. The Company has also complied with
• PTTEP has prescribed sets of written regulations, the COBIT 2019 framework and information security
policies, standards, and procedures that the management system standard (Zero Trust, ISO 27001,
management and employees must strictly comply with. NIST) by; for example, requiring that all employees must
The management is responsible for overseeing and be able to access crucial database and communicate
monitoring compliance with such regulations, policies, among each other internally and externally from
standards, and procedures. In 2024, to ensure higher anywhere at any time with the highest security via
work efficiency within the organization, the Company Office 365 Cloud Platform in order to support the
developed and updated corporate regulations, Hybrid Workplace Policy. Other examples include
policies, standards, and procedures to revisit and the development and integration of various approval
improve work efficiency, such as Procurement workflow systems on the ServiceNow Cloud Platform
Regulation, Compliance Policy, Human Resource so that requests and approvals can be performed from
Management Standards, and Corporate Business anywhere at any time, the implementation of Azure
Continuity Procedure. In addition, authorizations Active Directory technology to control access of
concerning procurement, including financial amount the management and employees to various information
and management level, are also specified under resources of the Company, the requirement of
the Delegation of Authority and Signature (DAS). all personnel to use Multi-Factor Authentication (MFA)
to add an extra layer of protection when accessing
• PTTEP recognizes the significance of control an account or application where additional credentials
activities at the process level, including Segregation of must be verified from the mobile phone registered with
Duties (SoD), review, and authorization of transactions, PTTEP apart from the regular username and password.
to ensure that the Company’s business operations Moreover, in accordance with the Personal Data
are efficient and able to prevent fraudulent acts. Protection Act, B.E. 2562 (2019), the Company has
In 2024, the Company, together with external also developed a management system for collecting
consultant, performed the Control Self-Assessment and destroying cookies, including the cookie consent
(CSA) whereby the processes conducted this year banner, privacy notice, and data consent form for

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Internal Control and Connected Transactions 225

any of PTTEP’s applications. For external access into As for the governance of PTTEP and our subsidiaries,
PTTEP system, external service providers shall request PTTEP’s DAS is the reference for E&P businesses,
access through the Privilege Access Management while the assigned directors from PTTEP are in charge
(PAM) in order to effectively control the scope of beyond E&P businesses. The Internal Audit Division
and period of time that the external service providers also has the responsibility to audit assets/projects in
can access PTTEP’s computer system. In 2023, which the Company has invested independently.
the Company was certified on the Information
Security Management System (ISMS) related to data 4) Information and Communication
center and supporting facilities governed by PTTEP in
accordance with the Statement of Applicability dated PTTEP realizes the significance of information and
September 2, 2023. communication systems, particularly the quality of data
processing systems to provide quality, appropriate, and
• PTTEP manages risks on information management sufficient information to support business operations and
system and implements the Software Asset make effective decisions. The Company has functional
Management to monitor and control the use of licensed internal and external communication channels and
software. systems in place to support the internal control system.
Moreover, communication channel is made available
• PTTEP launches an integrated risk management among for PTTEP employees, external parties, or stakeholders
business units relative to digital technology, covering to confidentially report their concerns or complaints.
information technology (IT), operational technology The Company’s key information and communication
(OT), and other related functions. This collaboration activities can be summarized as follows:
aims to jointly manage potential IT-related risks across
all domains. • PTTEP validates data and information from internal
and external sources after being reviewed by
• PTTEP communicates laws and regulations, information responsible units before making business decisions.
on data security, and guidelines on the usage of In addition, the Company imposes the confidentiality
information, as well as conducts compulsory training to and accessibility of usage as well as protection of
raise cyber security awareness among employees with information in both physical and digital formats,
annual monitoring to ensure that all employees are fully including data classification to prevent the disclosure
aware of cyber threats. This shall consequently reduce of the Company’s sensitive or confidential information.
related risks, such as phishing email or ransomware.
Additionally, cybersecurity awareness training is also • PTTEP has developed the Corporate Reference
offered to the Company’s contractors and service Document Center or FindMe as the information
providers. infrastructure to store and manage important business
documents in accordance with document management
• PTTEP regularly oversees its subsidiaries, associated standards within a single access channel.
companies, and joint ventures by assigning the
Company’s management and employees to manage • In terms of internal communication, PTTEP has
these entities. The Company has developed the effective and efficient internal channels to ensure
Subsidiary Directors Guideline for the assigned that the management and employees have access to
persons to ensure standardized subsidiary directors’ essential information to fulfill their work requirements
roles and responsibilities in alignment with PTTEP and achieve their respective targets, along with
Group Governance and Subsidiary Management. restricted communications to relative employees.

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The Company has arranged town halls, at both • PTTEP maintains the availability of whistleblowing
corporate and function group levels, to ensure that channels according to the Whistleblowing Regulation
employees from all units are updated and have their for employees and external stakeholders to accurately,
views heard on key developments and information, completely, and timely report wrongdoings of
contributing to the Company’s overall directions. the Company via letters, emails, and online reporting
The Company also stresses the importance of system on PTTEP’s website.
implementing internal control in a thorough and
consistent manner. 5) Monitoring Activities

• As for external communication, PTTEP establishes PTTEP regularly monitors and assesses the effectiveness
business units that are responsible for communicating of our internal control system through ongoing evaluations,
with each specific group of stakeholders, such which are built into the Company’s daily operational
as Investor Relations; Corporate Communication; activities together with independent evaluations, to ensure
Corporate Secretary and Assurance; and Safety, that the system is sufficient and suitable for the current
Security, Health, and Environment units. This is to business environment and dynamic risk factors. Should
ensure that any information disclosed to external any deficiency be identified, improvement plans will be
stakeholders is accurate, complete, sufficient, developed and responsible parties will be assigned to
transparent, timely, and regularly communicated. respond with timely resolutions. In terms of independent
The Company continually provides updated information evaluations, the Company has developed Control Self-
to our stakeholders in various areas, particularly Assessment (CSA) on an annual basis at both corporate
on business growth, activities related to Corporate and business process levels. In addition, the Internal
Social Responsibility (CSR), and policy on Safety, Audit Division, which has a direct reporting line to the
Security, Health, and Environment. PTTEP also Audit Committee, has the responsibility of performing
provides publications for analysts, fund managers, independent audits correspondingly. PTTEP’s monitoring
shareholders, and contractors to enhance a better activities can be summarized as follows:
understanding of the E&P business through various
activities, such as analyst meetings, conference calls, • PTTEP performs two levels of Control Self-Assessment
digital roadshow, virtual conference, and Contractor Forum. (CSA), namely (1) corporate level where the evaluation
is conducted by all management and in line with the
COSO Framework and (2) process level where related
process owners are required to assess controls of
their processes and review the assessment results
at a specific timeframe. The Internal Control unit
then monitors the progress of the internal control
improvement implementation. Moreover, a digital
platform for online assessment, UControl System,
has been developed to systematically present the
management with information on key risks of individual
processes and relative existing controls, as well as
to make available the integrated analysis of control
assessments which can be accessed at any time.

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Internal Control and Connected Transactions 227

• The Corporate Governance and Subsidiary Management • The Internal Audit Division is responsible for auditing
Department is responsible for monitoring and reporting and providing recommendations for improvement
on (1) compliance with external laws and regulations, to ensure that the determined internal controls have
where the report is to be submitted to the Chief been complied with. The Internal Audit Division is
Executive Officer (CEO) and the Risk Management also responsible for providing recommendations
Committee on a monthly basis and reported to or developing improvement plans to resolve any
the Audit Committee twice a year and (2) compliance issues identified and subsequently communicate with
with internal regulations and policies in key areas, responsible parties. The Internal Control unit is also
where the report is to be submitted to the CEO informed to further support the improvement plans
and Management Committee on a monthly basis. as well as to regularly report the findings and
The Company utilizes the NC Easy Report system improvement progress to the Audit Committee.
for overall non-compliance reporting to facilitate the The Internal Audit Division is required to annually perform
management in analyzing and considering ways the Quality Assurance Review – Internal Self-Assessment,
forward to appropriately and effectively improve the and is additionally subject to audit quality assessment
relevant processes, thereby reducing the occurrence performed by an external agency every five years.
of non-compliance cases in the future. In 2024, In 2023, the internal assessment was performed in the
Compliance Testing has been performed in three first quarter of 2024 and concluded that the internal
business units/areas, namely (1) Engineering, audit practice was in alignment with international
Development, and Maintenance Group, (2) PTTEP standards, with improvement plans recommended for
Technology and Innovation Center (PTIC), (3) quality enhancement.
FutureTech Solar (Thailand) Company Limited (FST),
PTTEP subsidiary. Furthermore, the Company has also • The Continuous Control Monitoring System (CCMS)
developed the Compliance Testing Report system to was established to monitor Procure to Pay Process
record and monitor Compliance Testing performance and Inventory Management Process and notify the
to ensure that PTTEP fully and accurately complies responsible parties in case any irregular transactions
with relevant laws. are detected to proceed with appropriate corrections.
Furthermore, PTTEP’s whistleblowing system is another
• PTTEP requires all employees to submit the annual method to monitor and assess the Company’s CG&BE
conflicts of interest disclosure once per year and implementation.
at least twice per year for employees under the
Procurement and Contract unit, or employees shall
declare every time when there is involvement in such
activities. The report shall be submitted via printed
form or online channel, PTTEP CG&BE Report System,
which aims to enhance the convenience and efficiency
of reporting.

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Board of Directors’ Evaluation of PTTEP’s Internal 7.1.3 Audit Committee’s Evaluation in Case
Control System it is Different from the Board of Directors
In 2024, the Board of Directors evaluated PTTEP’s internal - None -
control system, subsequent to the Audit Committee’s
review on the information according to the Internal Control 7.1.4 Audit Committee’s Opinion on the Position
Sufficiency Evaluation Form of the Securities and Exchange of the Head of the Internal Audit Division
Commission (SEC) which is based on the Committee of
Sponsoring Organizations of the Treadway Commission The Audit Committee is of the opinion that the Head of
(COSO) Framework and includes the aforementioned the Internal Audit Division has the appropriate and
five components: (1) Control Environment, (2) Risk sufficient educational background, work experience,
Assessment, (3) Control Activities, (4) Information and and necessary knowledge to perform duties. Details are
Communication, and (5) Monitoring Activities. The Board, disclosed in the “Governance Structure and Key Data on
after reviewing the report from the Audit Committee, the Board of Directors, Sub-Committees, Management,
considers that PTTEP’s internal control system is adequate Employees and Others” section, under the sub-topic of
and appropriate and that the Company has arranged “Head of the Internal Audit Division.”
sufficient personnel to efficiently operate businesses in
accordance with an internal control system. Moreover, 7.1.5 Practices for the Appointment, Removal,
PTTEP has implemented the internal control system to and Transfer of the Head of
oversee and monitor the operations of our subsidiaries, the Internal Audit Division
to ensure the protection of the assets of the Company
and its subsidiaries from improper or unauthorized use by The Audit Committee has a duty to endorse the appointment,
directors or management as well as to prevent transactions transfer, removal, promotion, and performance appraisal
with persons who may have conflicts of interest and of the Head of the Internal Audit Division. Details are
connected transactions. disclosed in the “Governance Structure and Key Data on
the Board of Directors, Sub-Committees, Management,
7.1.2 Internal Control Deficiencies Employees and Others” section, under the sub-topic of
“Head of the Internal Audit Division.”
- None -

PTT Exploration and Production Public Company Limited

Internal Control and Connected Transactions 229

7.2 Connected Transactions

7.2.1 Connected transactions between PTTEP and our subsidiaries and other entities that may result in
conflicts of interest in the fiscal year ending December 31, 2024, were as follows:

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
PTT Public • PTT, Petroleum product sales: crude oil, natural gas, • Conditions and price
Company the Company’s liquefied petroleum gas, and condensate setting follow normal
Limited major shareholder, ๏ Total income 5,788.15 business operations,
(PTT) (directly) holds ๏ Accounts receivable 540.65 at an arm’s length
63.79% of basis for non-related
the Company’s persons or operations.
registered and
Other income includes: • Conditions and price
paid-up capital.
• Income from infrastructure services to support setting follow normal
petroleum development such as warehouse, business operations,
helicopter, and accommodation for PTT at an arm’s length
personnel at Arthit, G1/61, and G2/61 projects basis for non-related
• Income from charges to PTT for working areas persons or operations.
at Arthit, Bongkot, G1/61, and G2/61 projects’
production platforms based on the Gas Sales
Agreement
• Income from charges to PTT for gas receiving
areas, working areas, and accommodation on
platforms based on the Greater Bongkot South
Field’s Gas Sales Agreement
• Income from the jetty and warehouse rentals
provided by the Petroleum Development
Support Base (PSB)
• Income from the Company’s personnel
seconded to PTT
• Income from service charges for
the management’s drivers based on
the agreement between PTT and
PTTEP Services, a subsidiary of PTTEP
• Income from office building rental and facility
management such as water, electricity, air
conditioning, parking, and project
management fees provided by Energy
Complex Company Limited (EnCo),
a subsidiary of PTTEP

PTT Exploration and Production Public Company Limited

230 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
• Income from Flare Tip Inspection PRP ERP
2024 provided by AI and Robotics Ventures
Company Limited (ARV) Group, a subsidiary
of PTTEP
๏ Total income 18.24
๏ Accounts receivable 4.20
Purchase of petroleum products and related • Conditions and price
expenses, manpower charges for PTT personnel setting follow normal
seconded to the Company and subsidiaries, business operations,
and other expenses at an arm’s length
๏ Total expenses 4.71 basis for non-related
๏ Accounts payable 0.46 persons or operations.
• Manpower rates are
based on the actual
rates PTT pays to
employees seconded
to PTTEP.
Deferred compensation that is the Company’s • Conditions and price
obligation based on the Arthit Project’s Gas setting follow normal
Sales Agreement business operations,
๏ Accounts payable 1.41 at an arm’s length
basis for non-related
persons or operations.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.24 business operations,
at an arm’s length
basis for non-related
persons or operations.

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Internal Control and Connected Transactions 231

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
Energy • PTT, Income from the following: • Conditions and price
Complex the Company’s • Dividend income setting follow normal
Company major shareholder, • Income from the Company’s personnel business operations,
Limited holds 50% of seconded to EnCo at an arm’s length
(EnCo) EnCo’s registered ๏ Total income 2.09 basis for non-related
and paid-up ๏ Accounts receivable including prepaid 0.06 persons or operations.
capital. expenses of the hotel fee at THE EnCony • Manpower rates are
• PTTEP, Residential Hotel based on the actual
EnCo’s major rates the Company
shareholder, holds pays to employees
50% of EnCo’s seconded to EnCo.
registered and
Lease and services expenses from • The leasing rate
paid-up capital.
the following: is based on the
• The Company has signed a three-year lease market rate of the
agreement with Energy Complex to rent office building lease
the office building, storage, and common and follows normal
areas at EnCo. The Company is eligible to business operations,
extend its lease agreement for another three at an arm’s length
years. basis for non-related
• The storage fee at EnCo Terminal (EnTer) persons or operations.
• The hotel fee at THE EnCony Residential
Hotel
๏ Total lease and service expenses 10.85
๏ Accounts payable 0.45
PTT Digital • PTT, Income from the following: • Conditions and price
Solutions the Company’s • Income from the Company’s personnel setting follow normal
Company major shareholder, seconded to PTT Digital business operations,
Limited holds 20% of • Dividend income at an arm’s length
(PTT Digital) PTT Digital’s • Income from equipment storage rentals basis for non-related
registered and provided by the Petroleum Development persons or operations.
paid-up capital. Support Base (PSB) • Manpower rates are
• PTTEP holds 20% • Income from office building rentals and facility based on the actual
of PTT Digital’s services, such as water, electricity, rates the Company
registered and air conditioning, and parking provided by pays to employees
paid-up capital. EnCo, a subsidiary of PTTEP seconded to
๏ Total income 2.79 PTT Digital.
๏ Accounts receivable 0.50
The Company and its subsidiaries have signed • Conditions and price
a contract with PTT Digital for IT services setting follow normal
and communications. business operations,
๏ Total expenses 56.39 at an arm’s length
๏ Accounts payables 7.98 basis for non-related
persons or operations.
PTT Exploration and Production Public Company Limited
232 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.25 business operations,
at an arm’s length
basis for non-related
persons or operations.
Business • PTT, Income from office building rentals • Conditions and price
Services the Company’s and facility services, such as water, setting follow normal
Alliance major shareholder, electricity, air conditioning, and parking business operations,
Company holds 25% of provided by EnCo, a subsidiary of PTTEP at an arm’s length
Limited BSA’s registered ๏ Total income 0.35 basis for non-related
(BSA) and paid-up ๏ Accounts receivable 0.10 persons or operations.
capital.
Expenses from the following: • Conditions and price
• Expenses for field trip setting follow normal
• Manpower charges for BSA personnel business operations,
providing service as the management’s drivers. at an arm’s length
• Manpower charges for BSA personnel basis for non-related
providing services, based on the agreement persons or operations.
between BSA and EnCo, a subsidiary
of PTTEP at (1) Energy Complex,
(2) PTT headquarters, (3) PTT Research
and Technology Institute in Wang Noi District,
Phra Nakhon Si Ayutthaya Province, and
(4) PTT Research and Technology Institute
in Wang Chan District, Rayong Province
๏ Total expenses 1.02
๏ Accounts payable 0.19
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.21 business operations,
at an arm’s length
basis for non-related
persons or operations.

PTT Exploration and Production Public Company Limited

Internal Control and Connected Transactions 233

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
IRPC Public • PTT, Income from the following: • Conditions and price
Company the Company’s • Income from the jetty and warehouse rentals setting follow normal
Limited major shareholder, provided by the Petroleum Development business operations,
(IRPC) holds 45.05% of Support Base (PSB) at an arm’s length
IRPC’s registered • Income from office building rentals basis for non-related
and paid-up and facility services, such as water, electricity, persons or operations.
capital. air conditioning, and parking provided by
EnCo, a subsidiary of PTTEP
๏ Total income 1.15
๏ Accounts receivable 0.02
Service fee for equipment inspection of • Conditions and price
“Pressure Transmitter Yokogawa Model & setting follow normal
Pressure gauge precision range” which is used business operations,
for measurement of gas pressure for S1 Project at an arm’s length
๏ Total expenses 0.0004 basis for non-related
๏ Accounts payable - persons or operations.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.24 business operations,
at an arm’s length
basis for non-related
persons or operations.
Thai Oil • PTT, Income from office building rentals and facility • Conditions and price
Public the Company’s services, such as water, electricity, air conditioning, setting follow normal
Company major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Limited holds 45.03% of PTTEP at an arm’s length
(TOP) TOP’s registered ๏ Total income 0.95 basis for non-related
and paid-up ๏ Accounts receivable 0.02 persons or operations.
capital.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.22 business operations,
at an arm’s length
basis for non-related
persons or operations.
PTT Global • PTT, Income from the following: • Conditions and price
Chemical the Company’s • Income from meeting room rentals setting follow normal
Public major shareholder, • Income from office building rentals and business operations,
Company holds 45.18% of facility services, such as water, electricity, at an arm’s length
Limited GC’s registered air conditioning, and parking provided by basis for non-related
(GC) and paid-up EnCo, a subsidiary of PTTEP persons or operations.
capital. ๏ Total income 2.27
๏ Accounts receivable 0.51
PTT Exploration and Production Public Company Limited
234 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
Mercury analysis fees for the Gas Processing • Conditions and price
Plant (GPP) of PTTEP SP Limited, a subsidiary setting follow normal
of PTTEP business operations,
๏ Total expenses 0.05 at an arm’s length
๏ Accounts payable 0.04 basis for non-related
persons or operations.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.60 business operations,
at an arm’s length
basis for non-related
persons or operations.
PTT • PTT, Income from office building rentals and facility • Conditions and price
Natural Gas the Company’s services, such as water, electricity, air conditioning, setting follow normal
Distribution major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Company holds 58% of PTTEP at an arm’s length
Limited PTT NGD’s ๏ Total income 0.16 basis for non-related
(PTT NGD) registered and ๏ Accounts receivable 0.0021 persons or operations.
paid-up capital.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.04 business operations,
at an arm’s length
basis for non-related
persons or operations.
PTT Retail • PTT, Income from office building rentals • Conditions and price
Management the Company’s and facility services, such as water, electricity, setting follow normal
Company major shareholder, air conditioning, and parking provided by EnCo, business operations,
Limited holds 75% of a subsidiary of PTTEP at an arm’s length
(PTTRM) PTT Oil and Retail ๏ Total income 0.03 basis for non-related
Business Public ๏ Accounts receivable 0.0024 persons or operations.
Company Limited
(OR)’s registered
and paid-up
capital.
• OR,
the major
shareholder of
PTTRM,
holds 100% of
PTTRM’s registered
and paid-up
capital.
PTT Exploration and Production Public Company Limited
Internal Control and Connected Transactions 235

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
Expenses for drinking water for EnCo, a subsidiary • Conditions and price
of PTTEP setting follow normal
๏ Total Expenses 0.0017 business operations,
๏ Accounts payable 0.0009 at an arm’s length
basis for non-related
persons or operations.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.01 business operations,
at an arm’s length
basis for non-related
persons or operations.
PTT Tank • PTT, the Income from office building rentals and facility • Conditions and price
Terminal Company’s major services, such as water, electricity, air conditioning, setting follow normal
Company shareholder, and parking provided by EnCo, a subsidiary of business operations,
Limited holds 100% of PTTEP at an arm’s length
(PTT Tank) PTT Tank’s ๏ Total income 0.05 basis for non-related
registered and ๏ Accounts receivable 0.002 persons or operations.
paid-up capital.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.01 business operations,
at an arm’s length
basis for non-related
persons or operations.
Trans Thai- • PTT, Income from warehouse rentals provided by • Conditions and price
Malaysia the Company’s the Petroleum Development Support Base (PSB) setting follow normal
(Thailand) major shareholder, ๏ Total income 0.01 business operations,
Limited holds 50% of ๏ Accounts receivable 0.0018 at an arm’s length
(TTM) TTM’s registered basis for non-related
and paid-up persons or operations.
capital.
PTT • PTT, Petroleum product sales: crude oil • Conditions and price
International the Company’s ๏ Total income 560.28 setting follow normal
Trading major shareholder, ๏ Accounts receivable 47.67 business operations,
Pte. Ltd. holds 100% of at an arm’s length
(PTTT) PTTT’s registered basis for non-related
and paid-up persons or operations.
capital.

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Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
Income from oil price hedging contracts • Conditions and price
๏ Total income 6.05 setting follow normal
๏ Accounts receivable 1.39 business operations,
at an arm’s length
basis for non-related
persons or operations.
Expenses from oil price hedging contracts • Conditions and price
๏ Total expenses 6.45 setting follow normal
๏ Accounts payable 3.38 business operations,
at an arm’s length
basis for non-related
persons or operations.
PTT • PTT, Petroleum product sales: crude oil • Conditions and price
International the Company’s ๏ Total income 318.01 setting follow normal
Trading major shareholder, ๏ Accounts receivable 50.52 business operations,
London Ltd. holds 100% at an arm’s length
(PTTT LDN) of PTTT LDN’s basis for non-related
registered and persons or operations.
paid-up capital.
Global • PTT, Income from office building rentals and facility • Conditions and price
Power the Company’s services, such as water, electricity, air conditioning, setting follow normal
Synergy major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Company holds 47.27% of PTTEP at an arm’s length
Limited GPSC’s registered ๏ Total income 0.70 basis for non-related
(GPSC) and paid-up ๏ Accounts receivable 0.02 persons or operations.
capital.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.17 business operations,
at an arm’s length
basis for non-related
persons or operations.
Sarn Palung • PTT, Expenses from Me to We project’s t-shirts • Conditions and price
Social the Company’s ๏ Total expenses 0.06 setting follow normal
Enterprise major shareholder, ๏ Accounts payable - business operations,
Company holds 20% of at an arm’s length
Limited SPSE’s registered basis for non-related
(SPSE) and paid-up persons or operations.
capital.
• PTTEP holds
15% of SPSE’s
registered and
paid-up capital.
PTT Exploration and Production Public Company Limited
Internal Control and Connected Transactions 237

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
PTT • PTT, Income from office building rentals and facility • Conditions and price
Global LNG the Company’s services, such as water, electricity, air conditioning, setting follow normal
Company major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Limited holds 100% of PTTEP at an arm’s length
(PTTGL) PTT Global ๏ Total income 0.09 basis for non-related
Management ๏ Accounts receivable 0.02 persons or operations.
Company Limited
Rental deposit for office building/services • Conditions and price
(PTTGM)’s
provided by EnCo, a subsidiary of PTTEP setting follow normal
registered and
๏ Accounts payable 0.02 business operations,
paid-up capital.
at an arm’s length
• PTTGM holds
basis for non-related
100% of Global
persons or operations.
Management
Holding Company
Limited (GMH)’s
registered and
paid-up capital.
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.
• SMH holds
100% of PTTGL’s
registered and
paid-up capital.
PTT LNG • PTT, Income from office building rentals and facility • Conditions and price
Company the Company’s services, such as water, electricity, air conditioning, setting follow normal
Limited major shareholder, and parking provided by EnCo, a subsidiary of business operations,
(PTTLNG) holds 100% PTTEP at an arm’s length
of PTTLNG’s ๏ Total income 0.08 basis for non-related
registered and ๏ Accounts receivable 0.02 persons or operations.
paid-up capital.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.02 business operations,
at an arm’s length
basis for non-related
persons or operations.

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Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
PTT Oil • PTT, Income from office building rentals and facility • Conditions and price
and Retail the Company’s services, such as water, electricity, air conditioning, setting follow normal
Business major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Public holds 75% of OR’s PTTEP at an arm’s length
Company registered and ๏ Total income 5.26 basis for non-related
Limited (OR) paid-up capital. ๏ Accounts receivable 1.52 persons or operations.
Expenses from the following: • Conditions and price
• Purchase of petroleum products and related setting follow normal
expenses business operations,
• Expenses such as fuel, petrol, and drinking at an arm’s length
water paid by EnCo, a subsidiary of PTTEP basis for non-related
๏ Total expenses 104.96 persons or operations
๏ Accounts payables 11.87
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.59 business operations,
at an arm’s length
basis for non-related
persons or operations.
PTT Green • PTT, Income from office building rentals and facility • Conditions and price
Energy the Company’s services, such as water, electricity, air conditioning, setting follow normal
Company major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Limited holds 100% of PTTEP at an arm’s length
(PTT GE) PTT GE’s ๏ Total income 0.004 basis for non-related
registered and ๏ Accounts receivable - persons or operations.
paid-up capital.
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.0024 business operations,
at an arm’s length
basis for non-related
persons or operations.
PTT Treasury • PTT, Income from office building rentals and facility • Conditions and price
Center the Company’s services, such as water, electricity, air conditioning, setting follow normal
Company major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Limited holds 100% of PTTEP at an arm’s length
(PTT TCC) PTT TCC’s ๏ Total income 0.03 basis for non-related
registered and ๏ Accounts receivable 0.0003 persons or operations.
paid-up capital.

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Internal Control and Connected Transactions 239

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.01 business operations,
at an arm’s length
basis for non-related
persons or operations.
Innobic • PTT, Income from office building rentals and facility • Conditions and price
(Asia) the Company’s services, such as water, electricity, air conditioning, setting follow normal
Company major shareholder, and parking and refurbishment fees provided by business operations,
Limited holds 100% of EnCo, a subsidiary of PTTEP at an arm’s length
PTT Global ๏ Total income 0.12 basis for non-related
Management ๏ Accounts receivable 0.01 persons or operations.
Company Limited
Expense paid by Enco, a subsidiary of PTTEP • Conditions and price
(PTTGM)’s
๏ Total expenses - setting follow normal
registered and
๏ Accounts payable 0.0003 business operations,
paid-up capital.
at an arm’s length
• PTTGM holds
basis for non-related
100% of Innobic
persons or operations
(Asia) Company
Limited. Rental deposit for office building/services • Conditions and price
provided by EnCo, a subsidiary of PTTEP setting follow normal
๏ Accounts payable 0.03 business operations,
at an arm’s length
basis for non-related
persons or operations.
ARUN PLUS • PTT, Income from parking rentals and electricity • Conditions and price
Company the Company’s provided by EnCo, a subsidiary of PTTEP setting follow normal
Limited major shareholder, ๏ Total income 0.02 business operations,
(ARUN holds 100% ๏ Accounts receivable 0.0014 at an arm’s length
PLUS) of PTT Global basis for non-related
Management persons or operations.
Company Limited
Interest expenses for electric vehicle (EV) • Conditions and price
(PTTGM)’s
contract and installation expenses for EV setting follow normal
registered and
chargers paid by EnCo, a subsidiary of PTTEP business operations,
paid-up capital.
๏ Total expenses 0.004 at an arm’s length
• PTTGM holds ๏ Accounts payable 0.01 basis for non-related
100% of Global persons or operations.
Management
Holding Company
Limited (GMH)’s
registered and
paid-up capital.

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Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.
• SMH holds 100%
of Alpha Com
Company Limited
(Alpha Com)’s
registered and
paid-up capital.
• Alpha Com holds
100% of ARUN
PLUS’s registered
and paid-up
capital.
EVME PLUS • PTT, Income from office building rentals and facility • Conditions and price
Company the Company’s services, such as water, electricity, air conditioning, setting follow normal
Limited major shareholder, and parking provided by EnCo, a subsidiary of business operations,
(EVME holds 100% PTTEP at an arm’s length
PLUS) of PTT Global ๏ Total income 0.0016 basis for non-related
Management ๏ Accounts receivable - persons or operations.
Company Limited
Interest expenses for electric vehicle (EV) • Conditions and price
(PTTGM)’s
contract paid by EnCo, a subsidiary of PTTEP setting follow normal
registered and
๏ Total expenses 0.0009 business operations,
paid-up capital.
๏ Accounts payables 0.0007 at an arm’s length
• PTTGM holds
basis for non-related
100% of Global
persons or operations
Management
Holding Company
Limited (GMH)’s
registered and
paid-up capital.
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.

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Internal Control and Connected Transactions 241

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
• SMH holds Rental deposit for office building/services • Conditions and price
100% of Alpha provided by EnCo, a subsidiary of PTTEP setting follow normal
Com Company ๏ Accounts payable 0.0001 business operations,
Limited (Alpha at an arm’s length
Com)’s registered basis for non-related
and paid-up persons or operations.
capital.
• Alpha Com holds
100% of ARUN
PLUS Company
Limited (ARUN
PLUS)’s registered
and paid-up
capital.
• ARUN PLUS holds
100% of EVME
PLUS’s registered
and paid-up
capital.
Nuovo Plus • PTT, Income from office building rentals and facility • Conditions and price
Company the Company’s services, such as water, electricity, air conditioning, setting follow normal
Limited major shareholder, and parking provided by EnCo, a subsidiary of business operations,
(NUOVO holds 100% PTTEP at an arm’s length
PLUS) of PTT Global ๏ Total income 0.04 basis for non-related
Management ๏ Accounts receivable 0.0049 persons or operations.
Company Limited
Rental deposit for office building/services • Conditions and price
(PTTGM)’s
provided by EnCo, a subsidiary of PTTEP setting follow normal
registered and
๏ Accounts payable 0.01 business operations,
paid-up capital.
at an arm’s length
• PTTGM holds
basis for non-related
100% of Global
persons or operations.
Management
Holding Company
Limited (GMH)’s
registered and
paid-up capital.
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.

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Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
• SMH holds
100% of Alpha
Com Company
Limited (Alpha
Com)’s registered
and paid-up
capital.
• Alpha Com holds
100% of ARUN
PLUS Company
Limited (ARUN
PLUS)’s registered
and paid-up
capital.
• ARUN PLUS holds
51% of NUOVO
PLUS’s registered
and paid-up
capital.
Horizon Plus • PTT, Income from office building rentals and facility • Conditions and price
Company the Company’s services, such as water, electricity, air conditioning, setting follow normal
Limited major shareholder, and parking provided by EnCo, a subsidiary of business operations,
(Horizon holds 100% PTTEP at an arm’s length
Plus) of PTT Global ๏ Total income - basis for non-related
Management ๏ Accounts receivable 0.0002 persons or operations.
Company Limited
(PTTGM)’s
registered and
paid-up capital.
• PTTGM holds
100% of Global
Management
Holding Company
Limited (GMH)’s
registered and
paid-up capital.
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.

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Internal Control and Connected Transactions 243

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
• SMH holds
100% of
Alpha Com
Company
Limited
(Alpha
Com)’s
registered
and paid-
up capital.
• Alpha
Com holds
100% of
ARUN
PLUS
Company
Limited
(ARUN
PLUS)’s
registered
and paid-
up capital.
• ARUN
PLUS
holds 60%
of Horizon
Plus’s
registered
and paid-
up capital.
PTT and • PTT, Income from office building rentals and facility • Conditions and price
TGES Optec the Company’s services, such as water, electricity, air conditioning, setting follow normal
Company major shareholder, and parking provided by business operations,
Limited holds 100% EnCo, a subsidiary of PTTEP at an arm’s length
(OPTEC) of PTT Global ๏ Total income 0.05 basis for non-related
Management ๏ Accounts receivable 0.03 persons or operations.
Company Limited
(PTTGM)’s
registered and
paid-up capital.

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Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
• PTTGM holds Rental deposit for office building/services • Conditions and price
100% of Global provided by EnCo, a subsidiary of PTTEP setting follow normal
Management ๏ Accounts payable 0.0046 business operations,
Holding Company at an arm’s length
Limited (GMH)’s basis for non-related
registered and persons or operations.
paid-up capital.
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.
• SMH holds
51% OPTEC’s
registered and
paid-up capital.
Innobic • PTT, Income from office building rentals and facility • Conditions and price
Nutrition the Company’s services, such as water, electricity, air conditioning, setting follow normal
Company major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Limited holds 100% PTTEP at an arm’s length
of PTT Global ๏ Total income 0.01 basis for non-related
Management ๏ Accounts receivable 0.01 persons or operations.
Company Limited
Purchase of goods by EnCo, a subsidiary of • Conditions and price
(PTTGM)’s
PTTEP setting follow normal
registered and
๏ Total expenses 0.0004 business operations,
paid-up capital.
๏ Accounts payables 0.0004 at an arm’s length
• PTTGM holds
basis for non-related
100% of Innobic
persons or operations.
(Asia) Company
Limited (INBA)
• INBA holds
100% of Innobic
LL holding
Company Limited
(INBL).
• INBL holds
100% of Innobic
Nutrition Company
Limited.

PTT Exploration and Production Public Company Limited

Internal Control and Connected Transactions 245

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
Global • PTT, Income from office building rentals and facility • Conditions and price
Multimodal the Company’s services, such as water, electricity, air conditioning, setting follow normal
Logistics major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Company holds 100% PTTEP at an arm’s length
Limited of PTT Global ๏ Total income 0.02 basis for non-related
(GML) Management ๏ Accounts receivable 0.001 persons or operations.
Company Limited
Rental deposit for office building/services • Conditions and price
(PTTGM)’s
provided by EnCo, a subsidiary of PTTEP setting follow normal
registered and
๏ Accounts payable 0.01 business operations,
paid-up capital.
at an arm’s length
• PTTGM holds
basis for non-related
100% of Global
persons or operations.
Management
Holding Company
Limited (GMH)’s
registered and
paid-up capital.
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.
• SMH holds
100% GML’s
registered and
paid-up capital.
Global • PTT, Income from office building rentals and facility • Conditions and price
Renewable the Company’s services, such as water, electricity, air conditioning, setting follow normal
Power major shareholder, and parking provided by EnCo, a subsidiary of business operations,
Company holds 47.27% of PTTEP at an arm’s length
Limited GPSC’s registered ๏ Total income 0.02 basis for non-related
(GRP) and paid-up ๏ Accounts receivable - persons or operations.
capital.
• GPSC holds
100% of GRP’s
registered and
paid-up capital.

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Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
Aionex • PTT, Income from ozone service provided by EnCo, • Conditions and price
Company the Company’s a subsidiary of PTTEP setting follow normal
Limited major shareholder, ๏ Total income 0.0007 business operations,
(Aionex) holds 100% ๏ Accounts receivable - at an arm’s length
of PTT Global basis for non-related
Management persons or operations.
Company Limited
(PTTGM)’s
registered and
paid-up capital.
• PTTGM holds
100% of Global
Management
Holding Company
Limited (GMH)’s
registered and
paid-up capital.
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.
• SMH holds 100%
of Alpha Com
Company Limited
(Alpha Com)’s
registered and
paid-up capital.
• Alpha Com holds
100% of ARUN
PLUS’s registered
and paid-up
capital.
• ARUN PLUS holds
51% of Aionex’s
registered and
paid-up capital.

PTT Exploration and Production Public Company Limited

Internal Control and Connected Transactions 247

Connected Value Pricing Policy

Person Relationship Transaction (Unit: and/or Reason
USD million)
ExpresSo • PTT, Rental deposit for office building/services • Conditions and price
NB SG the Company’s provided by EnCo, a subsidiary of PTTEP setting follow normal
Company major shareholder, ๏ Accounts payable 0.01 business operations,
Limited holds 100% at an arm’s length
of PTT Global basis for non-related
Management persons or operations.
Company Limited
(PTTGM)’s
registered and
paid-up capital.
• PTTGM holds
100% of Global
Management
Holding Company
Limited (GMH)’s
registered and
paid-up capital.
• GMH holds
100% of Siam
Management
Holding Company
Limited (SMH)’s
registered and
paid-up capital.
• SMH holds
100% of Alpha
Com Company
Limited (Alpha
Com)’s registered
and paid-up
capital.
• Alpha Com holds
100% of ExpresSo
NB SG’s registered
and paid-up
capital.

Remark: Please see historical data of 2023 and 2022 for a three-year comparison from the Company’s website.

PTT Exploration and Production Public Company Limited

248 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

7.2.2 Preconditions and Reasons for (2) Future Possibility of Connected

Connected Transactions Transactions Potentially Leading to Conflicts
of Interest
PTTEP’s Audit Committee reviewed the connected
transactions which were recorded during the fiscal year PTTEP will continue to have connected transactions with
ending December 31, 2024, as summarized above, and related entities in the future. Most of these transactions
considered them to be indispensable, fair, and justifiable include normal business, office building leasing, and
in terms of conditions and prices, and/or within the arm’s business support, which can be summarized as follows:
length basis. The transactions were also approved by
the management or PTTEP’s Board of Directors (Board) 1) Sales of petroleum products and purchases
according to the Company’s policy prior to execution. of fuel: Since the transactions are a normal part
of the Company’s business and are executed
7.2.3 Policy and Future Possibility of under conditions and requirements as stated in
Connected Transactions the contracts, they will continue due to their necessity
to the operations.
(1) Policy for Connected Transactions
2) Lease of office buildings: Since leasing of
PTTEP treats connected transactions as normal business office buildings is reasonable and necessary for
transactions without any intention to transfer benefits the Company’s business operations, the transactions
between or among the Company and related companies, will be continued.
or persons. The Company strictly adheres to securities and
exchange laws and regulations, including those imposed 3) Hiring of information and technology services:
by the Capital Market Supervisory Board, the Stock Since it remains reasonable and necessary for
Exchange of Thailand, and other related supervisory the Company to be supported with information
agencies regarding connected transactions. The Company and technology services to operate our business,
takes into serious consideration the reasonable business the transactions will be continued.
terms and conditions, and use of the market reference
prices, to ensure that the Company’s shareholders and
stakeholders are treated equally and in their interests,
in accordance with the Company’s good corporate
governance principle.

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General Information and Other Significant Information 249

8. General Information
and Other Significant Information
8.1 References
(3) Debenture Holders’ Representative
(1) Securities Registrar
3.1) Debenture holders’ representative for following
1.1) Name Thailand Securities Depository debentures:
Company Limited • THB 6,000 million debentures (PTTEP26NA)
Address 93 Ratchadaphisek Road, Din Daeng, issued in November 2021
Bangkok 10400, Thailand • THB 5,000 million (PTTEPT274A), THB 1,000
Telephone +66 2009 9999 million (PTTEPT294A), and THB 6,000 million
Website http://www.set.or.th/tsd (PTTEPT324A) issued in April 2022
• THB 1,500 million (PTTEPT265A) issued in May
(2) Registrar and Paying Agent for Debentures 2023
Name KASIKORNBANK Public Company
2.1) Registrar and paying agent for THB 11,400 million Limited
debentures (PTTEP296A) issued in June 2014 Address 1 Soi Rat Burana 27/1,
Name Siam Commercial Bank Rat Burana Road, Rat Burana,
Public Company Limited Bangkok 10140, Thailand
Address 17th Floor, Zone B&C, Telephone +66 2470 1042, +66 2470 5978
9 Ratchadaphisek Road, Chatuchak, Facsimile -
Bangkok 10900, Thailand
Telephone +66 2777 6784 (4) Trustee
Facsimile -
4.1) Trustee for outstanding USD 458 million debentures
2.2) Registrar and paying agent for THB 6,000 million issued in June 2012
debentures (PTTEP26NA) issued in November 2021 Name Citicorp International Limited
Name Krungthai Bank Public Company Address 20th Floor, Citi Tower, One Bay East,
Limited 83 Hoi Bun Road, Kwun Tong,
Address 3rd Floor, 977/2 SM Tower, Hong Kong
Phahonyothin Road, Samsen Nai, Telephone +852 2868 7964, +852 2868 7982
Phaya Thai, Bangkok 10400, Thailand Facsimile +852 2323 0279
Telephone +66 2298 0830-31
Facsimile - 4.2) Trustee for outstanding USD 600 million debentures
issued in December 2019, outstanding USD 350
2.3) Registrar and paying agent for following debentures: million debentures issued in January 2020, and
• THB 5,000 million (PTTEPT274A), THB 1,000 outstanding USD 500 million debentures issued in
million (PTTEPT294A), and THB 6,000 million June 2020
(PTTEPT324A) issued in April 2022 Name BNY Mellon Corporate Trust
• THB 1,500 million (PTTEPT265A) issued in Address #03-01 Millenia Tower,
May 2023 1 Temasek Avenue, Singapore 039192
Name KASIKORNBANK PUBLIC COMPANY Telephone +65 6632 0193, +65 6432 4147
LIMITED Facsimile +65 6883 0338
Address 1 Soi Rat Burana 27/1,
Rat Burana Road, Rat Burana,
Bangkok 10140, Thailand
Telephone +66 2470 1042, +66 2470 5978
Facsimile -
PTT Exploration and Production Public Company Limited
250 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

(5) Process Agent 6.4) Name Deutsche Bank AG, Filiale Singapur
Division Risk Management Solutions APAC
5.1) Process agent for USD 400 million Committed Address South Tower, One Raffles Quay,
Revolving Credit Facilities Singapore 048583
Name Law Debenture Corporate Services Telephone +65 6423 6880
Limited Facsimile -
Address 8th Floor, 100 Bishopsgate, London,
EC2N 4AG, United Kingdom 6.5) Name J.P. Morgan Chase Bank, N.A.
Telephone +44 20 7606 5451 Division Currencies and Emerging Markets
Facsimile +44 20 7606 0643 Address 50th-51st Floors, 548 One City Centre
Building, Phloen Chit Road, Lumphini,
5.2) Process Agent for Common Shares Pathum Wan, Bangkok 10330,
Name CT Corporation System Thailand
Address 28 Liberty Street, New York, Telephone +66 2684 2000
New York 10005, Facsimile +66 2684 2260
United States of America
Telephone +1 212 894 8940 (7) FX Contracts Counterparties
Facsimile -
7.1) Name KASIKORNBANK Public Company
(6) Cross Currency Swap Counterparties Limited
Division Capital Markets Business Division
6.1) Name Siam Commercial Bank Address 400/22 Phahonyothin Road,
Public Company Limited Samsen Nai, Phaya Thai,
Division Financial Market Division Bangkok 10400, Thailand
Address 12th Floor, Zone B, Telephone +66 2470 3006
9 Ratchadaphisek Road, Chatuchak, Facsimile +66 2271 4486
Bangkok 10900, Thailand
Telephone +66 2544 5741-9 7.2) Name Krungthai Bank Public Company
Facsimile +66 2937 7968 Limited
Division Markets Solutions and Innovation
6.2) Name Krungthai Bank Team, Global Markets Group
Public Company Limited Address 8th Floor, 35 Building 1 (Nana Nuea),
Division Markets Solutions and Innovation Sukhumvit Road, Khlong Toei Nuea,
Team, Global Markets Group Watthana, Bangkok 10110, Thailand
Address 8th Floor, 35 Building 1 (Nana Nuea), Telephone +66 2208 4649, +66 2208 4676
Sukhumvit Road, Khlong Toei Nuea, Facsimile +66 2256 8398
Watthana, Bangkok 10110, Thailand
Telephone +66 2208 4678, +66 2208 4699 7.3) Name Siam Commercial Bank
Facsimile +66 2256 8398 Public Company Limited
Division Financial Market Division
6.3) Name Bangkok Bank Address 12th Floor, Zone B,
Public Company Limited 9 Ratchadaphisek Road, Chatuchak,
Division Treasury Division Bangkok 10900, Thailand
Address 9th Floor, 333 Head Office, Silom Road, Telephone +66 2544 5741-9
Silom, Bang Rak, Bangkok 10500, Facsimile +66 2937 7968
Thailand
Telephone +66 2021 1155
Facsimile +66 2231 4223

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General Information and Other Significant Information 251

7.4) Name Bank of America National Association 7.10) Name Deutsche Bank AG, Filiale Bangkok
Division Fixed Income Currencies Division Risk Management Solutions
and Commodities Address 63 Athenee Tower, Wireless Road,
Address 33rd Floor, 87/2 CRC Tower, Lumphini, Pathum Wan,
All Seasons Place, Wireless Road, Bangkok 10330, Thailand
Lumphini, Pathum Wan, Telephone +66 2646 5138
Bangkok 10330, Thailand Facsimile +66 2651 5892
Telephone +66 2305 2986-9
Facsimile +66 2685 3224 7.11) Name BNP Paribas Bangkok Branch
Division Global Markets & ALM Treasury
7.5) Name Citibank N.A., Bangkok Branch Address 41st Floor, 548 One City Centre
Division Global Markets Building, Phloen Chit Road, Lumphini,
Address 18th Floor, Pathum Wan, Bangkok 10330,
399 Interchange 21 Building, Thailand
Sukhumvit Road, Khlong Toei Nuea, Telephone +66 2659 8990-2, +66 2659 8998
Watthana, Bangkok 10110, Thailand Facsimile -
Telephone +66 2079 2222
Facsimile +66 2079 4342 7.12) Name United Overseas Bank (Thai)
Public Company Limited
7.6) Name CIMB Thai Bank Public Company Division Global Markets
Limited Address 690 UOB Plaza Bangkok Building,
Division Treasury Sales, Treasury & Markets Sukhumvit Road, Khlong Tan,
Address 44 Langsuan Road, Lumphini, Khlong Toei, Bangkok 10110, Thailand
Pathum Wan, Bangkok 10330, Telephone +66 2028 9898
Thailand Facsimile +66 2285 1365
Telephone +66 2670 4623
Facsimile +66 2657 3280 7.13) Name J.P. Morgan Chase Bank, N.A.
Division Currencies and Emerging Markets
7.7) Name Bank of Ayudhya Public Company Address 50th-51st Floors, 548 One City Centre
Limited Building, Phloen Chit Road, Lumphini,
Division Global Corporate Banking Division Pathum Wan, Bangkok 10330,
Address 550 Phloen Chit Road, Lumphini, Thailand
Pathum Wan, Bangkok 10330, Telephone +66 2684 2000
Thailand Facsimile +66 2684 2260
Telephone +66 2296 2000
Facsimile +66 2296 6921 7.14) Name The Hongkong and Shanghai Banking
Corporation Limited, Bangkok Branch
7.8) Name Bangkok Bank Public Company Division Markets & Securities Services
Limited Address 968 HSBC Building, Rama IV Road,
Division Treasury Division Silom, Bang Rak, Bangkok 10500,
Address 333 Head Office, Silom Road, Silom, Thailand
Bang Rak, Bangkok 10500, Thailand Telephone +66 2614 4847
Telephone +66 2021 1111 Facsimile +66 2353 7311
Facsimile +66 2636 4633
7.15) Name Sumitomo Mitsui Banking Corporation
7.9) Name TMB Thanachart Bank Public Company Division Treasury Department
Limited Address 8th-10th Floors, 1 Q.House Lumphini
Division Global Markets Building, South Sathon Road,
Address 3000 Phahonyothin Road, Chom Phon, Thung Maha Mek, Sathon,
Chatuchak, Bangkok 10900, Thailand Bangkok 10120, Thailand
Telephone +66 2676 8008 Telephone +66 2353 8196, +66 2353 8197
Facsimile +66 2292 4690-2 Facsimile +66 2343 8815, +66 2343 8816

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(8) Auditor 9.5) Name Vigour Step Co., Ltd. & Pracha
Tooppoltup Law Office
Name Ms. Amornrat Pearmpoonvatanasuk Address 48/51 Soi Sukhonthasawat 38
Certified Public Accountant No. 4599 (Soi Pradit Manutham 27),
PricewaterhouseCoopers ABAS Ltd. Sukhonthasawat Road, Lat Phrao,
Address 15th Floor, Bangkok City Tower, Bangkok 10230, Thailand
179/74-80 South Sathon Road, Telephone +66 2553 1858, +66 2553 1898
Thung Maha Mek, Sathon, Facsimile +66 2102 3032
Bangkok 10120, Thailand
Telephone +66 2844 1000 9.6) Name Rouse & Co. International (Thailand)
Facsimile +66 2286 5050 Co., Ltd.
Address 14th Floor, Unit 1401-3 and 1408,
(9) Legal Advisors Two Pacific Place Building,
142 Sukhumvit Road, Khlong Toei,
9.1) Name Kudun & Partners Company Limited Bangkok 10110, Thailand
Address 4th, 5th, and 6th Floors, Vivre Langsuan, Telephone +66 2653 2730
34/3 Soi Langsuan, Lumphini, Facsimile +66 2653 2734
Pathum Wan, Bangkok 10330,
Thailand 9.7) Name Linklaters (Thailand) Ltd.
Telephone +66 2838 1750 Address 20th Floor, Capital Tower,
Facsimile - All Seasons Place, 87/1 Wireless Road,
Lumphini, Pathum Wan,
9.2) Name Chandler MHM Limited Bangkok 10330, Thailand
Address 17th and 36th Floors, Sathorn Square Telephone +66 2305 8000
Office Tower, 98 North Sathon Road, Facsimile +66 2305 8010
Silom, Bang Rak, Bangkok 10500,
Thailand 9.8) Name Watson Farley & Williams (Thailand)
Telephone +66 2009 5000 Limited
Facsimile +66 2009 5080 Address 9th Floor, Unit 902 GPF Witthayu
Tower B, 93/1 Wireless Road, Lumphini,
9.3) Name TTT & Partners Company Limited Pathum Wan, Bangkok 10330,
Address 18th Floor, Unit DE, Tower B, Thailand
Vanissa Building, 29 Chit Lom Alley, Telephone +66 2665 7800
Phloen Chit Road, Lumphini, Facsimile +66 2665 7888
Pathum Wan, Bangkok 10330,
Thailand 9.9) Name Vialto Partners (Thailand) Ltd
Telephone +66 2080 5699 Address 25th Floor, Suite 2504, Empire Tower,
Facsimile - 1 South Sathon Road, Yannawa,
Sathon, Bangkok 10120,
9.4) Name Baker & McKenzie Ltd. Thailand
Address 195 One Bangkok Tower 4 Telephone +66 2821 1003
30th-33rd Floors, Wireless Road, Facsimile -
Lumphini, Pathum Wan,
Bangkok 10330, 9.10) Name Satit & Partners Company Limited
Thailand Address 21st Floor, Bangna Complex Office
Telephone +66 2636 2000 Tower, 2/112 Bang Na-Trat 25 Alley,
Facsimile +66 2636 2111 Bang Na Nuea, Bang Na,
Bangkok 10260, Thailand
Telephone +66 9 8624 5326
Facsimile -

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General Information and Other Significant Information 253

9.11) Name Siam Premier International Law Office 9.18) Name Baker Botts (Singapore) LLP
Limited Address Level 43-01, Asia Square Tower 1,
Address 26th Floor, The Offices at CentralWorld, 8 Marina View, Singapore 018960
999/9 Rama I Road, Pathum Wan, Telephone +65 9726 5650
Bangkok 10330, Thailand Facsimile -
Telephone +66 2646 1888
Facsimile +66 2646 1919 9.19) Name Baker & McKenzie Abogados, S.C.
Address 12th Floor, Edificio Virreyes,
9.12) Name Atthaworadej & Associates Co., Ltd. Pedregal 24, Lomas Virreyes /
Address 12th Floor, Srijulsup Tower, Col. Molino del Rey,
44 Rama I Road, Rong Mueang, Mexico City 11040, Mexico
Pathum Wan, Bangkok 10330, Telephone +52 55 5279 2900
Thailand Facsimile +52 55 5279 2999
Telephone +66 2613 9449
Facsimile - 9.20) Name Bennani & Associés LLP
Address 155 A Chemin El Kadous – Birkhadem,
9.13) Name Intellectual Design Group (IDG) Algiers 16029, Algeria
Co., Ltd. Telephone +213 23 598 363
Address 194, 196 Nonthaburi Road, Facsimile -
Bang Kraso, Mueang Nonthaburi,
Nonthaburi 11000, Thailand 9.21) Name Corrs Chambers Westgarth
Telephone +66 2011 7161-6 Address Level 6, Brookfield Place Tower 2,
Facsimile - 123 St Georges Terrace,
Perth WA 6000, Australia
9.14) Name ES Counsel Co., Ltd. Telephone +61 8 9460 1666
Address 17th Floor, Italthai Tower, Facsimile +61 8 9460 1667
2034/78 New Phetchaburi Road,
Bang Kapi, Huai Khwang, 9.22) Name Foley Hoag LLP
Bangkok 10310, Thailand Address 1717 K Street NW, Washington,
Telephone +66 2716 1717-8 DC 20006, United States of America
Facsimile +66 2716 1719 Telephone +1 202 223 1200
Facsimile +1 202 785 6687
9.15) Name Adnan Sundra & Low
Address Level 25, Menara Etiqa, No. 3, 9.23) Name Gilbert + Tobin
Jalan Bangsar Utama 1, Address Level 16, Brookfield Place Tower 2,
Kuala Lumpur 59000, Malaysia 123 St Georges Terrace,
Telephone +60 3 2279 3288 Perth WA 6000, Australia
Facsimile +60 3 2279 3228 Telephone +61 8 9413 8400
Facsimile +61 8 9413 8444
9.16) Name Allens
Address Level 37, 101 Collins Street, 9.24) Name Henrique Abecasis,
Melbourne VIC 3000, Australia Andresen Guimarães & Associados –
Telephone +61 3 9614 1011 Socuedade de Advigadis, SP,
Facsimile +61 3 9614 4661 RL (HAAG)
Address n.º 35 Av. Miguel Bombarda,
9.17) Name Ashurst Australia 1050-161 Lisboa, Portugal
Address Level 10, Brookfield Place Tower 2, Telephone +351 213 169 500
123 St Georges Terrace, Facsimile +351 213 153 463
Perth WA 6000, Australia
Telephone +61 8 9366 8000
Facsimile +61 8 9366 8111

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254 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

9.25) Name Herbert Smith Freehills 9.33) Name Myanmar Legal Services Limited
Address 23rd Floor, Gloucester Tower, Address No. 138/D, New University Avenue
15 Queen’s Road Central, Hong Kong Road, 5th Floor, No. 5-C,
Telephone +852 2845 6639 Park Lane Condominium Bahan
Facsimile - Township, Yangon, Myanmar
Telephone +95 165 2139, +95 165 0740
9.26) Name Herbert Smith Freehills LLP Facsimile +95 165 0466
Address 50 Raffles Place, #24-01 Singapore
Land Tower, Singapore 048623 9.34) Name PLMJ Advogados, SP, RL
Telephone +65 6868 8000 Address 43, Av. Fontes Pereira de Melo,
Facsimile +65 6868 8001 1050-119 Lisboa, Portugal
Telephone +351 213 197 300
9.27) Name Jones Day Facsimile +351 213 197 400
Address Level 48, Rialto Towers,
525 Collins Street, Melbourne, 9.35) Name Rajah & Tann Singapore LLP
VIC 3000, Australia Address #06-07 Marina One West Tower,
Telephone +61 3 9101 6800 9 Straits View, Singapore 018937
Facsimile +61 3 9101 6899 Telephone +65 6535 3600
Facsimile -
9.28) Name Jones Day
Address Level 28, 138 Market Street, 9.36) Name Skrine - Advocates & Solicitors
CapitaGreen, Singapore 048946 Address Level 8, Wisma UOA Damansara,
Telephone +65 6538 3939 50 Jalan Dungun Damansara Heights,
Facsimile - Kuala Lumpur 50490, Malaysia
Telephone +60 3 2081 3999
9.29) Name King & Spalding (Singapore) LLP Facsimile +60 3 2094 3211
Address #31-01 North Tower, 1 Raffles Quay,
Singapore 048583 9.37) Name Slaughter and May
Telephone +65 6303 6041 Address One Bunhill Row, London, EC1Y 8YY,
Facsimile +65 6303 6055 United Kingdom
Telephone +44 20 7600 1200
9.30) Name Latham & Watkins LLP Facsimile +44 20 7090 5000
Address #42-02 Republic Plaza, 9 Raffles Place,
Singapore 048619 9.38) Name Steptoe & Johnson LLP
Telephone +65 6536 1161 Address 1114 Avenue of the Americas,
Facsimile +65 6536 1171 New York, New York 10036,
United States of America
9.31) Name Latham & Watkins LLP Telephone +1 212 506 3900
Address 18th Floor, One Exchange Square, Facsimile -
8 Connaught Place,
Central Hong Kong 9.39) Name Tilleke & Gibbins Myanmar Ltd.
Telephone +852 2912 2500 Address 16th Floor, No. 1608, Sakura Tower,
Facsimile - 339 Bogyoke Aung San Road,
Kyauktada Township, Yangon 11182,
9.32) Name Loucif & Co Myanmar
Address 19, Rue des Pins, Hydra, Telephone +95 1825 5208
Algiers 16035, Algeria Facsimile +95 1825 5207
Telephone +213 770 072 116
Facsimile -

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General Information and Other Significant Information 255

9.40) Name VDB Loi Myanmar 8.3 Legal Dispute

Address Yangon Office: 1st Floor, No. 112-114,
Bogalay Zay Street, As of December 31, 2024, the outstanding legal dispute
Botahtaung Township, which PTTEP or one of the Company’s subsidiaries is
Yangon 11161, Myanmar a party involved and which can significantly affect our
Nay Pyi Taw Office: No. Da/30125, operation or the subsidiary’s, excluding dispute from the
Da/30127, Shwe Thapyay Street, normal operation and circumstance, is as follows:
Dekkhina Thiri Township,
Nay Pyi Taw 15011, Myanmar PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEP
Telephone +95 9 650 000 260 (Yangon Office) / AAA) was sued for damages at the Federal Court of
+95 9 785 592 433 Australia (the Court) by a group of Indonesian seaweed
(Nay Pyi Taw Office) farmers.
Facsimile +95 1837 1902 (Yangon Office)
Reference is made to the class action lawsuit brought by
(10) Advisor to the Board of Directors a group of Indonesian seaweed farmers against PTTEP
Australasia (Ashmore Cartier) Pty Ltd (PTTEP AAA) in the
- None - Federal Court of Australia (the Court) in 2016, claiming that
damages to their seaweed crops were allegedly caused
8.2 Other Significant Information by the 2009 Montara incident, followed by the trial judge
judgments (decisions) on March 19, 2021, and October 25,
Other information that has a significant impact on 2021, and Final Orders on November 15, 2021, of the
Investors’ Decision Court, and PTTEP AAA’s filing of Notice of Appeal in the
Court on December 13, 2021. However, in parallel in
- None - Q4/2022, PTTEP AAA participated in mediation, as ordered
by the Court and in line with the normal legal process
Restrictions on Foreign Shareholders under Australian law for class action, and reached
an in-principle agreement on November 21, 2022, in
- None - full and final settlement of the class action (including
PTTEP AAA’s appeal) on a no admission of liability basis.
In Q1/2023, the Court approved this in principle settlement
agreement and the approach to the distribution of the
settlement sum to the group members. In Q2/2023, PTTEP
AAA paid the approved settlement amount. Nevertheless,
the class action remains on foot until the claims
administrator appointed by the Court has completed the
distribution process in accordance with the approved
distribution scheme under the supervision of the Court.
8.4 Secondary Market in Case of Listing on
the Stock Exchange of Other Countries
- None -

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Part Driving Business

for Sustainability

Amid rapidly changing global trends, the current business

operations, especially in the energy industry, must be
prepared to face various challenges comprehensively.
PTTEP strives to develop its operations towards
becoming a sustainable organization by fostering growth
in both core and new businesses. This is achieved through
operations and investments supporting greenhouse
gas emissions reduction, alongside driving technology
and innovation. Concurrently, the Company conducts
our business responsibly, integrating environmental,
social, and governance (ESG) considerations while
embedding a culture of Safety, Security, Health, and
Environment (SSHE) in every work process. This includes
minimizing environmental impacts, conserving and
restoring natural resources, and creating long-term
value for stakeholders and society, ensuring mutual
sustainable growth without leaving anyone behind.

Pathway to Sustainability 257

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9. Pathway to Sustainability

PTTEP has developed a Sustainability Framework rooted honorary guests, as well as influencers sharing their
in the principles of High Performance Organization (HPO), perspectives on sustainable living. More than 1,500
Governance, Risk Management, and Compliance (GRC), employees from both domestic and international locations
and Sustainable Value Creation (SVC), encompassing participated. The event also showcased key projects
all dimensions of the Company’s operations. The Company from various functions within the Company that align
emphasizes creating the right balance of economic, with our nine United Nations Sustainable Development
social, and environmental aspects, believing that a strong Goals (SDGs) in focus. Additionally, employees had
business foundation provides the capability and power the opportunity to support community products under
to deliver value to the world (From We to World). PTTEP’s Ocean for Life strategy.

To reinforce a shared understanding among all employees Additionally, PTTEP emphasizes enhancing sustainability
regarding the meaning and importance of sustainability – knowledge and understanding among our employees in
focusing on enhancing operational efficiency, various channels. In 2024, the Company has organized
competitiveness, and business adaptability in response to executive insights for the Board of Directors and the
rapidly evolving global conditions, as well as integrating Management Committee, as well as training programs on
GRC (Governance, Risk Management, and Compliance) sustainability and greenhouse gas emissions reduction for
practices into both work processes and daily life – mid-level executives. These programs provide in-depth
while also encouraging contributions toward the information on industry trends, best practices, and key
advancement of both the organization and the country issues related to the oil and gas sector. The initiatives aim
in achieving sustainability goals, PTTEP once again to strengthen the workforce capability in assessing and
organized Sustainability Day 2024 under the theme addressing sustainability risks and opportunities, as well as
“Together for a Better Tomorrow.” The event aimed in reducing greenhouse gas emissions. Furthermore, the
to cultivate sustainability and GRC principles among acquired knowledge can be applied in alignment with the
employees, featuring visions from the Corporate Company’s business operations.
Governance and Sustainability Committee, the CEO,

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9.1 Driving Business Excellence

PTTEP adheres to driving the organization towards business excellence in alignment with the Company’s strategic
pillars of Drive Value – strengthening and monetizing the petroleum exploration and production business; and
Diversify – expanding into new businesses. This approach encompasses various aspects of business operations,
including ensuring national security in the countries where PTTEP operates, leveraging digital technology to drive
the organization, investing in new energy-related businesses to support greenhouse gas emissions reduction, advancing
technology and innovation, and developing a skilled workforce to support business operations across multiple areas.
These have enabled us to adapt to global societal changes and proactively address future business challenges,
positioning PTTEP for sustainable growth and long-term success.

Active Digital Solutions Capital Expenditure

65 major projects (CAPEX) Budget
= Allocated to Energy
Value generated Transition Business
over USD 159 million over USD 725 million

Technology Project in Employee Competency

Development Phase increased 6.04%
42 projects from 2023 average score

9.1.1 Driving Organization with Digital Technology all business units, including geology, exploration and
drilling, production operations, engineering, maintenance,
Recognizing the importance of Digital Transformation, and various business support functions.
PTTEP launched the ENTERPRISE project in 2019 to
enhance business efficiency and sustainability. This In 2024, PTTEP set a vision to elevate ourselves into
marked a significant step in driving the organization a Digital-Driven Organization, fully powered by data and
with digital technology. Throughout the project, digital digital technology. The ENTERPRISE project evolved into
solutions have been developed and applied across DigitalX project to enhance and integrate digital solutions

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Pathway to Sustainability 259

across all business operations. Artificial intelligence (AI) 9.1.2 Expanding Investments to Support
and machine learning technologies were deployed to Greenhouse Gas Emissions Reduction
enable faster and precise data analysis throughout the
business value chain, such as supporting petroleum In addition to our mission of ensuring energy security
drilling, production planning, and process optimization. through petroleum exploration and production in
A reliable and standardized data foundation integration preparation, PTTEP invests in new businesses beyond
was established. Furthermore, a modern Enterprise petroleum exploration and production to support the energy
Resource Planning (ERP) system was introduced to transition and greenhouse gas emissions reduction.
enhance resource management across all dimensions, In 2024, a Capital Expenditure (CAPEX) budget of over
under proactive cybersecurity measures to safeguard USD 725 million was allocated to energy transition
organizational data and systems against potential cyber businesses. Continuous investment has enabled PTTEP to
threats. develop future energy businesses, including key projects
such as:
The development of digital solutions is accompanied
by enhancing employee capabilities through the The Seagreen Offshore Wind Farm project, the largest
establishment of a Digital Ecosystem. This includes offshore wind power plant in Scotland, is located in the
developing digital leadership, establishing an Incubation North Sea where it harnesses strong wind resources,
Center, defining clear governance for data and digital with a total generating capacity of approximately 1.1
solutions, building a digital excellence community, and gigawatts. FutureTech SG Pte. Ltd. (FGS), a PTTEP
encouraging participation in both internal and external subsidiary, completed the investment after the conditions
digital innovation activities. as prescribed in the Share Purchase Agreement have
been satisfied, with completion of the transaction occurring
in May 2024. PTTEP holds an indirect 25.5 percent stake
in the Seagreen Offshore Wind Farm project.

Along the Digital Transformation journey, from the

ENTERPRISE project up to the current DigitalX project,
PTTEP has developed digital solutions implemented
organization-wide. In 2024, there are 65 major active
digital solutions, enhancing production, reducing costs,
and improving efficiency. A total value from completed
projects amounted to over USD 159 million, demonstrating
the project’s tangible success.

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9.1.3 Developing Technology and Innovation

and Investing in Corporate Venture Capital
Business

PTTEP prioritizes research and development of technology

and innovation to support the Company’s strategies and
targets. The primary objectives include (1) enhancing
value creation and competitiveness in petroleum
exploration and production, (2) reducing greenhouse
gas emissions, and (3) supporting energy transition and
The Lan Seng Arun project generates electricity from solar new business opportunities through the development
power for use in the petroleum production process of and application of advanced in-house technology. To
S1 Project in Lan Krabue District, Kamphaeng Phet Province. facilitate these objectives, PTTEP has established PTTEP
The project is operated by FutureTech Energy Ventures Technology and Innovation Center (PTIC) in Wang Chan
Company Limited (FTEV), a wholly owned subsidiary District, Rayong Province, and PTTEP Rapid Scale-up
of PTTEP. With an electricity generation capacity of Center (RASC) in Map Ta Phut Industrial Estate, Rayong
9.98 megawatts, solar panels covering 180,000 square Province. These centers serve as hubs for research and
meters help reduce the greenhouse gas emitted from the development of cutting-edge technologies.
natural gas power generation by approximately 13,000
tonnes of CO2 equivalent per year. The project contributes In 2024, there were 42 technology projects in development
to local employment and serves as a learning center for phase, such as the Low BTU Flare Tip technology
interested individuals. development to support the reduction of greenhouse
gas emissions from PTTEP’s production processes.
Additionally, FTEV, along with leading consortium partners This technology minimizes the amount of assist gas
from the Republic of Korea and the French Republic, required to ignite flare stacks, sustainably enhancing
is conducting a feasibility study for a green hydrogen
production project in the Block Z1-02 concession area
in the Sultanate of Oman, covering approximately 340
square kilometers in Duqm City. The project targets
an annual capacity of 1.2 million tonnes of green
ammonia, focusing on clean energy production from
green hydrogen in collaboration with leading consortiums.
This investment supports the growth of new businesses
aligning with the Company’s business plan and provides
an opportunity to apply knowledge and experience in
green hydrogen production in Thailand, in line with future
energy policies. PTTEP completed the installation of
wind and solar potential measurement stations and has
begun collecting data to support the project operations.
The ongoing feasibility study phase includes geographical,
geotechnical, and hydrological assessments, as well as
a Preliminary Environmental and Social Impact Assessment
(Pre-ESIA). The investment decision is expected in 2027,
with production commencing in 2030.

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efficiency and reducing costs. A pilot test was adapt, build strong relationships, and collaborate and work
successfully implemented at G2/61 Project in 2024, with effectively with people from diverse cultures, ethnicities,
an estimated natural gas recovery valued at approximately and beliefs. The Outward Mindset is also promoted as
USD 9–15 million and a CO2 emissions reduction of a fundamental principle.
0.07–0.17 million tonnes of CO2 equivalent per year.
Additionally, PTTEP redesigned work processes to
Additionally, PTTEP established Xplor Ventures Company enhance operational agility and responsiveness to
Limited (XPV) to strategically invest in Corporate Venture business needs. This involves identifying and prioritizing
Capital (CVC), focusing on future energy technologies, work processes, focusing on the development and
decarbonization technologies, and technologies that improvement of high-impact processes. Currently, PTTEP
enhance petroleum exploration and production business is advancing work process improvements as part of
operations (E&P Deep Tech). XPV has acquired a minority an ongoing plan carried forward from the previous year.
stake in Zap Energy, Inc., a leading fusion energy This development and improvement rely on the integration
technology developer based in Washington, the United of technology to increase speed, reduce redundancies,
States of America. PTTEP recognizes the opportunities in eliminate unnecessary steps, and enhance flexibility,
fusion energy technology as a better energy source for leading to higher efficiency and employee productivity.
humanity, supporting Thailand’s energy security through Furthermore, this process requires collaboration between
a cleaner energy mix. management and employees from different departments,
fostering teamwork and internal communication.
9.1.4 Enhancing Workforce for Future Business This enables employees to handle diverse and complex
Operations tasks more effectively. As a result of PTTEP’s dedication to
implementing talent development plans and redesigning
To align the Company’s human resources strategy with work processes in 2024, employee competency has
our core and new business operations and effectively increased by 6.04 percent compared to 2023 average
navigate the challenges of the energy transition, PTTEP score.
has formulated a Future Workforce Strategy. This strategy
aims to enhance employee capabilities to maintain
competitiveness through talent development plans
and work process redesign. Talent development plans
focus on equipping employees with knowledge, skills,
and abilities beyond their core expertise by promoting
multi-skill development. This approach ensures employees
gain both broad and deep knowledge and skills aligned
with new work processes which require digital acumen
for effective application in various scenarios, preparing
them for business transitions. This will foster career growth
and advancement opportunities for employees in both
petroleum exploration and production and new businesses
in line with the Company’s strategy. Additionally, PTTEP
promotes a global mindset, understanding global
changes, and embracing diversity, enabling employees to

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9.2 Advancing Climate Action

PTTEP recognizes the impact of climate change on
human well-being, the environment, and the economy,
with increasingly severe natural disasters in recent
years. PTTEP strives to mitigate these impacts and
address the challenges of the global energy transition. Accumulated Greenhouse
Therefore, the Company has set a target of achieving Gas Emissions Reduction**
Net Zero Greenhouse Gas Emissions by 2050, which over 4 million tonnes of
includes both direct (Scope 1) and indirect (Scope 2) CO2 equivalent from
emissions from the exploration and production business base year 2020
under PTTEP’s operational control. In addition, to ensure
continuous reduction in greenhouse gas emissions
intensity, the Company has set interim targets to
reduce greenhouse gas emissions intensity by at least
30 percent by 2030 and 50 percent by 2040 from a 2020
baseline. PTTEP pursues these targets by reducing
greenhouse gas emissions from production processes, Greenhouse Gas Emissions
selecting projects with low greenhouse gas emissions Intensity Reduction
intensity for the portfolio, and offsetting greenhouse 21.2% from base year 2020*
gas emissions through voluntary emission reduction,
absorption and storage of greenhouse gases projects
outside the Company’s business scope.

In 2024, PTTEP was able to reduce greenhouse

gas emissions intensity by 21.2 percent compared Accumulated Completed
to the base year of 2020*, resulting in a cumulative Forest Conservation
greenhouse gas emissions reduction of over 4 million and Restoration
tonnes of CO 2 equivalent from base year 2020.** 82,947 rai of land
This progress stemmed from various initiatives, including
flare gas recovery and utilization, energy efficiency
improvements, production efficiency enhancements,
methane leak mitigation, integration of renewable energy
in operations, and efficient logistics fleet management.
Accumulated Income Increased
for Local Communities
over USD 4.4 million
from forest conservation
and restoration

* The base year data was updated to align with the Company’s additional investments.
** Calculated from active greenhouse gas emissions intensity reduction performance

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9.2.1 Studying and Applying Carbon Capture In addition, PTTEP collaborated with PTT Group companies
and Storage (CCS) Technology to conduct a feasibility study on the application of CCS
technology in the Northern Gulf of Thailand, known as
The Carbon Capture and Storage (CCS) project is the Eastern Thailand CCS Hub. This initiative, established
a crucial component of Thailand’s Nationally Determined under a memorandum of understanding to apply the CCS
Contribution (NDC) action plan for greenhouse gas reduction. Hub Model technology, aims to support the study of CCS
It also plays a pivotal role in establishing the foundational projects with the potential to capture millions of tonnes of
infrastructure necessary for large-scale CCS developments, CO2 annually from production processes, which can then
supporting emission reduction in the industrial sector, be safely and permanently stored in suitable geological
and contributing to Thailand’s commitment to achieving formations. This collaboration is expected to serve as
Carbon Neutrality and Net Zero Greenhouse Gas an essential foundational infrastructure for future national-
Emissions by 2050 and 2065 respectively. PTTEP initiated scale expansion. The study is currently focused on PTT
Thailand’s first CCS project study at Arthit Project, Group’s operations in the Eastern Economic Corridor
an offshore petroleum exploration and production field (EEC), covering Rayong and Chon Buri provinces, with
in the Gulf of Thailand (GoT), leveraging our expertise operations expected to commence by 2034. The initiative
and experience in petroleum exploration and production. has a CO2 storage capacity of 6 million tonnes per year,
Presently, PTTEP has completed the Front-End Engineering contributing significantly to the achievement of both private
Design (FEED) for Arthit CCS project in accordance with sector and national greenhouse gas emissions reduction
international geological and engineering standards, targets. It also provides a solution for mitigating risks
ensuring the permanent underground storage of CO2 associated with mandatory carbon regulations, such as
with robust safeguards in place to prevent environmental the European Union’s Carbon Border Adjustment
impact. The project also incorporates a comprehensive Mechanism (CBAM) and carbon taxes. At the national
monitoring, measurement, and verification system to level, this technology can attract foreign investments
ensure the safe and effective management of CO2 storage in supporting greenhouse gas emissions reduction,
at every stage. The project is now progressing toward strengthening Thailand’s competitive advantage in the
the Final Investment Decision (FID), with an estimated Southeast Asian region through robust greenhouse gas
three-year development timeline before CCS technology emissions reduction infrastructure. Furthermore, it unlocks
full implementation at Arthit Project. The project is new business opportunities, such as blue hydrogen
designed to inject approximately 0.7–1 million tonnes of production, while generating domestic employment by
CO2 per year from its petroleum production process. offering CCS services to industrial and energy sectors.

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9.2.2 Implementing Concrete Methane

Management

PTTEP is taking urgent action to address climate change,

with methane management as one of the key approaches.
The Company aims to enhance and strengthen our
methane management by improving practices in
monitoring, reporting, and verifying methane emissions
from our operations through collaboration with international
organizations and partners in the oil and gas industry.
This includes participating in the ASEAN Energy Sector
Methane Leadership Program (MLP), signing the Oil & Gas
Methane Partnership 2.0 (OGMP 2.0) under the United
Nations Environment Programme (UNEP), and joining

the Oil & Gas Decarbonization Charter (OGDC) at the 28th

UN Climate Change Conference of the Parties (COP28),
which sets goals for near-zero upstream methane
emissions and zero routine flaring* by 2030.

PTTEP has continuously elevated and developed our

methane measurement and reporting practices based
on the Leak Detection and Repair (LDAR) principles,
ensuring greater accuracy and coverage. In 2024, PTTEP
trial-tested the application of methane detection and
measurement, building on industry-recognized solutions
to effectively measure methane emissions at both the source
and site levels aligning with our operating areas. These
efforts aim to measure and reconcile the methane
emissions inventory. This project covers technologies
such as SPOT Robot Mounted Methane Sensors, Drone
Mounted Methane Sensors, and Fixed LiDAR Cameras.
The results will enable PTTEP to develop strategies and
plans for reducing methane emissions effectively.

* As defined in the “Zero Routine Flaring by 2030” by the World Bank.

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9.2.3 Offsetting Greenhouse Gas Emissions In 2024, PTTEP secured government approval to conserve
through Nature-based Solutions and restore a total accumulated 109,370 rai of mangrove
and terrestrial forests across 17 provinces – 5,007 rai of
PTTEP manages greenhouse gases by prioritizing mangrove forests (4,007 rai of land completed and
reductions within our own operational boundaries 1,000 rai of land in progress) and 104,363 rai of terrestrial
as much as possible. The Company also considers the forests (78,940 rai of land completed and 25,423 rai of land
approach to offset greenhouse gas emissions that exceed in progress). This resulted in an accumulated increase of
targets or cannot be reduced, in appropriate amounts over USD 4.4 million in income and employment for local
and in accordance with international standards. This communities. Additionally, PTTEP collaborated with Kasetsart
includes focusing on acquiring high-quality and integrity University to conduct research on biodiversity in reforested
carbon credits through Nature-based Solutions (NBS) or areas of the Department of Marine and Coastal Resources,
Technology-based Solutions (TBS). In 2024, PTTEP began the Royal Forest Department, and the Department of
developing the offsetting management standards, which National Parks, Wildlife, and Plant Conservation. Findings
include offsetting framework, governance process, carbon from continuous monitoring and evaluation of reforestation
credit acquisition, portfolio development, and disposition. effectiveness have indicated over 89 percent tree survival
This ensures PTTEP’s carbon credit management remains rate in the plantations, surpassing the government
transparent and efficient, comprehensively addressing benchmark of 80 percent. These efforts also led to
risks such as potential greenwashing and future an establishment of the network comprising more than
controversies. 3,400 members dedicated to conserving and protecting
mangrove and terrestrial forest areas. The project
PTTEP has developed NBS initiatives targeting the achieved a Social Return on Investment (SROI) of 5.46 : 1.
restoration and conservation of 200,000 rai of land by 2030.
This aims to increase CO2 absorption areas, enhance In addition, PTTEP supported the conservation and
biodiversity, and enrich Thailand’s natural resources while restoration of the Ban Khong Ta Bang community forest
promoting local community involvement in forest resource area in Phetchaburi Province, covering 1,397 rai of land.
conservation. The project is carried out in collaboration The Company also completed a study on greenhouse
with the Department of Marine and Coastal Resources, gas reduction, absorption, and sequestration potential in
the Royal Forest Department, the Department of National the agricultural sector through rubber plantation management
Parks, Wildlife, and Plant Conservation, and the Mae Fah following the Forest Stewardship Council (FSC) standards.
Luang Foundation under Royal Patronage. PTTEP is currently exploring opportunities to implement
a rubber plantation project and biochar project to further
expand CO2 absorption areas and mitigate environmental
impacts in Thailand.

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9.3 Safeguarding Marine Sustainability

With most of the Company’s operating areas located
offshore, PTTEP recognizes the importance of safeguarding
marine balance, which we regard as our second home.
The Company is aspired to conserving and restoring
natural resources, including marine ecosystems, by Accumulated Access to
leveraging our strengths in operating areas, technological PTTEP Ocean Data
and innovation capabilities, and strong partnerships and Platform Information
communities – our closest neighbors. This approach aims over 14,000 accesses
to foster the systematic and sustainable management
of natural resources and marine ecosystems through
the Ocean for Life strategy. This strategy encompasses
petroleum exploration and production with a focus on
responsible operations, monitoring marine health and
biodiversity, and delivering shared value to coastal
stakeholders to enhance marine resources, biodiversity Community Income
and blue carbon while improving the quality of life for of Focused Communities
communities that depend on marine resources for Participating in PTTEP
sustainable self-reliance. Additionally, the Company aims Projects under Ocean
to elevate ocean data from our projects, making it publicly for Life Strategy
accessible for broader benefits. over 53.8% increased from
before project implementation
Currently, PTTEP shares information on all projects under
the Ocean for Life strategy with the public through the PTTEP
Ocean Data Platform, which has recorded over 14,000
cumulative accesses to the information. This promotes
the integration of ocean science research while supporting
the sustainable conservation and restoration as well as
effective management of marine and coastal resources. Accumulated Marine
This project also contributes to the Ocean Health Index and Coastal Resources
(OHI) for Thailand, aligning with PTTEP’s and the nation’s Conservation Networks
sustainable development goals to protect Thailand’s 7,891 networks
seas and natural resources, ensuring their long-term
sustainability for future generations.

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9.3.1 Applying Technology for Ocean Health By combining HII’s knowledge and expertise in linking,
Monitoring analyzing, and managing water resources and climate
with PTTEP’s meteorological and oceanographic data from
Currently, climate change is significantly impacting offshore monitoring stations, the Company has elevated
marine ecosystems in various dimensions, with the project into a continuous disaster warning initiative.
an increasing frequency and severity of natural disasters The objective is to mitigate disaster impacts in pilot
such as floods, strong waves, and typhoons. These areas within the community in the GoT by installing
events cause substantial damage to coastal communities, additional onshore telemetry monitoring stations to
the economy, and biodiversity. PTTEP recognizes collect meteorological and surface runoff data, which will
the importance of cross-sector collaboration to effectively be integrated with PTTEP’s offshore data. This data will
address these challenges. This includes partnerships with support the development of a water level monitoring and
the Hydro-Informatics Institute (Public Organization), or early warning application to assess potential impacts on
HII, under a Memorandum of Understanding to develop communities. Additionally, the initiative aims to strengthen
ocean data platforms and with Kasetsart University under community networks and resilience, enhancing their
a Memorandum of Understanding to promote ocean capacity to prevent and respond to natural disasters
sustainability. As part of the project, PTTEP utilizes offshore caused by climate change in a timely and efficient manner.
operating areas of Arthit and G2/61 as meteorological
and oceanographic monitoring stations to collect offshore Additionally, to ensure environmentally friendly offshore
data, which is limited in Thailand. Additionally, PTTEP operations, PTTEP studies the biodiversity around our
implements the project to develop ocean current mapping offshore petroleum production platforms using applied
and study of seawater surface temperature using current technology and innovation, in collaboration with the Faculty
mapper buoys and satellite tracking for the second of Fisheries, Kasetsart University, and AI and Robotics
consecutive year. At present, ocean current maps, Ventures Public Company Limited (ARV) Since 2021,
including seawater surface temperature data have been the project has developed artificial intelligence software to
made publicly available based on current mapper buoys automatically identify aquatic iconic species from underwater
deployed from Arthit and G1/61 projects, contributing to motion recording cameras on offshore petroleum platforms’
integrated oceanographic research in the GoT. jacket legs of Arthit and G2/61 projects. At present,

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12 aquatic species can be identified, such as

Blue Sea Chub, Redbelly Yellowtail Fusilier, Dark-Banded
Fusilier, Spotted Soapfish, and Orbicular Batfish. The project
continues to enhance the software for additional species
identification and accuracy by learning from an increasing
database of underwater motion recording cameras and
expanding camera installations to offshore petroleum
platforms’ jacket legs of G1/61 Project in 2025. Under
the Memorandum of Understanding to strengthen
cooperation on climate change and biodiversity In 2024, PTTEP launched the Aquatic Animal Hatchery
conservation between PTTEP, the Department of Climate Learning Center Project, focusing on building a network for
Change and Environment (DCCE), and the Office of Natural marine resource conservation and promoting sustainable
Resources and Environmental Policy and Planning (ONEP), fishing practices. The project has established 14 Aquatic
the Company has enhanced the connectivity between data Animal Hatchery Learning Centers in 12 provinces around
from this project and the Thailand Biodiversity Information the GoT, releasing a cumulative total of over 31.2 billion
Facility (TH-BIF), supporting national biodiversity research, crab larvae and aquatic animals. Additionally,
with ONEP as the lead government agency responsible for the Company has established coastal conservation
biodiversity conservation efforts in Thailand. areas and fish homes, providing natural shelter for young
aquatic animals across the cumulative area of 15.3 square
PTTEP recognizes the significance of data collected kilometers from 29 locations through 16 provinces around
from offshore operational areas, which provides valuable the GoT to increase the quantity of aquatic animals and
knowledge applicable across various fields, particularly in enhance marine abundance. Furthermore, PTTEP has
marine science and conservation. This information benefits also implemented the Sea Products Development Project,
marine-related agencies, researchers, students, and which aims to strengthen community potential through
academic institutions. Furthermore, data from the existing enhancing the quality and competitiveness of community
projects can serve as a crucial foundation for developing products and services, such as fresh seafood, processed
marine ecosystem conservation initiatives. It can also be seafood, and ecological community tourism, to compete
integrated into climate change and biodiversity forecasting at the national level. PTTEP supports communities in terms
models, supporting balanced and sustainable natural of knowledge, technology, capital, packaging design, and
resource management practices. These efforts contribute the invention of new products aligning with market demand.
to achieving both national and global environmental and The Company also promotes sales through various
sustainability goals. channels by establishing 13 seafood production and
distribution groups in 13 provinces around the GoT.
9.3.2 Sustainable Community around the Ocean
As a result of continuous projects implementation,
With a focus on creating long-term shared value for the communities have been able to catch more crabs
all stakeholders, fostering sustainable community and and aquatic animals, increasing the income of focused
social development, and supporting PTTEP’s Ocean for communities participating in the Aquatic Animal
Life strategy to increase the value of ocean Biodiversity Hatchery Learning Center Project and the Sea Products
and Ecosystem Services (BES) in offshore operating Development Project to THB 33,900 per household per
areas as well as to increase income of focused year, representing an increase of over 53.8 percent
communities participating in PTTEP projects, PTTEP has compared to baseline data before PTTEP project
been implementing social development projects under implementation. Additionally, an accumulated total of
the Memorandum of Understanding on Ocean for Life in 7,891 marine and coastal resources conservation networks
collaboration with the Department of Marine and Coastal have been established, and an accumulated total of
Resources (DMCR), covering marine conservation in over 89,600 visitors have participated in studying about
17 provinces around the GoT since 2020. conservation at the Learning Center.
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9.4 Building Stronger Society

PTTEP recognizes that business operations today go beyond profit generation – they also involve fostering a strong
and sustainable society by creating long-term value for stakeholders. Therefore, PTTEP places great importance on
systematic and effective stakeholder management. The Company upholds respect for and protection of human rights
in all operational areas from its activities, including taking care of vendors and suppliers through sustainable supply
chain management.

Stakeholder Human Right Risk Issues

Engagement Level reviewed covering 100%
Support Level of the operating assets and
non-operating joint ventures

Green Procurement
Spending Female Employee Ratio
USD 1,177 million* 33% better than
= the average of oil
23% increased from 2023 and gas industry**

Local Product and Service Local Employment Ratio

Spending 81% average every country
USD 2,191 million* where PTTEP operates
=
20% increased from 2023

* For operations in Thailand only

** Referred from Global Gender Gap Report 2024, World Economic Forum

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9.4.1 Managing Stakeholders Systematically social development projects that currently benefit more
than 200,000 people annually. Additionally, PTTEP has
Effective stakeholder management, which considers the provided humanitarian aid, including donations of rice,
expectations of all stakeholder groups, is a crucial factor in food, medicines, and mobile medical units to assist those
enabling PTTEP to operate sustainably and appropriately affected by the ongoing conflict who have sought refuge
create shared value with all stakeholders. PTTEP in safe areas. The Company has also contributed to flood
categorizes stakeholders into eight groups: Government relief efforts nationwide by providing emergency relief kits
Agencies and Regulators, Suppliers and Contractors, and financial donations.
Customers, Employees and Directors, Shareholders
and Financial Institutions, Business Partners and Joint 9.4.2 Respecting and Protecting Human Rights
Ventures, Communities and Society, and Media. throughout the Business Value Chain
The Company’s stakeholder management is conducted
under the Stakeholder Management Strategy, which Human rights are one of the materiality issues significant to
includes (1) building awareness, understanding, and PTTEP’s sustainability, serving as a foundation that enables
confidence among stakeholders regarding the Company’s the Company to conduct business ethically by avoiding
operations (Trust), (2) integrating networking organizations rights violations. This approach fosters acceptance
and enhancing the engagement process effectively among stakeholders and enhances the Company’s
(Synergy), and (3) enhancing stakeholders’ commitment long-term reputation. Therefore, the Company
to creating shared value (Commitment). dedicated to managing human rights in alignment
with international standards, including the Universal
Effective stakeholder management not only mitigates risks Declaration of Human Rights, the United Nations Guiding
and operational impacts but also fosters understanding, Principles on Business and Human Rights (UNGPs),
trust, and strong relationships with stakeholders to the Ipieca Human Rights Due Diligence Guidance, and
achieve the Company’s goals. At the same time, other relevant global frameworks. PTTEP focuses on
PTTEP’s stakeholders can communicate, express addressing human rights issues across four key areas:
opinions, concerns, and expectations, and receive workplace; Safety, Security, Health, and Environment
appropriate responses to their expectations, ensuring (SSHE); supply chain; and communities including
mutual sustainable growth for communities, society, and vulnerable groups. These efforts aim to prevent potential
the organization. In 2024, PTTEP stakeholder engagement human rights violations resulting from the Company’s
reached the “Support” level, indicating that stakeholders direct operations.
are ready to support and participate in PTTEP’s activities
to achieve shared future goals. In 2024, PTTEP aligned our human rights implementation
with Phase 2 (2023–2027) of the National Action Plan on
Meanwhile, the Company remains dedicated to creating Business and Human Rights (NAP). This phase introduces
value for society and communities by building trust and new focus areas reflecting current global challenges,
gaining acceptance through social development projects, including climate change, decarbonization, alternative
both domestically and internationally. Our projects energy adoption, and PM2.5 air pollution mitigation.
are carried out under four main themes: addressing These efforts align with the universal human right to
basic needs, education, environment, and culture, a Clean, Healthy, and Sustainable Environment, additionally
encompassing a total of 139 projects, with an average recognized by the United Nations General Assembly
Social Return on Investment (SROI) of 3.68:1 achieved in 2022. PTTEP has leveraged our strengths in knowledge,
from strategic CSR projects. These projects have directly technology, and innovation to drive significant progress
and indirectly benefited over 1.3 million people in various in addressing these challenges. These initiatives also
forms, both in Thailand and internationally. In the Republic support Thailand’s and PTTEP’s Net Zero Greenhouse
of the Union of Myanmar, PTTEP continues to implement Gas Emissions targets.
PTT Exploration and Production Public Company Limited
Pathway to Sustainability 271

Based on the review of PTTEP’s human rights risk issues 9.4.3 Managing Supply Chain for Sustainability
in 2024, covering 100 percent of the operating assets
and non-operating joint ventures, it was found that PTTEP puts an emphasis on supply chain management
the high-level risks, also identified as salient human rights efficiency to proactively address and minimize
issues, remain: workplace safety for both employees and environmental, social, and governance risks while
contractors, and environmental impacts on communities fostering shared value with suppliers and enhancing their
from the Company’s operations. Subsequently, PTTEP capabilities for mutual growth in order to navigate the
has closely monitored these risks to prevent and mitigate energy transition. In this regard, the Company mandates
potential human rights violations. all vendors to acknowledge PTTEP Vendor Sustainable
Code of Conduct. Besides, PTTEP has continued to
As PTTEP operates in multiple countries around the world, expand the knowledge and understanding of Good
we place great importance on Diversity, Equity, and Corporate Governance and Business Ethics (CG&BE)
Inclusion (DE&I), striving to create a work environment that to vendors through e-learning. To strengthen the safety
embraces individual differences, without discrimination culture among the Company, suppliers, and contractors,
based on gender, race, or religion. This encourages PTTEP has organized the annual Safety, Security, Health,
employees to work together toward a common goal and Environment (SSHE) Forum for over 20 years.
(One Team One Goal). In 2024, PTTEP’s female The forum aims to improve SSHE performance and drive
representation at all levels (directors, executives, and towards becoming a zero-incident organization, while also
employees) was 33 percent, better than the average of supporting PTTEP’s Net Zero Greenhouse Gas Emissions
oil and gas industry*. At the same time, the proportion of or EP Net Zero 2050 target. Furthermore, throughout
local employments reached at 81 percent. In addition, 2024, PTTEP has undertaken significant supply chain
the results of the 2024 Employee Engagement Survey show management activities as follows:
the Company’s human rights initiatives in the workplace,
including DE&I and Virtual Work Effectiveness, which
enhance the quality of life and work for employees in
alignment with the Labor Protection Act (No. 8) B.E. 2566
(2023), rank among the top topics with the highest
employee satisfaction.

As a result of PTTEP’s dedication to enhancing human

rights management across our value chain and
continuously aligning our human rights practices with
international standards, PTTEP has become the first
company in the State Enterprise Sector receiving
the Gold-Level Top-Tier Award for 2024 Role Model
Organization on Human Rights from the Department
of Rights and Liberties Protection, Ministry of Justice.
The award is granted to the companies having received
the top-tier award for five consecutive years and is
considered the highest level in 2024.

* Referred from Global Gender Gap Report 2024, World Economic Forum

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Implementing Digital Technology in Supply Chain

Management

With an aspiration to develop a sustainable supply chain

management and strengthen the trust of suppliers in
the efficiency and transparency of procurement processes
as well as various organizational workflows, PTTEP has
adopted digital technology to process and store data
on a Cloud Platform, developed in collaboration with
leading software providers. This initiative connects
data and facilitates communication of work processes
with vendors, such as vendor registration and bidding
via computer systems. It also ensures the transparent
preparation and reporting of data in compliance with
government regulations and related entities. Moreover,
PTTEP has developed various systems to enhance
operational efficiency, such as artificial intelligence
(AI) to analyze and summarize procurement contracts,
recommend delivery routes, and calculate lead times,
Robotic Processing Automation (RPA) to help automate
vendor registration checks, issue purchase orders, and
track supplier deliveries, and Real-Time Processing
Dashboard to provide timely information to management,
streamline workflow for operational staff, and communicate
status and results to suppliers. To further underscore this
aspiration, PTTEP hosted the 2024 Supplier Day under
the themed “Shaping the Future – Digital Procurement Local Content
and Transformation,” engaging representatives from
96 domestic and international suppliers. PTTEP has been consistently advocating for local**
products and services to promote the local economy.
Green Procurement The Company places significant emphasis on local
suppliers capable of innovating diverse goods and
PTTEP has been continuously practicing green supply chain services that meet PTTEP’s standard and requirements.
management since 2019 with focus on the procurement This collaborative development involves an exchange of
of environmentally friendly products and services, information between PTTEP and our suppliers, including
while ensuring fuel efficiency and energy conservation recommendations for process improvement and safety
in transportation to minimize combustion-related enhancement. Through this initiative, PTTEP has
greenhouse gas emissions, thereby mitigating impacts successfully generated job opportunities and income for
on global warming. Notably, in 2024, PTTEP implemented local suppliers, resulting in a good relationship and
green supply chain management activities, amounting to acceptance within the countries of our operations. Notably,
USD 1,177 million, representing an improvement of in 2024, PTTEP supported local businesses in operational
approximately 23 percent compared to 2023*. areas, amounting to over USD 2,191 million, representing
* For operations in Thailand only an improvement of approximately 20 percent compared
** Local refers to the countries where PTTEP operates. to 2023*.

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Pathway to Sustainability 273

9.5 Strengthening SSHE and GRC Culture

Aligned with our Sustainability Framework – centered on becoming a High Performance Organization (HPO),
Governance, Risk Management, and Compliance (GRC), and Sustainable Value Creation (SVC) – PTTEP has
communicated our vision and direction for sustainability from the management level, including Board of Directors and
CEO, to staff level through various activities throughout the past year. The focus has been on embedding Safety, Security,
Health, and Environment (SSHE) and GRC as fundamental corporate cultures that shape behaviors and work practices,
reinforcing the Company’s identity among external stakeholders while driving long-term performance and success.
PTTEP aims to instill and foster SSHE and GRC cultures in all activities involving employees, suppliers, and contractors.
PTTEP believes that strong SSHE practices lead to excellent performance, particularly in the petroleum exploration and
production business, while also positively influencing daily life. These practices help minimize risks to life and property,
ensuring that employees, vendors, suppliers and contractors can work in a safe environment while reducing incidents
and environmental impacts. At the same time, embracing GRC culture enables the Company to operate prudently
and transparently, mitigating business risks and preventing corruption.

SSHE Culture Maturity 4.34/5

(Proactive Level)

Lost Time Injury Total Recordable Loss of Primary Oil and Chemical
Frequency (LTIF)* Injury Rate (TRIR)** Containment Rate Spill Rate**
0.24 per one million 0.80 per one million (LOPC)** 0.15 tonnes per
man hours worked man hours worked 0.28 per one million million tonnes of
man hours worked production

GRC Maturity Level 3.84/5 GRC Roadshow 88% participation rate

(Managed–Transform Level) from target group, 92% increase in
understanding and recognition of the benefits
of applying GRC principles in their work

* On par with the latest average performance of IOGP

** Better than the latest average performance of IOGP

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Employee and contractor training on SSHE is also essential

for equipping them with the necessary knowledge and
skills to prevent incidents, accidents, and occupational
diseases, enabling them to work safely according to
their assignments. In 2024, PTTEP provided 95 SSHE
training courses through multiple channels to ensure
9.5.1 Valuing SSHE Culture as a Core of Operations accessibility, including classroom and e-learning.
and Daily Life Furthermore, the Company has hosted the annual
SSHE Forum since 2005 to communicate SSHE directions,
At PTTEP, Safety, Security, Health, and Environment exchange knowledge, and strengthen relationships with
(SSHE) are the core principles in our petroleum exploration contractors. Additionally, SSHE-related information is
and production business. PTTEP strictly adheres to these communicated through various media, such as posters,
principles to achieve our zero incidents target or Target motion graphics, short video communication, and
Zero. To support this, the Company has implemented LINE Official Account accessible to both employees and
the SSHE Management System (SSHE MS) to prevent contractors.
major incidents and mitigate their impacts on stakeholders
and the environment. In 2011, PTTEP’s SSHE MS was To ensure that PTTEP’s SSHE performance is on par with
revamped to align with international standards, including leading companies in the industry, the Company has
ISO 14001:2015 Environmental Management System benchmarked our SSHE performance against members
and ISO 45001:2018 Occupational Health and Safety of the International Association of Oil & Gas Producers
Management System. (IOGP) since 2016. The results have been reported to
management to identify areas for continuous improvement.
PTTEP’s SSHE culture was developed based on In 2024, PTTEP’s Total Recordable Injury Rate (TRIR), Loss
the model of the Energy Institute (EI) to promote proactive of Primary Containment Rate (LOPC), and Oil and Chemical
SSHE practices, focusing on both personal safety and Spill Rate were all better than the latest IOGP averages.
process safety. Employees are empowered to report However, the overall number of incidents increased
safety concerns and errors and have the authority to stop in 2024, prompting the Company to intensify efforts
work if unsafe conditions are detected. PTTEP believes in contractor management, human factor integration,
that a robust SSHE culture begins with competent incident lessons learned, and the implementation of
workforces, complemented by various tools developed to process safety campaign “Safeguarding our Future –
reinforce SSHE cultures, such as the Safety Observation Preventing MAEs” to reduce personal and process safety
and Communication Card (SOC), Hazard Reporting Card incidents in the future.
(HRC), and Operational Control Verification Program.
The Company conducts an SSHE culture survey every
three years to continuously improve our SSHE culture.
The first survey in 2011 showed the SSHE Culture
Maturity Level at 3.31 out of 5, which increased to 4.34
in 2023, reflecting PTTEP’s dedication to proactive SSHE
management.

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Pathway to Sustainability 275

9.5.2 Enhancing and Expanding GRC Culture in as well as subsidiaries. Furthermore, the Company
All Areas and Work Processes established an operational framework to support future
projects and businesses. PTTEP also introduced the GRC
Governance, Risk Management, and Compliance One Digital System, which integrates internal and external
(GRC) is one of the three core components of PTTEP’s GRC data, maximizing the utilization of the information.
Sustainability Framework, ensuring the Company conducts
business with transparency, efficiency, and stability while PTTEP adheres to continuously promoting GRC as
maintaining long-term sustainability. The Company strives an integral part of corporate culture, ensuring that
to conduct business with good governance, manage risks management and employees recognize its importance
and internal controls appropriately, and strictly comply and relevance and can apply GRC practices effectively in
with relevant laws and regulations. their work processes as well as daily life amid a dynamic
business environments. This is achieved through various
PTTEP defined two essential GRC strategies: Smart communications and activities for all management
Assurance – A strategy focused on achieving GRC targets and employees, both domestically and internationally.
and driving efficiency through digital technology; and In 2024, the Company organized GRC Roadshows
Mindful GRC – A strategy aimed at raising awareness across our operational locations and achieved 88 percent
and encouraging GRC practices awareness among participation rate from the target group, with 92 percent
all employees. This involves extending beneficial GRC of participants reporting a better understanding of GRC
practices to PTTEP’s stakeholders and other relevant principles and recognizing the benefits of applying GRC
parties. Currently, PTTEP’s GRC Maturity Level stands principles in their work. Additionally, the Company also
at 3.84 out of 5, indicating that PTTEP is between the recognizes the importance of promoting good GRC
Managed and Transform levels. practices among diverse stakeholders and reinforcing
business operations aligned with GRC principles. PTTEP
In 2024, PTTEP reviewed and integrated GRC targets has shared our GRC knowledge and experience with
and workplans at both corporate and operational levels, society, including Thai listed companies and Small and
refining the GRC Operating Model for enhanced clarity Medium Enterprises (SMEs), which play a crucial role
in governance, management, and monitoring of GRC in driving the Thai economy.
activities across domestic and international projects,

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276 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Attachment 1:
Information of the Board of Directors,
Management, Controlling Persons,
and Company Secretary
1. PTTEP’s Board of Directors
As of December 31, 2024, PTTEP’s Board of Directors consisted of 15 directors. Details of 15 current directors and four
directors who retired from directorship during 2024 are as follows:

Mr. Krairit Euchukanonchai

Chairman and Chairman of the Independent Directors

Age: 69 Working Experiences in the Five Preceding Years:

Other Listed Companies
Starting Date: February 1, 2021 2015 – Present
Vice Chairman, Chairman of the Board of Executive
Education: Directors, Chairman of the Risk Oversight Committee,
• Master of Business Administration (Banking Krungthai Bank Public Company Limited
and Finance), North Texas State University, USA 2014 – Present
• Bachelor of Science, Chulalongkorn University, Thailand Chairman of Audit and Risk Committee, Independent
Director, Advanced Info Service Public Company Limited
Training of Thai Institute of Directors Association: 2018 – 2020
• Role of the Chairman Program (RCP) 16/2007 Chairman, Chairman of Independent Directors,
• Director Certification Program (DCP) 59/2005 PTT Public Company Limited

Other Training: Other Companies

• Internal Lectures by PTTEP on Decarbonization 2020 – Present
• Internal Lectures by PTTEP on Sustainability Chairman, INFINITAS by Krungthai Co., Ltd.
• Certificate, Executive Program on Energy Literacy for 1998 – Present
a Sustainable Future (Class 12/2018), Thailand Energy Chairman, V. Group Honda Cars Co., Ltd.
Academy (TEA) and its affiliated companies
• Citibank’s training courses in many countries
Other Organizations
% of Shareholding: - None - April 2021 – Present
Commissioner (Finance),
Family Relationship among Director the Securities and Exchange Commission (SEC)
and Executives: - None - 2020 – Present
Commissioner (Finance), Office of Insurance Commission
2017 – 2019
Chairman, Mass Rapid Transit Authority of Thailand
PTT Exploration and Production Public Company Limited
Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 277

Ms. Penchun Jarikasem

Independent Director and Chairman of the Audit Committee

Age: 69 • Upstream Insight “Navigating Through Uncertainly:

Upstream Transformation, Greener Pastures-Better
Starting Date: February 1, 2018 Future, Corporate Strategies for Resilience & NOC’s:
What is the Path Forward?,” IHS Markit
Education: • Director’s Briefing – Corporate Strategy Beyond
• Master of Business Administration, the Crisis, a Chairman/Board Perspective,
Thammasat University, Thailand Bain & Company, Inc.
• Bachelor of Arts, Chulalongkorn University, Thailand • The Executive Program in Energy Literacy for
a Sustainable Future (Class 6), Thailand Energy
Training of Thai Institute of Directors Association: Academy (TEA)
• AC Forum 2024: Emerging Audit Standards • Power of the Kingdom (Bhumipalung Phandin)
and Implications for the Audit Committee (Class 3), Chulalongkorn University Executive Program
• Board Nomination and Compensation Program • Senior Executive Program No. 77 (SEP 77),
(BNCP) 19/2024 London Business School (LBS)
• The Board’s Role in Mergers & Acquisitions • Capital Market Leadership Program (CMA4),
(BMA) 7/2024 Capital Market Academy (CMA)
• Advanced Audit Committee Program (AACP) 47/2023
• IT Governance and Cyber Resilience Program % of Shareholding: - None -
(ITG) 15/2020
• Board Matters and Trends (BMT) 6/2018 Family Relationship among Director
• Risk Management Program for Corporate Leaders Class and Executives: - None -
(RCL) 13/2018
• Ethical Leadership Program (ELP) 11/2018 Working Experiences in the Five Preceding Years:
• Role of Chairman Program (RCP) 36/2015 Other Listed Companies
• Advanced Audit Committee Programs (AACP) 7/2012 June 2022 – Present
• Director Certification Program (DCP) 113/2009 Independent Director, Chairman of the Audit Committee,
• Director Accreditation Program (DAP) 75/2008 and Member of the Nomination and Compensation
Committee, TISCO Financial Group Public Company
Other Training: Limited
• Internal Lectures by PTTEP on Sustainability April 2018 – Present
• ESG Knowledge Sharing: IFRS Sustainability Disclosure Independent Director and Chairman of the Audit
Standards, EY Office Limited and TISCO Financial Group Committee, Osotspa Public Company Limited
• AC Forum: From Backroom to Boardroom: Enhancing April – June 2022
Fraud Risk Management by Phansak Sethsathira, Independent Director, Member of the Audit Committee,
Risk Partner – PwC Thailand and PTT Group and Member of the Nomination and Compensation
• Sustainable Development Workshop, Sustainability Committee, TISCO Financial Group Public Company
Business Development Institute (SBDi) Limited

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278 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Other Companies May – December 2020

June 2022 – Present The working group was established to resolve
Independent Director and Chairman of the Audit accounting issues of the Energy Conservation Fund
Committee, TISCO Bank Public Company Limited from fiscal years 2014 to 2018, the Energy Conservation
April 2018 – Present and Promotion Fund
Chairman of the Audit Committee, December 2018 – December 2020
Ritta Holdings Company Limited Sub-Committee on Consideration of Debt Securities,
March 2018 – Present Derivatives and Structured Products, the Securities
Independent Director, Ritta Holdings Company Limited and Exchange Commission (SEC)
April – June 2022 April 2018 – September 2019
Independent Director and Member of the Audit Committee, Director, State Railway of Thailand
TISCO Bank Public Company Limited 2018 – September 2019
April 2016 – April 2018 Chairman of the Sub-Committee for Finance
Chairman of the Audit Committee, and Accounting, State Railway of Thailand
Osotspa Company Limited December 2017 – 2019
March 2016 – April 2018 Advisory Committee for Fund Raising and Listed
Independent Director, Osotspa Company Limited Company Oversight, the Securities and Exchange
Commission (SEC)
Other Organizations 2016 – December 2018
December 2020 – September 2023 Sub-Committee for Finance and Budgeting Improvement,
Sub-Committee on Finance and Accounting of Office of the Public Sector Development Commission
the Energy Conservation and Promotion Fund (OPDC)

Mr. Veerathai Santiprabhob

Independent Director, Chairman of the Risk Management Committee, and Member of the Corporate
Governance and Sustainability Committee

Age: 55 Training of Thai Institute of Director’s Association:

• National Director Conference 2021,
Starting Date: October 15, 2020 “Leadership Behind Closed Door”
• Advanced Audit Committee Program (AACP) 41/2021
Education: • Director Certification Program (DCP) 2014
• Ph.D. in Economics, Harvard University, • Director Accreditation Program (DAP) 2007
Cambridge, MA, USA
• A.M. in Economics, Harvard University, Cambridge, Other Training:
MA, USA • Internal Lectures by PTTEP on Decarbonization
• Bachelor of Economics (First Class Honors), • Internal Lectures by PTTEP on Sustainability
Thammasat University, Thailand • Upstream Insight “Navigating Through Uncertainty:
Upstream Transformation, Greener Pastures – Better
Future, Corporate Strategies for Resilience & NOC’s:
What is the Path Forward?,” IHS Markit

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 279

• Director’s Briefing – Corporate Strategy Beyond the Other Organizations

Crisis, a Chairman/Board Perspective, December 2024 – Present
Bain & Company, Inc. Chairman of the Board of Directors,
• Capital Market Leadership Program (CMA4), Thailand Development Research Institute
Capital Market Academy (CMA) November 2024 – Present
• Corporate Strategy Executive Education Program, Member of the International Advisory Board,
MIT Sloan School of Management, Cambridge, MA, USA Global Finance & Technology Network (GFTN),
Singapore
% of Shareholding: - None - May 2024 – Present
Board Member of Mae Fah Luang Foundation under
Family Relationship among Director Royal Patronage
and Executives: - None - November 2021 – Present
Member of the Independent Oversight Advisory Committee,
Working Experiences in the Five Preceding Years: World Food Programme
Other Listed Companies February 2021 – Present
September 2024 – Present Member of Chiangmai University Council
Independent Director, SCBX Public Company Limited November 2020 – Present
April 2021 – Present Chairman of the Executive Board,
Independent Director and Audit Committee Member, Buddhadasa Indapanno Archives Foundation
Bangkok Dusit Medical Services Public Company February 2021 – May 2024
Limited Secretary-General and Chairman of the Executive
April 2021 – August 2024 Board of Mae Fah Luang Foundation under Royal
Independent Director and Audit Committee Member, Patronage
Univanich Palm Oil Public Company Limited October 2015 – September 2020
Governor, Bank of Thailand
Other Companies October 2015 – September 2020
September 2024 – Present Member of the Board, Office of the Insurance Commission
Director, ThaiNamthip Corporation Limited October 2015 – September 2020
April 2024 – Present Member of the Board, the Securities and Exchange
Director, Siam Piwat Company Limited Commission (SEC)
October 2015 – September 2020
Member, National Economic and Social Development Council

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280 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Mr. Teerapong Wongsiwawilas

Independent Director, Chairman of the Nomination and Remuneration Committee,
and Member of the Audit Committee

Age: 60 2017 – 2021

Independent Director and Audit Committee,
Starting Date: January 1, 2022 Bangchak Corporation Public Company Limited

Education: Other Companies - None -

• Bachelor of Law, Thammasat University, Thailand
Other Organizations
Training of Thai Institute of Directors Association: November 2024 – Present
• Board Nomination and Compensation Program Expert Member on Administration, Management and
(BNCP) 13/2022 Planning in Public Sector Audit and Evaluation Committee
• Director Leadership Certification Program October 2024 – Present
(DLCP) 6/2022 Advisor to the Prime Minister
• Director Certification Program (DCP) 246/2017 2022 – Present
Council of State No. 7 (Natural Resources and
Other Training: Environment Law), Office of the Council of State
• Internal Lectures by PTTEP on Decarbonization 2022 – Present
• Internal Lectures by PTTEP on Sustainability Honorable Executive Director of the Judicial Administration
• The National Defence Course (Class 57), (Administration and Management), Court of Justice
Thai National Defence College October 2022 – September 2024
• Senior Executive Program (Class 8), Office of the Civil Permanent Secretary of the Prime Minister’s Office
Service Commission October 2022 – 2024
• Certificate, Public Law and Management Executive Director, Broadcasting and Telecommunications
(Class 12/2013), King Prajadhipok’s Institute Research and Development Fund for Public Interest,
Office of the National Broadcasting and
% of Shareholding: - None - Telecommunications Commission
2021 – 2022
Family Relationship among Director Advisor to the Prime Minister for Government Officials,
and Executives: - None - the Secretariat of the Prime Minister
2020 – 2022
Working Experiences in the Five Preceding Years: Committee member of the Political Reform of Thailand’s
Other Listed Companies National Reform, Office of the National Economic
December 2020 – Present and Social Development Council
Independent Director, Chairman of the Compliance 2019 – 2023
Committee, and Member of the Nomination and Honorable Special Investigation Committee (Law),
Remuneration Committee, Krungthai Bank Public Department of Special Investigation, Ministry of Justice
Company Limited 2019 – 2021
2023 – September 2024 National Science and Technology Development Committee,
Chairman, MCOT Public Company Limited National Science and Technology Development Agency
2017 – 2021
Secretary-General to the Cabinet
PTT Exploration and Production Public Company Limited
Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 281

Mr. Wuttikorn Stithit

Director and Member of the Risk Management Committee

Age: 60 % of Shareholding: - None -

Starting Date: January 1, 2023 Family Relationship among Director

and Executives: - None -
Education:
• Master of Business Administration, Kasetsart University, Working Experiences in the Five Preceding Years:
Thailand Other Listed Companies
• Master of Science (Industrial & System Engineering), 2022 – Present
Ohio University, USA Chief Operating Officer, Upstream Petroleum and Gas
• Bachelor of Engineering (Electrical Engineering), Business Group, PTT Public Company Limited
King Mongkut’s Institute of Technology Ladkrabang, April 2022 – Present
Thailand Director and Member of the Nomination and
Remuneration Committee (Non-Executive Director),
Training of Thai Institute of Directors Association: Global Power Synergy Public Company Limited
• Director Certification Program (DCP) 158/2012 2019 – March 2022
Director, Global Power Synergy Public Company Limited
Other Training: 2019 – 2022
• Internal Lectures by PTTEP on Decarbonization Senior Executive Vice President, Gas Business Unit,
• Internal Lectures by PTTEP on Sustainability PTT Public Company Limited
• The National Defence Course (Class 62), 2015 – 2019
Thai National Defence College Executive Vice President, Natural Gas Supply & Trading,
• The Executive Program in Energy Literacy for PTT Public Company Limited
a Sustainable Future (Class 16), Thailand Energy
Academy (TEA) Other Companies
• Leadership Development Program 3 (LDP3), 2023 – Present
PTT Leadership and Learning Institute (PLLI) Chairman, PTT LNG Company Limited
• Leadership Succession Program (LSP), 2019 – 2023
Institute of Research and Development for Chairman, PTT Natural Gas Distribution Company Limited
Public Enterprises (IRDP) 2019 – 2023
• Senior Executive Education: Program, SIBA 2017, Chairman, PTT Global LNG Company Limited
College of Management, Mahidol University
• Power of the Kingdom (Bhumipalung Phandin) (Class 4), Other Organizations - None -
Chulalongkorn University
• Senior Executive Program, SASIN 2011, Sasin Graduate
Institute of Business Administration of Chulalongkorn
University (SASIN)

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282 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

General Nithi Chungcharoen

Independent Director, Member of the Nomination and Remuneration Committee,
and Member of the Risk Management Committee

Age: 53 Working Experiences in the Five Preceding Years:

Other Listed Companies
Starting Date: January 1, 2023 2022 – 2022
Chairman of the Nomination and Remuneration Committee,
Education: PTT Global Chemical Public Company Limited
• Master of Engineering (Mechanical), Stevens Institute 2019 – 2022
of Technology, New Jersey, USA Director to Nomination and Remuneration Committee,
• Bachelor of Science, Chulachomklao Royal Military PTT Global Chemical Public Company Limited
Academy, Thailand 2014 – 2022
Independent Director (Non-Executive Director)
Training of Thai Institute of Directors Association: and Director to the Corporate Governance
• Risk Management Program for Corporate Leaders and Sustainability Committee, PTT Global Chemical
(RCL) 34/2024 Public Company Limited
• Refreshment Training Program: The Business Case and
Ethics of AI: A Board’s Imperative (RFP) 12/2023 Other Companies - None -
• Director Leadership Certification Program
(DLCP) 8/2022 Other Organizations
• Boards that Make a Difference (BMD) 9/2019 2022 – 2023
• Driving Company Success with IT Governance Director, Metropolitan Electricity Authority
(ITG) 5/2017 2021 – 2022
• IOD Talk 2/2017 “Cyber Security: Risks, Liabilities, Assistant Chief of Staff Officer to Minister of Defence,
and Best Practices” Ministry of Defense
• Role of the Nomination and Governance Committee 2020 – 2021
(RNG) 8/2016 Staff Officer, Ministry of Defence
• Director Certification Program (DCP) 200/2015 2019 – 2020
Expert, Royal Thai Army
Other Training: 2018 – 2019
• Internal Lectures by PTTEP on Decarbonization Assistant General Director, 2nd Coordination Centre,
• Internal Lectures by PTTEP on Sustainability Office of the Internal Security Coordination,
Royal Thai Army
% of Shareholding: - None - 2016 – 2018
Army Attaché, Royal Thai Embassy, Canberra, Australia
Family Relationship among Director
and Executives: - None -

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 283

Mrs. Natjaree Anuntasilpa

Independent Director and Member of the Audit Committee

Age: 54 Other Companies - None -

Starting Date: March 17, 2023 Other Organizations

2022 – Present
Education: Expert committee on organizational development
• Master of Business Administration, for the Judicial Administration Commission
Shenandoah University, USA 2021 – Present
• Bachelor of Business Administration (Accounting), Secretary-General of the Cabinet, The Secretariat
Chulalongkorn University, Thailand of the Cabinet, Office of the Prime Minister
2021 – Present
Training of Thai Institute of Directors Association: Member in Sub-Committee to drive, monitor, and
• Director Accreditation Program (DAP) 159/2019 evaluate the performance of the Royal Scholarship
• Advanced Audit Committee Program (AACP) 34/2019 Program
2021 – Present
Other Training: Member in Charity lottery reviewing projects committee
• Internal Lectures by PTTEP on Decarbonization 2018 – 2022
• Internal Lectures by PTTEP on Sustainability Sub-Committee for Personnel Structure and
• The National Defence Course (Class 65), Development Highland Research and Development
Thai National Defence College Institute (Public Organization)
• Executive Development Program: Leaders with Vision 2019 – 2021
and Morality (Nor Bor Sor.) (Class 79), Office of Special expert attached to the Office of the Prime
the Civil Service Commission Minister (Executive, Higher level), the Office of
the Permanent Secretary Prime Minister’s Office,
% of Shareholding: - None - Office of the Prime Minister
2017 – 2019
Family Relationship among Director Deputy Secretary General of the Cabinet,
and Executives: - None - The Secretariat of the Cabinet, Office of the Prime Minister
2016 – 2017
Working Experiences in the Five Preceding Years: Advisor attached to the Secretariat of the Cabinet
Other Listed Companies (Plan and Policy Analyst, Advisory Level),
2019 – April 2023 the Secretariat of the Cabinet, Office of the Prime Minister
Independent Director, Member of Audit Committee,
and Member of Remuneration Committee,
Airports of Thailand Public Company Limited
January 2019 – March 2023
Chairman of the President’s Performance Evaluation
Sub-Committee, Airports of Thailand Public Company
Limited

PTT Exploration and Production Public Company Limited

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Mr. Ekniti Nitithanprapas

Director and Member of the Corporate Governance and Sustainability Committee

Age: 53 • The Wellness and Healthcare Business Opportunity

Program for Executives (WHB) (Class 2)
Starting Date: April 3, 2023 • The Cullinan: The Making of the Digital Board
(Batch 1/2022), the Ministry of Digital Economy and
Education: Society in Collaboration with the Digital Economy
• Ph.D. (Economics/Macroeconomics and International Promotion Agency (depa) and Thailand Management
Finance), Claremont Graduate University, USA Association (TMA)
• Master of Science (Economics/Policy Economics), • Decentralized Finance (DeFi), Digital Marketing
University of Illinois at Urbana-Champaign, USA Strategy, Open Banking and Virtual Banking, and
• Bachelor of Economics (Honors), Thammasat University, ESG – Environmental, Social, Governance,
Thailand TMBThanachart Bank Public Company Limited
• Internal Ratings-Based Approach (IRB), Overview
Training of Thai Institute of Directors Association: of Fund Transfer Pricing (FTP), Bank KPI Setting
• ESG in the Boardroom: A Practical Guide for Board in Practice, and Generative AI In Banking,
0/2023 TMBThanachart Bank Public Company Limited
• ESG as a vehicle for Business Transformation 2022 • Security Awareness Training: Cybersecurity
• Director Leadership Certification Program and Cyber Resilience, TMBThanachart Bank Public
(DLCP) 2/2021 Company Limited
• Risk Management Program for Corporate Leaders • 2020 Cyber Security Awareness for BoD, Personal
(RCL) 25/2021 Data Protection Act, and Economic and Sectoral
• Role of the Chairman Program (RCP) 45/2019 Outlook: A High-Frequency Data Perspective,
• Board Matters and Trends (BMT) 4/2017 TMB Bank Public Company Limited
• Role of the Nomination and Governance Committee • Cyber Resilience Leadership: Tone from the Top
(RNG) 8/2016 (Year 2020) and Cyber Resilience (Year 2019),
• Financial Statements for Directors (FSD) 29/2015 Bank of Thailand
• Corporate Governance for Capital Market • Oxford Programme on Negotiation in Bangkok
Intermediaries 4/2015 (Year 2019), SAID Business School of Oxford
• Director Certification Program (DCP) 93/2007 University, UK
• The Program for Senior Executives on Justice
Other Training: Administration (Class 24/2019), Judicial Training
• Internal Lectures by PTTEP on Decarbonization Institute
• Internal Lectures by PTTEP on Sustainability • The Civil Service Executive Development Program
• Hot Issue for Directors: Climate Governance (Year 2011), Office of the Civil Service Commission
(Class 1/2023), the Stock Exchange of Thailand (SET) • Advanced Certificate Course in Public Administration
and the Thai Institute of Directors Association (IOD) and Law for Executive (Class 9/2010), the College of
• Director Forum: Engaging Board in ESG: the Path Politics and Governance, King Prajadhipok’s Institute
to Effective Sustainability, the Stock Exchange of • Financial Markets and New Financial Instruments
Thailand (SET) and the Thai Institute of Directors (Year 2009), International Monetary Fund Institute
Association (IOD)

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 285

% of Shareholding: - None - Other Organizations

October 2024 – Present
Family Relationship among Director Director General, The Treasury Department,
and Executives: - None - Ministry of Finance
2020 – Present
Working Experiences in the Five Preceding Years: Governing Board of Tax Inspectors Without Borders,
Other Listed Companies OECD & UNDP
February 2020 – Present 2022 – September 2024
Chairman, TMBThanachart Bank Public Company Limited Director General, the Excise Department,
March 2016 – April 2023 Ministry of Finance
Director and Member of the Risk Management Committee, May 2018 – May 2022
IRPC Public Company Limited Director General, the Revenue Department,
November 2015 – April 2023 Ministry of Finance
Director, IRPC Public Company Limited October 2015 – May 2018
February 2020 – November 2021 Director General, State Enterprise Policy Office,
Chairman, Thanachart Bank Public Company Limited Ministry of Finance
June 2018 – January 2020 2015 – 2018
Chairman, Krungthai Bank Public Company Limited Director and Secretary to the Private Investment State
July 2018 – October 2019 Undertakings Policy Committee
Chairman, Thai Airways International Public Company Limited 2015 – 2018
June 2018 – October 2019 Director and Secretary to the Steering Committee of
Director, Thai Airways International Public Company Limited Vayupak Fund
November 2015 – May 2018 2015 – 2018
Director and Member of the Nomination, Director, the Investment Committee of Vayupak Fund
Compensation and Corporate Governance Committee,
the Siam Commercial Bank Public Company Limited

Other Companies
January 2023 – November 2024
Director, Chairman of the Innovation Management
Committee, and Member of the Risk Oversight
Committee, Aeronautical Radio of Thailand Company
Limited
2023 – November 2024
Director, Aeronautical Radio of Thailand Company
Limited
November 2015 – May 2018
Chairman, National Credit Bureau Company Limited

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Mr. Danucha Pichayanan

Independent Director and Member of the Corporate Governance and Sustainability Committee

Age: 54 Family Relationship among Director

and Executives: - None -
Starting Date: March 1, 2024
Working Experiences in the Five Preceding Years:
Education: Other Listed Companies
• Master of Engineering Management, The George 2017 – October 2023
Washington University, USA Independent Director and Chairman of the Nominating
• Bachelor of Engineering, Faculty of Engineering, Committee, PTT Public Company Limited
Chulalongkorn University, Thailand
Other Companies - None -
Training of Thai Institute of Directors Association:
• Director Certification Program (DCP) 211/2015 Other Organizations
January 2024 – Present
Other Training: Director of Faculty of Journalism and Mass Communication,
• Internal Lectures by PTTEP on Decarbonization Thammasat University
• Internal Lectures by PTTEP on Sustainability 2020 – Present
• Advanced Diploma Programme Democratic, Politics Secretary-General of the Office of the National
and Governance for Senior Executives (PPRP23), Economic and Social Development Council
King Prajadhipok’s Institute 2020 – Present
• The National Defence Course (Class 65), Thai National Director of the Bank of Thailand
Defence College 2020 – Present
• The Executive Program in Energy Literacy for Member of the Board of Investment of Thailand (BOI)
a Sustainable Future (Class 10), Thailand Energy 2020 – Present
Academy (TEA) Director of Government Pension Fund
• The Civil Service Executive Development Program: 2020 – Present
Visionary and Moral Leadership (Class 78/2013) Director of Thailand Productivity Institute
by Office of the Civil Service Commission 2020 – Present
• Anti-Corruption Strategic Management for Senior Director and Secretary of National Strategic Plan Committee
Executives Program (Class 7/2016) by Office of 2013 – 2023
the National Anti-Corruption Commission Independent Director, Provincial Electricity Authority (PEA)

% of Shareholding: - None -

PTT Exploration and Production Public Company Limited

Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 287

Mr. Phongsthorn Thavisin

Independent Director, Chairman of the Corporate Governance and Sustainability Committee,
and Member of the Nomination and Remuneration Committee

Age: 65 • Advanced Naval Studies Program (Class 40/2008),

Institute of Advanced Naval Studies
Starting Date: April 1, 2024 • PTT Group EVP Leadership Development,
PTT Public Company Limited
Education: • PTT Executive Leadership, General Electric, GE,
• B.Sc. (Petroleum and Natural Gas Engineering), New York, USA
The Pennsylvania State University, USA • Breakthrough Program for Senior Executive, IMD
• The National Defence Course (Class 2013),
Training of Thai Institute of Directors Association: Thai National Defence College
• Director’s Guide to Legal Obligations and Duties • Director’s Briefing – Corporate Strategy Beyond the
(DLD) 2/2024 Crisis, a Chairman/Board Perspective,
• ESG in the Boardroom: A Practical Guide for Board Bain & Company, Inc.
(ESG) 5/2024
• Board Nomination & Compensation Program % of Shareholding: - None -
(BNCP) 16/2023
• Director Leadership Certification Program Family Relationship among Director and
(DLCP) 3/2021 Executives: - None -
• Director Certification Program (DCP) 223/2016
Working Experiences in the Five Preceding Years:
Other Training: Other Listed Companies
• Internal Lectures by PTTEP on Decarbonization 2021 – 2024
• Internal Lectures by PTTEP on Sustainability Director, PTT Public Company Limited
• The Cullinan: The Making of the Digital Board 2017 – 2021
(Batch 3/2024), Digital Economy Promotion Agency Chief Executive Officer, PTT Exploration and
(depa) and Thailand Management Association (TMA) Production Public Company Limited (PTTEP)
• Capital Market Leadership Program (CMA27),
Capital Market Academy (CMA) Other Companies
• The Executive Program in Energy Literacy for May 2024 – Present
a Sustainable Future (Class 7), Thailand Energy Chairman, AI and Robotics Ventures Company Limited
Academy (TEA) (ARV)
• Senior Executive Program (SEP-19), Sasin Graduate
Institute of Business Administration of Chulalongkorn Other Organizations
University - None -

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Mr. Thongthit Chayakula

Independent Director and Member of the Audit Committee

Age: 48 Family Relationship among Director

and Executives: - None -
Starting Date: April 1, 2024
Working Experiences in the Five Preceding Years:
Education: Other Listed Companies
• Ph.D. Remote Sensing, University College London, UK 2021 – Present
• Master of Sci. Remote Sensing, University College Director, National Telecom Public Company Limited
London, UK
• Bachelor of Eng. Surveying Engineering, Other Companies - None -
Chulalongkorn University, Thailand
Other Organizations
Training of Thai Institute of Directors Association: 2023 – Present
• Advanced Audit Committee Program (AACP) 54/2024 Project Advisory Committee to study the feasibility of
• Risk Management Program for Corporate Leaders implementing the plan Increase efficiency Geographic
(RCL) 24/2024 information system, electrical system Provincial
• Director Certification Program (DCP) 59/2005 Electricity Authority
2022 – Present
Other Training: Digital Infrastructure Committee, the Committee of
• Internal Lectures by PTTEP on Decarbonization the National Digital Economy and Society Commission
• Internal Lectures by PTTEP on Sustainability 1997 – Present
Lecturer, Department of Surveying Engineering,
% of Shareholding: - None - Faculty of Engineering, Chulalongkorn University

PTT Exploration and Production Public Company Limited

Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 289

Admiral Pogkrong Monthardpalin

Independent Director and Member of the Nomination and Remuneration Committee

Age: 60 % of Shareholding: - None -

Starting Date: April 1, 2024 Family Relationship among Director

and Executives: - None -
Education:
• Master of Public Administration (Public Policy), Working Experiences in the Five Preceding Years:
Burapha University, Thailand Other Listed Companies - None -
• Bachelor of Naval Cadet (5-year program),
Royal Thai Naval Academy, Thailand Other Companies - None -

Training of Thai Institute of Directors Association: Other Organizations

• Director Certification Program (DCP) 370/2024 2023 – September 2024
Deputy Chief of Defence Forces, Royal Thai Armed
Other Training: Forces Headquarters
• Internal Lectures by PTTEP on Decarbonization 2021 – 2022
• Internal Lectures by PTTEP on Sustainability Director of Naval Civil Affairs Department and Royal
• Naval Command and Staff College Course, Thai Navy Spokesperson
Naval Command and Staff College, 2019 – 2021
Institute of Advanced Naval Studies Spokesperson of Thai Maritime Enforcement
• Advanced Naval Studies Program, Command Center
Institute of Advanced Naval Studies
• The Executive Program in Energy Literacy for
a Sustainable Future (Class 16), Thailand Energy
Academy (TEA)
• Advanced Certificate Course in Politics and
Governance in Democratic Systems for Executives,
Class 26, College of Politics and Governance,
King Prajadhipok’s Institute

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Mr. Kongkrapan Intarajang

Director

Age: 57 % of Shareholding: - None -

Starting Date: May 21, 2024 Family Relationship among Director

and Executives: - None -
Education:
• Doctor of Philosophy (Ph.D.) in Chemical Engineering, Working Experiences in the Five Preceding Years:
University of Houston, USA Other Listed Companies
• Bachelor of Engineering (Chemical Engineering) May 2024 – Present
(Second Class Honors), Chulalongkorn University, Director, Secretary to the Board, and Chief Executive
Thailand Officer and President, PTT Public Company Limited
2019 – Present
Training of Thai Institute of Directors Association: Director, PTT Global Chemical Public Company Limited
• Role of the Chairman Program (RCP) 21/2009 2020 – 2024
• Director Certification Program (DCP) 119/2009 Chairman of the Board of Directors, Global Green
Chemicals Public Company Limited
Other Training: 2019 – 2024
• Internal Lectures by PTTEP on Decarbonization Chief Executive Officer and President,
• Internal Lectures by PTTEP on Sustainability PTT Global Chemical Public Company Limited
• Breakthrough Program for Senior Executives, 2019 – 2024
IMD Business School Director to the Risk Management Committee,
• The National Defence Course (Class 60), Thai National PTT Global Chemical Public Company Limited
Defence College 2019 – 2024
• The Executive Program in Energy Literacy for Director and Member of the Risk Management Committee,
a Sustainable Future (Class 14), Thailand Energy Global Power Synergy Public Company Limited
Academy (TEA) 2019 – 2024
• Leadership Development Program (LDP 3), Class 4, Senior Executive Vice President, Reporting to Chief
PTT Leadership and Learning Institute Operating Officer, Downstream Petroleum Business,
• Capital Market Leadership Program (CMA30), PTT Public Company Limited
Capital Market Academy (CMA) 2019 – 2020
• Executive Development Training Program, the Royal Director, Global Green Chemicals Public Company Limited
Thai Police 2017 – 2019
Chief Operating Officer – Upstream Petrochemical
Business, PTT Global Chemical Public Company Limited

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 291

Other Companies Other Organizations

2021 – 2024 2024 – Present
Chairman of Supervisory Board, PTTGC International Committee on the Solar PV for the Public
(Netherlands) B.V. for business and investment in 2024 – Present
allnex company Energy Sources Inspection Committee
2021 – 2024 2024 – Present
Chairman of the Board of Directors, Working Committee on Coordination and Progress
PTTGC International (Netherlands) B.V. Monitoring under the Memorandum of Understanding
2020 – 2024 between the Ministry of Energy of the Kingdom of Thailand
Chairman of the Board of Directors, and the Ministry of Energy of Saudi Arabia in the Field
PTTGC International Private Limited of Energy
2020 – 2022 2024 – Present
Chairman of the Board of Directors, Committee of the 7th Anniversary of the Passing of His
GC International Corporation Majesty King Bhumibol Adulyadej the Great,
2015 – 2022 “Sattamawarat” Ceremony and of the 72nd Birthday
Chairman of the Board of Directors, PTTGC America LLC Celebration of His Majesty King Maha Vajiralongkorn
2015 – 2022 Phra Vajiraklaochaoyuhua
Chairman of the Board of Directors, PTTGC America 2024 – Present
Corporation Chairman of the Council Board and Chairman of
2019 – 2020 the Executive Committee of Thailand Carbon
Director, GC International Corporation NeutralNetwork (TCNN) for the years 2024–2025
2017 – 2020 2024 – Present
Director, Thai Tank Terminal Limited Council Member, World Business Council for
2008 – 2020 Sustainable Development (WBCSD)
Director, PTTGC International Private Limited 2024 – Present
2015 – 2019 Founding Member, UN Global Compact Network
Director, President & CEO, PTTGC America Corporation Thailand (UNGCNT)
2015 – 2019 2024 – Present
Director, GC America Sustainability Corporation Working Committee on the gathering of information,
2015 – 2019 coordination, and monitoring its operations according
Director, PTTGC International (Netherlands) B.V. to MoU between Thailand and Saudi Arabia
2015 – 2019 2024 – Present
Director, Vencorex Holding Honorary Member, CONNEXT ED Foundation
2008 – 2019 2024 – Present
Director, Emery Oleochemicals (M) Sdn. Bhd. Chairman, Power of Innovation Foundation
2008 – 2019 2024 – Present
Director, Emery Specialty Chemicals Sdn. Bhd. Chairman, Power for Sustainable Future Foundation
2024 – Present
Social Cooperation Promotion Committee,
Princess Maha Chakri Award Foundation

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2024 – Present 2024 – 2024

Member of the Steering Committee of Public Service Sub-Committee of 72nd Birthday Celebration
Center, Ministry of Energy of His Majesty King Maha Vajiralongkorn
2024 – Present Phra Vajiraklaochaoyuhua
Member of the Policy Committee of State Enterprises 2022 – 2024
and Private Sector Support for Sports Associations Advisor of Small and Medium Industrial Institute,
2024 – Present The Federation of Thai Industries (SMI)
Co-Founder, Thailand Supply Chain Network (TSCN) 2021 – 2024
2023 – Present Director and Member of The Nomination Committee
Committee, Chulalongkorn University Alumni Association and Remunerating Committee, Thai Institute of
under the Royal Patronage of His Majesty the King Directors Association (IOD)
2020 – Present 2020 – 2024
Director, Association of Capital Market Academy Vice President (Supporting), Thailand Swimming
Alumni Association
2020 – Present 2020 – 2022
Director, The Federation of Thai Industries Advisor of the Member Relations,
2020 – Present The Federation of Thai Industries
Member of Vidyasirimedhi Institute Council, 2020 – 2021
Vidyasirimedhi Institute of Science and Technology Director, Power For Sustainable Future Foundation
(VISTEC) 2019 – 2020
2019 – Present Director, Power of Innovation Foundation
Member of Trustee, The Petroleum Institute 2019 – 2020
of Thailand (PTIT) Director, Power of Learning Foundation
2019 – Present 2017 – 2024
Council of Trustee, Thailand Business Council Board Member, National Energy Technology Center
of Sustainable Development (TBCSD) (ENTEC), The National Science and Technology
2019 – Present Development Agency (NSTDA)
Deputy Executive Director, Thailand Energy Academy
2019 – Present
Director, Kamnoetvidya Science Academy (KVIS)
2017 – Present
Co-Chairman, France-Thailand Business Forum

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Mr. Wattanapong Kurovat

Director and Member of the Risk Management Committee

Age: 50 Working Experiences in the Five Preceding Years:

Other Listed Companies
Starting Date: November 15, 2024 February – September 2024
Director and Member of the Enterprise Risk
Education: Management Committee, PTT Public Company Limited
• Master of Business Administration, Western Michigan May 2021 – January 2024
University, USA Director, Member of the Risk Management Committee,
• Bachelor of Political Science, Thammasat University, Member of Corporate Governance and Sustainability
Thailand Committee, and Member of the Nomination and
Remuneration Committee
Training of Thai Institute of Directors Association: April 2021
• Director Certification Program (DCP) 288/2020 Director and Member of the Nomination and
• Director Accreditation Program (DAP) 168/2020 Remuneration Committee, IRPC Public Company Limited
2019 – March 2021
Other Training: Director and Member of the Risk Management
• The National Defence Course (Class 67), Thai National Committee, IRPC Public Company Limited
Defence College
• The Role of the Board in IT Governance (Year 2020) Other Companies - None -
• Digital Transformation for CEO (Class 1)
• The Executive Program in Energy Literacy for Other Organizations
a Sustainable Future (Class 13), Thailand Energy October 2024 – Present
Academy (TEA) Director General, Energy Policy and Planning Office,
• The Civil Service Executive Development Program: Ministry of Energy
Visionary and Moral Leadership (NBS.1), Class 86, January – September 2024
Civil Service Training Institute, Office of the Civil Director General, Department of Alternative Energy
Service Commission Development and Efficiency, Ministry of Energy
• Chief of Staff Program (Class 53), Joint Staff College, April 2019 – December 2023
National Defense Studies Institute Director General, Energy Policy and Planning Office,
Ministry of Energy
% of Shareholding: - None - 2018 – 2019
Deputy Director General, Energy Policy and Planning
Family Relationship among Director Office, Ministry of Energy
and Executives: - None - 2015 – 2018
Director, Power Policy Bureau, Energy Policy and
Planning Office, Ministry of Energy

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Mr. Montri Rawanchaikul

Director and Secretary to the Board

Age: 60 % of Shareholding:
Management 0.00131% (52,050 shares)
Starting Date: October 1, 2021
Family Relationship among Director
Education: and Executives: - None -
• Honorary Doctorate Degree in Applied Geophysics,
Chiang Mai University, Thailand Working Experiences in the Five Preceding Years:
• Master of Applied Science (Exploration Geophysics), Other Listed Companies
University of New South Wales, Australia October 2021 – Present
• Bachelor of Science (Physics), Chiang Mai University, Chief Executive Officer, PTTEP
Thailand October 2021 – September 2024
Senior Executive Vice President, PTT, Reporting to
Training of Thai Institute of Directors Association: Chief Operating Officer, Upstream Petroleum and
• Strategic Board Master Class (SBM) 12/2023 Gas Business Group working on a secondment as
• Director Certification Program (DCP) 337/2023 Chief Executive Officer, PTTEP
• The Corporate Governance: Regulation and February – September 2021
Disclosure Training President, PTTEP
February – September 2021
Other Training: Senior Executive Vice President, PTT, Reporting to
• Internal Lectures by PTTEP on Decarbonization Chief Operating Officer, Upstream Petroleum and
• Internal Lectures by PTTEP on Sustainability Gas Business Group working on a secondment as
• The Cullinan: The Making of the Digital Board President, PTTEP
(Batch 4/2024), Digital Economy Promotion Agency October 2020 – January 2021
(depa) and Thailand Management Association (TMA) President and acting as Executive Vice President,
• Capital Market Leadership Program (CMA31), Production Asset Group, PTTEP
Capital Market Academy (CMA) October 2020 – January 2021
• Leadership Development Program III (LDP III) Senior Executive Vice President, PTT, Reporting to
by PTT Leadership and Learning Institute Chief Operating Officer, Upstream Petroleum and Gas
• The Executive Program in Energy Literacy for Business Group working on secondment as President
a Sustainable Future (Class 11), Thailand Energy and acting as Executive Vice President, Production
Academy (TEA) Asset Group, PTTEP
• Leadership Development Program II (LDP II) January – September 2020
by PTT Leadership and Learning Institute Executive Vice President, Production Asset Group, PTTEP
• EP LEAD III Leadership Development Program by IMD

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October 2017 – December 2019 Other Companies

Executive Vice President, Strategy and Business January 1998 – August 2004
Development Group, PTTEP Project Manager and Business Unit Manager,
November 2017 – September 2018 Fugro Jason Geosystems in the Netherlands
Executive Vice President, Strategy and Business July 1989 – December 1990
Development Group and Acting Senior Vice President, Researcher Assistant Road and Traffic Authority
New Business Unit, and additional assigned as Sydney and Wireline Engineer, Schlumberger in
Project Champion, Spend Smart, PTTEP Australia

Other Organizations - None -

Mr. Pitipan Tepartimargorn

Ex-Director

Age: 68 • PTT Executive Leadership Program, General Electrics,

Crotonville, USA
Education: • Capital Market Leadership Program (CMA19), Capital
• Master of Arts – Political Science (Public Market Academy (CMA)
Administration), Thammasat University, Thailand
• Bachelor of Engineering – Electrical Engineering % of Shareholding: - None -
(Second Class Honors), King Mongkut’s Institute of
Technology Ladkrabang, Thailand Family Relationship among Director
and Executives: - None -
Training of Thai Institute of Directors Association:
• Anti-Corruption: Leadership Role of the Board Working Experiences in the Five Preceding Years:
• Anti-Corruption for Executive Program (ACEP) 4/2012 Other Listed Companies
• Director Certification Program (DCP) 138/2010 May – July 2019
Chairman of the Labour Relations Committee,
Other Training: Thai Airways International Public Company Limited
• Director’s Briefing – Corporate Strategy Beyond April – November 2019
the Crisis, a Chairman/Board Perspective, Member of the Corporate Plan Steering and
Bain & Company, Inc. Monitoring Committee, Thai Airways International
• Strategic Human Resource Management, Public Company Limited
Harvard University, USA October 2018 – November 2019
• NIDA – Wharton Executive Leadership Program, Chairman of the Nomination and Remuneration
The Wharton School, University of Pennsylvania, USA Committee, Thai Airways International Public
• Senior Executive Program (SEP), Sasin Graduate Company Limited
Institute of Business Administration of August 2018 – April 2019
Chulalongkorn University Member of the U-Tapao Aircraft Repair Center Project
• Advance Political and Electoral Development Program Governance and Thai Airways Business Development
(Class 3), Office of the Election Commission of Thailand Project at U-Tapao Airport Sub-Committee, Thai Airways
International Public Company Limited

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May 2018 – April 2019 Other Organizations

Member of the Risk Management Committee, September 2019 – Present
Thai Airways International Public Company Limited Senior Advisor of the Governing Board,
March – August 2018 Kamnoetvidya Science Academy (KVIS)
Member of the Recruitment of THAI’s President February 2018 – Present
Committee, Thai Airways International Public Chairman of the Executive Committee,
Company Limited Vidyasirimedhi Institute of Science and Technology
February 2018 – November 2019 (VISTEC)
Member of the Nomination and Remuneration July 2015 – Present
Committee, Thai Airways International Public Chairman of the Personnel Management Committee,
Company Limited VISTEC
January 2018 – April 2019 May 2015 – Present
Member of the Human Resources Committee, Council Member, VISTEC
Thai Airways International Public Company Limited December 2017 – September 2019
December 2017 – November 2019 Vice Chairman of the Governing Board, Kamnoetvidya
Director, Thai Airways International Public Company Science Academy, KVIS
Limited October 2014 – May 2019
Director, the Civil Service Sub-Commission on
Other Companies Development of Human Resource Management (HRM),
April – October 2016 Office of the Civil Service Commission (OCSC)
Chairman, PTT Energy Resources Company Limited

Mrs. Angkarat Priebjrivat

Ex-Director

Age: 69 • Audit Committee Forum 2018: Learn, Unlearn,

and Relearn – Audit Committee in the Age of
Education: Disruption
• Ph.D. (Accounting), New York University, USA • Driving Company Success with IT Governance
• Master of Accounting (Accounting), Thammasat (ITG) 6/2017
University, Thailand • The Role of Chairman (RCP) 2008
• Bachelor of Business Administration (Accounting) • Audit Committee Program (ACP) 2007
(Second Class Honors), Thammasat University, • Director Certification Program (DCP) 2006
Thailand • Director Accreditation Program (DAP) 2005
• Monitoring the Internal Audit Function Program (MIA)
Training of Thai Institute of Directors Association: • Monitoring the System of Internal Control and Risk
• National Director Conference 2022 (NDC) Management Program (MIR)
• National Director Conference 2021 (NDC) • Anti-Corruption for Executive Program
• DCP Series 4/2019: “How to Develop a Winning Digital
Strategy”

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Other Training: • Corporate Sustainability Development,

• The Importance of the Audit Committee to SBDI Company Limited
the Thai Capital Market • PTT Group AC Forum 2020 “It’s time to Reform
• PTT Group Audit Committee Forum 2023 a Next New Normal,” PTT Public Company Limited
• Company Directors and Senior Executives • Understanding Thailand Data Protection Law and its
and ESG Risk Management Unintended Consequence, ACIS Professional Center
• Engaging Board in ESG: The Path to Effective Company Limited (ACIS)
Sustainability • Role of the Boardroom: Transforming Corporate
• Hot Issue for Director: Climate Governance Compliance into Corruptless Society, a collaborative
• Sustainability Trends in Business Across Industries project by the Thai private sector against corruption
• Cyber Security Issues & Defenses for Financial Sector, • Understanding Cryptocurrency, Blockchain, and
TISCO Financial Group Public Company Limited Digital Asset and the Opportunities in Thailand,
• Artificial Intelligence & Machine Learning, KQ Consulting Company Limited
TISCO Learning Center Company Limited • Capital Market Leadership Program (CMA4),
• Cyber Resilience Leadership: SMART Goal, Capital Market Academy (CMA)
Bank of Thailand, the Securities and Exchange • Certificate in International Financial Reporting
Commission of Thailand (SEC), and Office of Standard (IFRS), the Institute of Chartered
the Insurance Commission (OIC) Accountants in England and Wales (ICAEW)
• Cyber Armor: Capital Market Board Awareness 2022,
Cyber Threat Lessons Learned for Board of Directors, % of Shareholding: - None -
SEC
• PTT Group AC Forum 2022, “Risk in Environmental, Family Relationship among Director
Social, and Governance (ESG) and Reporting and Executives: - None -
by EY Corporate Services Limited” and “Fundraising
and Digital Asset Accounting by EY Office Limited,” Working Experiences in the Five Preceding Years:
PTT Public Company Limited Other Listed Companies
• Management and Staff Roles for Developing April 2022 – Present
Anti-Corruption Compliance System, Private Sector Chairman of the Corporate Governance Committee,
Collective Action against Corruption Chairman of the Risk Oversight Committee,
• Cyber Armor: Capital Market Board Awareness No. 2, and Non-Executive Director,
the Securities and Exchange Commission of Thailand (SEC) TISCO Financial Group Public Company Limited
• Top Risk 2022 and Audit Risk-based Plan, April 2021 – April 2022
IA Academy Audit Committee,
• Technology Audit and Audit Innovation, IA Academy TISCO Financial Group Public Company Limited
• Director’s Briefing – Corporate Strategy Beyond 2008 – April 2022
the Crisis, a Chairman/Board Perspective, Independent Director,
Bain & Company, Inc. TISCO Financial Group Public Company Limited
• IT Security Awareness for Top Management, 2008 – April 2021
ACIS Professional Center Company Limited Chairman of Audit Committee,
TISCO Financial Group Public Company Limited

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Other Companies Other Organizations

April 2021 – Present 2002 – Present
Chairman of the Risk Oversight Committee Member of Government Accounting Standards
and Non-Executive Director, TISCO Bank Public Committee, the Comptroller General’s Department,
Company Limited Ministry of Finance
April 2021 – April 2022 1992 – Present
Audit Committee and Independent Director, Consultant for Information Disclosure and Accounting
TISCO Bank Public Company Limited Standards, the Stock Exchange of Thailand (SET)
March – August 2021 December 2020 – September 2023
Independent Director, Bioscience Animal Health Chairman of Subcommittee on Finance and
(Thailand) Company Limited Accounting of the Energy Conservation Fund
2018 – 2020 2012 – January 2023
Chairman of Risk Management Committee, Member of Audit Committee,
Member of Audit Committee, Independent Director, Thai Public Broadcasting Service (Thai PBS)
TOT Public Company Limited June – December 2020
2016 – April 2023 The working group to resolve accounting issues of
Director, Member of Audit Committee, the Energy Conservation Fund fiscal years 2014–2018,
TSFC Securities Public Company Limited the Energy Conservation Fund
2013 – April 2022 2018 – 2020
Independent Director and Audit Committee, Member of Risk Management Committee,
TISCO Bank Public Company Limited the Government Pension Fund (GPF)
2014 – February 2021 2018 – 2020
Chairman of Risk Management Committee, Member of Technical Advisory Committee for Financial
COL Public Company Limited Reporting Standards and Member of Advisory
2013 – April 2021 Committee for Fund Raising and Listing Department,
Chairman of Audit Committee, Independent Director, the Securities and Exchange Commission Board
TISCO Bank Public Company Limited (SEC)
2008 – February 2021 2018 – 2019
Chairman of Audit Committee, Independent Director, Member of Finance and Accounting Subcommittee,
COL Public Company Limited State Railway of Thailand
2014 – 2018
Director, Member of Audit Committee,
Tourism Authority of Thailand

PTT Exploration and Production Public Company Limited

Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 299

Mr. Auttapol Rerkpiboon

Ex-Director

Age: 59 • NIDA – Wharton Executive Leadership Program 2009,

The Wharton School of the University of Pennsylvania,
Education: USA
• Master of Economics, National Institute of • PTT Executive Leadership, General Electric, GE,
Development Administration, Thailand New York, USA
• Bachelor of Engineering (Civil Engineering),
Chulalongkorn University, Thailand % of Shareholding:
• Diploma of Petroleum Management, College of Spouse 0.00001% (500 shares)
Petroleum Studies, Oxford University, UK
(British Council Scholarship) Family Relationship among Director
and Executives: - None -
Training of Thai Institute of Directors Association:
• Director Certification Program (DCP) 173/2013 Working Experiences in the Five Preceding Years:
• Company Secretary Program (CSP) 14/2005 Other Listed Companies
August 2024 – Present
Other Training: Independent Director, Kasikornbank Public Company
• Director’s Briefing – Corporate Strategy Beyond Limited
the Crisis, a Chairman/Board Perspective, May 2024 – Present
Bain & Company, Inc. Independent Director, CP Axtra Public Company Limited
• The National Defence Course (Class 58), May 2020 – May 2024
Thai National Defence College President and Chief Executive Officer,
• Advanced Certificate Course in Politics and PTT Public Company Limited
Governance in Democratic System for Executives May 2020 – May 2024
(Class 14), King Prajadhipok’s Institute Director, Secretary to the Board, PTT Public Company
• The Executive Program in Energy Literacy for Limited
a Sustainable Future (Class 12), December 2015 – May 2024
Thailand Energy Academy (TEA) Chairman, PTT Oil and Retail Business Public Company
• Capital Market Leadership Program (CMA20), Limited
Capital Market Academy (CMA) April 2018 – July 2020
• Executive Program on Rule of Law and Development: Director, Chairman of the Risk Management Committee/
RoLD (Class 2), Thailand Institute of Justice: Member of the Nomination and Remuneration
TIJ (Public Organization) Committee, Thai Oil Public Company Limited
• Executive Development Program (EDP), Class 1, October 2017 – May 2020
Thai Listed Companies Association (TLCA) Chief Operating Officer, Downstream Petroleum Business
• Rule of Law for Democracy (Class 8), Group, (October 1, 2017 – September 30, 2018,
College of the Constitutional Court Acting Senior Executive Vice President, Downstream
Business Group Alignment), PTT Public Company Limited

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October 2015 – October 2018 October 2022 – May 2024

Director, Director to the Corporate Governance Advisory Board, Committee of Lottery Tickets Red
Committee, Director to the Risk Management Committee, Cross Fair 2022, the National Council on Social Welfare
PTT Global Chemical Public Company Limited of Thailand
October 2015 – September 2017 October 2022 – May 2024
Senior Executive Vice President – Oil Business Unit, Director, Steering Committee Friends in need of (“PA”) 2022
PTT Public Company Limited September 2022 – May 2024
Member of the Raising Funds Committee for Building and
Other Companies Construction Maintenance, Suan Luang Rama IX Foundation
June 2021 – February 2022 June 2022 – May 2024
Director, ARUN PLUS Company Limited Committee Member, the General Prem Tinsulanonda
Historical Park
Other Organizations May 2022 – May 2024
2023 – Present Advisor, IEEE Power & Energy Society
Expert Member of Government Pension Fund Board May 2022 – May 2024
of Directors Director, Steering Committee According to Royal
2023 – Present Initiative Projects, the Vetiver Grass Project
Expert committee of National Science and Technology April 2022 – May 2024
Development Board Advisory Board, Sirinart Rajini Mangrove Ecosystem
2023 – Present Learning Center
President, Chulalongkorn University Alumni Association April 2022 – May 2024
under the Royal Patronage Honorary Advisor, the Economic Reporters Association
2023 – Present November 2021 – May 2024
Committee member, Chulalongkorn University Council Promoting Social Cooperation Committee,
November 2022 – May 2024 Princess Maha Chakri Award Foundation
Honorary Advisor, the S.E.A. Write Award Organizing March 2021 – May 2024
Committee Director, Thai Foundation
November 2022 – May 2024 October 2020 – May 2024
Chairman Council Board, Thailand Carbon Neutral Network Committee Member, Suan Luang Rama IX Foundation

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 301

October 2020 – May 2024 2019 – May 2024

Advisory Board, the Institute of Energy for Industry Honorary Advisor, the National Institute of Development
August 2020 – May 2024 Administration (NIDA) Alumni Association under
Chairman, Power for Sustainable Future Foundation the Royal Patronage
August 2020 – May 2024 July 2018 – July 2024
Expert Committee of Vidyasirimedhi Institute Council, Committee Member, Payment Systems Committee (PSC),
Vidyasirimedhi Institute of Science and Technology Bank of Thailand
(VISTEC) 2018 – May 2024
June 2020 – May 2024 Honorary advisor, Thai-Laos Business Council
Committee Member, Ruamchit Normklao Foundation for November 2016 – May 2024
Thai Youth under the patronage of H.R.H. the Queen Vice President, Swimming Association Thailand
June 2020 – May 2024 November – December 2022
Chairman, Power of Innovation Foundation Advisory Board, Fund Raising Committee for Contribution
May 2020 – May 2024 to a Charity Fund Started by the King, Thai Red Cross
Member of Trustees, Petroleum Institute of Thailand (PTIT) Society 2022, Chulalongkorn University
May 2020 – May 2024 October 10 – 23, 2022
Vice Chairman, Thailand Energy Academy Chairman, Steering Committee King Chulalongkorn
May 2020 – May 2024 Day 2022, Chulalongkorn University Alumni Association
Committee member, OUR Khung BangKachao Under The Royal Patronage of His Majesty The King
May 2020 – May 2024 November 2021 – December 2021
President, PTT Group Employee Association Advisory Committee of Fund Raising Committee 2021,
May 2020 – May 2024 Thai Red Cross Society, Chulalongkorn University
Advisory Board, PTT Natural Gas Business Saving 2018 – 2020
Co-Operative Limited President, the Marketing Association of Thailand
May 2020 – May 2024
Committee Member, Green Globe Institute
March 2020 – May 2024
Expert Committee of NIDA Council, the National Institute
of Development Administration (NIDA)

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Mr. Veerapat Kiatfuengfoo

Ex-Director

Age: 52 Working Experiences in the Five Preceding Years:

Other Listed Companies
Education: October 2024 – Present
• Ph.D. Development Studies, The University of Director and Member of the Enterprise Risk
Melbourne, Australia Management Committee, PTT Public Company Limited
• Master of Economic Development, February 2023 – January 2024
Vanderbilt University, USA Director and Member of the Risk Management
• Bachelor of Business Administration, Committee, Thai Oil Public Company Limited
Kasetsart University, Thailand
Other Companies - None -
Training of Thai Institute of Directors Association:
• Director Certification Program (DCP) 336/2023 Other Organizations
2024 – Present
Other Training: Deputy Permanent Secretary, the Office of
• The Executive Program in Energy Literacy for the Permanent Secretary, Ministry of Energy
a Sustainable Future (Class 18), Thailand Energy 2024 – 2024
Academy (TEA) Director, Thailand Automotive Institute
• The Civil Service Executive Program, Class 13, 2024 – 2024
Office of the Civil Service Commission Director General, Energy Policy and Planning Office,
• Executive Development Program, Class 13, Ministry of Energy
Ministry of Finance 2023 – 2023
• Executive Development Program, Class 10, Deputy Permanent Secretary, the Office of
Ministry of Education the Permanent Secretary, Ministry of Energy
• Executive Energy Management Program, Class 10, 2023 – 2023
Ministry of Energy Advisor to the Energy Working Group,
Thai Chamber of Commerce
% of Shareholding: - None - 2021 – 2022
Deputy Director General of Energy Policy and
Family Relationship among Director Planning Office, Ministry of Energy
and Executives: - None - 2018 – 2021
Executive Director, Power Policy Division, Energy
Policy and Planning Office, Ministry of Energy

PTT Exploration and Production Public Company Limited

Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 303

Criminal offense record during the past 10 years

• Being adjudged of convicting a crime or being on trial for convicting a crime
- No -
• Being adjudged bankrupt or a receiver is appointed
- No -
• Being part of the management in the company or partnership which is adjudged bankrupt or be put under receivership
- No -
Remark: The name and number(s) of the authorized directors who may sign to bind the Company from October 29, 2024, are Mr. Wuttikorn Stithit and
Mr. Ekniti Nitithanprapas. Two of these directors can jointly sign and affix the Company’s seal. Mr. Montri Rawanchaikul, the Chief Executive
Officer, can sign on his own without the need for another director.

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2. Management
As of January 1, 2025, PTTEP management team had 19 personnel as defined by the Capital Market Supervisory Board.
Details are as follows:

Mr. Montri Rawanchaikul

Chief Executive Officer

Please see part 1 for details

Ms. Natruedee Khositaphai

Executive Vice President, Operations Support Group

Age: 59 January – August 2023

Executive Vice President, Technology and Carbon
Starting Date: September 2023 – Present Solutions Group, PTTEP
January 2020 – December 2022
Education: Executive Vice President, Strategy and Business
• Master of Business Administration, Sasin Graduate Development Group, PTTEP
Institute of Business Administration, June – December 2019
Chulalongkorn University, Thailand Executive Vice President, Corporate Affairs
• Bachelor of Engineering (Petroleum Engineering), and Assurance Group, PTTEP
Chulalongkorn University, Thailand October 2018 – May 2019
Acting Executive Vice President, Corporate Affairs
% of Shareholding: and Assurance Group, PTTEP
Management 0.0000271% (107,457 shares) October – December 2018
Acting Senior Vice President, Corporate Communications
Family Relationship among Directors and Public Affairs Division, PTTEP
and Executive: - None - November 2017 – September 2018
Senior Vice President, International Asset, PTTEP
Working Experiences in the Five Preceding Years: July – November 2017
January – February 2025 Acting Senior Vice President, International Asset, PTTEP
Acting Senior Vice President, Digital Technology May 2016 – June 2017
Center of Excellence Division, PTTEP Vice President, assigned as Project Manager,
SAVE to be SAFE Project, PTTEP

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 305

Mr. Chayong Borisuitsawat

Executive Vice President, Domestic Production Asset Group

Age: 57 Executive Vice President, Human Resources,

Corporate Affairs, and Assurance Group, PTTEP
Starting Date: December 2024 – Present January 2020 – November 2021
Executive Vice President, Engineering and
Education: Development Group, PTTEP
• Master of Management (Management and Strategy), November 2018 – December 2019
College of Management Mahidol University, Thailand Executive Vice President, Business and Organization
• Bachelor of Engineering (Petroleum Engineering), Transformation Group, PTTEP
Chulalongkorn University, Thailand October 2018
Executive Vice President, Operations Support Group,
% of Shareholding: PTTEP
Management 0.0000164% (65,096 shares) November 2017 – September 2018
Acting Executive Vice President, Operations Support
Family Relationship among Directors Group, PTTEP
and Executive: - None - November 2017 – July 2018
Project Champion, SPEND SMART Project, PTTEP
Working Experiences in the Five Preceding Years: July 2016 – October 2017
September 2023 – November 2024 Project Champion, SAVE to be SAFE, PTTEP
Executive Vice President, Strategy, Business
Development, and Human Resources Group, PTTEP
January – August 2023
Executive Vice President, Strategy and Sustainable
Growth Group, PTTEP
December 2021 – December 2022

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Mr. Piya Sukhumpanumet

Executive Vice President, Geosciences, Subsurface, and Exploration Group

Age: 59 April 2022 – October 2024

Executive Vice President, International Production
Starting Date: January 2025 – Present Asset Group, PTTEP
December 2021 – March 2022
Education: Executive Vice President, Geosciences, Subsurface
• Master of Business Administration, Sasin Graduate and Exploration Group, PTTEP
Institute of Business Administration, Chulalongkorn June – November 2021
University, Thailand Executive Vice President, Human Resources,
• Bachelor of Geology, Chulalongkorn University, Corporate Affairs, and Assurance Group, PTTEP
Thailand October 2020 – May 2021
Acting Executive Vice President, Human Resources,
% of Shareholding: Corporate Affairs, and Assurance Group, PTTEP
Management 0.0000226% (89,916 shares) September 2016 – September 2020
Senior Vice President, Myanmar Asset, seconded
Family Relationship among Directors as General Manager, PTTEP International Limited
and Executive: - None - (Yangon Branch), Myanmar
July – August 2016
Working Experiences in the Five Preceding Years: Senior Vice President, Technology and Knowledge
October – December 2024 Management Division, PTTEP
Executive Vice President, International Production
Asset Group, and Acting Executive Vice President
Geosciences, Subsurface, and Exploration Group,
PTTEP

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 307

Mr. Nirandorn Rojanasomsith

Executive Vice President, Engineering, Development, and Maintenance Group

Age: 59 Working Experiences in the Five Preceding Years:

April – December 2022
Starting Date: January 2023 – Present Executive Vice President, Domestic Production
Asset Group, PTTEP
Education: August 2021 – March 2022
• Master of Science (Mechanical Engineering), Executive Vice President, Production Asset Group, PTTEP
Manhattan College, USA February – July 2021
• Master of Science (Computer), Brooklyn College, USA Acting Executive Vice President, Production Asset Group,
• Master of Business Administration (Executive), PTTEP
Sasin Graduate Institute of Business Administration, February 2021
Chulalongkorn University, Thailand Acting Senior Vice President, Thai Offshore Asset,
• Bachelor of Engineering (Mechanical Engineering), PTTEP
Kasetsart University, Thailand August 2019 – January 2021
Senior Vice President, Thai Offshore Asset,
% of Shareholding: Production Asset, PTTEP
Management 0.0000341% (135,202 shares) November 2017 – July 2019
Spouse 0.0000098% (38,839 shares) Senior Vice President, Australia Asset and seconded as
General Manager, PTTEP Australasia Pty Ltd, Australia
Family Relationship among Directors
and Executive: - None -

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Ms. Kanita Sartwattayu

Executive Vice President, Strategy, Business Development, and Human Resources Group

Age: 54 Working Experiences in the Five Preceding Year:

January 2023 – November 2024
Starting Date: December 2024 – Present Executive Vice President, Domestic Production
Asset Group, PTTEP
Education: June – December 2022
• Master of Science (Engineering Management), Executive Vice President, Engineering and
University of Missouri-Rolla, Rolla, USA Development Group, PTTEP
• Bachelor of Engineering (Chemical Engineering), December 2021 – May 2022
Chulalongkorn University, Thailand Acting Executive Vice President, Engineering and
Development Group, PTTEP
% of Shareholding: October 2019 – November 2021
Management 0.0000127% (50,279 shares) Senior Vice President, Development Project Division,
PTTEP
Family Relationship among Directors June – September 2019
and Executive: - None - Senior Vice President assigned as Project Head
of Asset Transition Project and Acting Senior Vice
President, Development Project Division, PTTEP
October 2018 – May 2019
Acting Vice President, M3 Development Project,
PTTEP
October 2018 – January 2019
Senior Vice President, Development Project Division,
PTTEP
July 2017 – September 2018
Senior Vice President, Business Development 1
Division, PTTEP

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 309

Mr. Nopasit Chaiwanakupt

Executive Vice President, Technology, Carbon Solutions, and Sustainable Growth Group

Age: 55 Working Experiences in the Five Preceding Year:

September 2023 – February 2024
Starting Date: March 2024 – Present Acting Executive Vice President, Technology, Carbon
Solutions, and Sustainable Growth Group, PTTEP
Education: January – August 2023
• Master of Business Administration (Executive), Senior Vice President, Carbon and Energy Solutions
Sasin Graduate Institute of Business Administration, Division and Acting Vice President, Strategy and
Chulalongkorn University, Thailand Business Management Department, PTTEP
• Master of Science (Chemical Engineering), Oregon January – March 2023
State University, USA Acting Vice President, CCS Department, PTTEP
• Bachelor of Engineering (Chemical Engineering), October 2021 – December 2022
Chulalongkorn University, Thailand Senior Vice President, New Business Division, PTTEP
February 2020 – September 2021
% of Shareholding: - None - Senior Vice President assigned as Project Head,
Malaysia Asset Transition, PTTEP
Family Relationship among Directors May 2019 – January 2020
and Executive: - None - Project Head of Malaysia Asset Transition, PTTEP
November 2018 – July 2019
Senior Vice President, Thai Offshore Asset, PTTEP
July 2017 – October 2018
Senior Vice President, Business Development 3
Division, PTTEP

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Mrs. Chanamas Sasnanand

Executive Vice President, Finance and Accounting Group

Seconded from PTT Public Company Limited, Executive Vice President, attached to Chief Financial Officer

(The person is directly responsible for supervising accounting functions)

Age: 55 Working Experiences in the Five Preceding Years:

December 2023 – September 2024
Starting Date: October 2024 – Present Executive Vice President, Finance and Accounting,
Thai Oil Public Company Limited
Education: January 2021 – November 2023
• Master of Business Administration, Executive Vice President, Group Corporate Finance
University of South Carolina, USA and Strategy, PTT Public Company Limited
• Bachelor of Business Administration, January 2019 – December 2020
Chulalongkorn University, Thailand Senior Vice President, Finance Division, PTTEP
January – December 2018
% of Shareholding: Senior Vice President, Internal Audit Division
Management 0.0000114% (45,411 shares) (included acting), PTTEP

Family Relationship among Directors

and Executive: - None -

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 311

Mr. Titi Thongjen

Acting Executive Vice President, International Production Asset Group

Age: 53 Family Relationship among Directors

and Executive: - None -
Starting Date: January 2025 – Present
Working Experiences in the Five Preceding Years:
Education: March 2023 – December 2024
• Master of Business Administration, Sasin Graduate Senior Vice President, Myanmar Asset, seconded
Institute of Business Administration, Chulalongkorn as General Manager, PTTEP International Limited,
University, Thailand (Yangon Branch), Myanmar
• Master of Engineering (Civil Engineering), Bradley September 2022 – February 2023
University, USA Acting Senior Vice President, Myanmar Asset,
• Bachelor of Engineering (Civil Engineering), seconded as General Manager, PTTEP International
King Mongkut’s University of Technology Thonburi, Limited, (Yangon Branch) Myanmar
Thailand June 2019 – August 2022
Vice President, M3 Gas to Power Development Project,
% of Shareholding: PTTEP
Management 0.0000005% (2,000 shares) July 2013 – May 2019
Vice President, Indonesia Asset, seconded as General
Manager, PTTEP South Manda Limited, Indonesia

Mr. Sermsak Satchawannakul

Senior Vice President, Finance Division

Age: 56 Working Experiences in the Five Preceding Years:

October 2020 – September 2024
Starting Date: October 2024 – Present Senior Vice President, Accounting Division, PTTEP
January 2019 – September 2020
Education: Vice President, Financial Accounting Department,
• Master of Business Administration, Thammasat PTTEP
University, Thailand January 2019
• Bachelor of Accounting, Thammasat University, Acting Vice President, Office Facility Management
Thailand Department, PTTEP
July 2015 – December 2018
% of Shareholding: Vice President, Myanmar Business Support Department,
Management 0.0000114% (45,215 shares) seconded as Myanmar Business Support Manager,
PTTEP International Limited (Yangon Branch),
Family Relationship among Directors Myanmar
and Executive: - None -

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Mr. Sakchai Sarawek

Senior Vice President, Accounting Division

(The person is directly responsible for supervising accounting functions)

Age: 55 Family Relationship among Directors

and Executive: - None -
Starting Date: October 2024 – Present
Working Experiences in the Five Preceding Years:
Education: July 2020 – September 2024
• Master of Science (Accounting Information System), Vice President, Managerial Accounting Department,
Chulalongkorn University, Thailand PTTEP
• Bachelor of Accounting, Thammasat University, July 2018 – June 2020
Thailand Vice President attached to International Asset
seconded as Senior Manager, Business Support at
Continuing Professional Development (CPD) 2024: CPOC, Malaysia
• PwC Thailand’s 2024 Symposium Beyond Boundaries: July 2016 – June 2018
Shaping Tomorrow’s Innovations Corporate Reporting Vice President, Accounting Policy and Solutions
Forum (CPD [Accounting] 6 hours) Department, PTTEP
• PwC Thailand’s 2024 Symposium Beyond Boundaries: November 2012 – June 2016
Shaping Tomorrow’s Innovations Maximising Vice President, Australia Asset, seconded as Finance
Shareholder Value (CPD [Accounting] 6 hours) and Accounting Manager, PTTEP Australasia Pty Ltd,
(An Accountant with criteria specified by Australia
the Department of Business Development)

% of Shareholding: - None -

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 313

Mrs. Maneeya Srisukhumbowornchai

Senior Vice President, Tax and Insurance Division

Age: 50 Working Experiences in the Five Preceding Years:

May 2023 – May 2024
Starting Date: June 2024 – Present Senior Vice President, Internal Audit Division, PTTEP
January 2023 – April 2024
Education: Senior Vice President, Corporate Secretary and
• Master of Business Administration, Thammasat Assurance Division, PTTEP, assigned as Company
University, Thailand Secretary
• Bachelor of Accountancy, Chulalongkorn University, September 2020 – December 2022
Thailand Senior Vice President, Corporate Secretary Division,
PTTEP, assigned as Company Secretary
% of Shareholding: - None - September 2019 – August 2020
Acting Senior Vice President, Corporate Secretary
Family Relationship among Directors Division, PTTEP, assigned as Corporate Secretary
and Executive: - None - October 2018 – June 2019
Acting Vice President, Accounting Policy and
Solutions Department, PTTEP
May 2015 – August 2019
Vice President, Tax Department, PTTEP

Mr. Chayanin Yiamsombut

Vice President, Insurance Department

Age: 47 Family Relationship among Directors

and Executive: - None -
Starting Date: April 2023 – Present
Working Experiences in the Five Preceding Years:
Education: October 2022 – March 2023
• Master of Business Administration (Finance), Acting Vice President, Insurance Department, PTTEP
DePaul University, USA June 2014 – September 2022
• Bachelor of Science (Economics), Chulalongkorn Senior Analyst, Insurance, PTTEP
University, Thailand

% of Shareholding:
Management 0.0000056% (22,145 shares)

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Mr. Thanat Thamrongsaksuvit

Vice President, attached to Finance Division, assigned as Managing Director, PTTEP Treasury Center

Age: 47 % of Shareholding: - None -

Starting Date: October 2023 – Present Family Relationship among Directors

and Executive: - None -
Education:
• Master of Science (Finance and Banking), Working Experiences in the Five Preceding Years:
The University of Sydney, Australia October 2020 – September 2023
• Bachelor of Business Administration (Finance and Manager, Investor Relations Section, PTTEP
Banking), Assumption University, Thailand February 2018 – September 2020
Manager, Financial Risk Management Section, PTTEP

Ms. Nuchanong Sangkeaw

Vice President, Managerial and International Asset Accounting Department

Age: 47 Family Relationship among Directors and

Executive: - None -
Starting Date: October 2024 – Present
Working Experiences in the Five Preceding Years:
Education: August 2020 – September 2024
• Master in Professional Accounting, The University of
Vice President, Capital Market and Financial Planning
Texas at Austin, USA Department, PTTEP
• Master of Arts (Economic Law), Chulalongkorn
January – July 2020
University, Thailand Acting Vice President, Capital Market and Financial
Planning Department, PTTEP
• Bachelor of Accounting, Thammasat University,
Thailand July – December 2019
Acting Vice President, Capital and Investor Relations
% of Shareholding: Department, PTTEP
Management 0.0000012% (4,605 shares) November 2018 – June 2019
Manager, Investor Relations Section, PTTEP

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Mrs. Yada Vudhivorn

Vice President, Tax Department

Age: 46 Family Relationship among Directors

and Executive: - None -
Starting Date: April 2020 – Present
Working Experiences in the Five Preceding Years:
Education: September 2019 – March 2020
• Master of Laws, University of London, UK Acting Vice President, Tax Department, PTTEP
• Master of Laws, Northwestern University, USA August 2015 – August 2019
• Bachelor of Law, Thammasat University, Thailand Manager, Tax Planning Section, PTTEP

% of Shareholding: - None -

Ms. Sukporndee Assamongkol

Vice President, Operations and Domestic Asset Accounting Department

Age: 44 Family Relationship among Directors

and Executive: - None -
Starting Date: August 2024 – Present
Working Experiences in the Five Preceding Years:
Education: July – August 2024
• Master of Accounting, Chulalongkorn University, Vice President, Financial Accounting Department,
Thailand PTTEP
• Bachelor of Accounting, Chulalongkorn University, December 2023 – June 2024
Thailand Acting Vice President, Financial Accounting
Department, PTTEP
% of Shareholding: April 2022 – November 2023
Management 0.0000012% (4,618 shares) Manager, Accounting Solutions Section, PTTEP
August 2019 – March 2022
Manager, Payment Section, PTTEP

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Ms. Natiya Leelasiri

Vice President, Accounting Policy and Solutions Department

Age: 54 Family Relationship among Directors

and Executive: - None -
Starting date: January 2025 – Present
Working Experiences in the Five Preceding Years:
Education: January 2020 – December 2024
• Master of Business Administration, Thammasat
Vice President, Myanmar Business Support Department,
University, Thailand seconded as Myanmar Business Support Manager,
PTTEP International Limited (Yangon Branch),
• Bachelor of Accounting, Thammasat University,
Thailand Myanmar
August – December 2019
% of Shareholding: Manager, Thai Offshore Asset Accounting Section,
Management 0.0000082% (32,576 Shares) PTTEP
December 2016 – July 2019
Manager, Reporting and Analysis Section, PTTEP

Ms. Chutima Uthaiwatthanathorn

Vice President, Capital Market and Financial Planning Department

Seconded from PTT Public Company Limited, Vice President

Age: 40 Family Relationship among Directors

and Executive: - None -
Starting Date: October 2024 – Present
Working Experiences in the Five Preceding Years:
Education: January – September 2024
• Master of Finance, The University of Warwick, UK Vice President, PTT Global LNG Company Limited
• Bachelor of Bachelor of Accounting, Chulalongkorn March – December 2023
University, Thailand Manager, Investor Relations Department, PTT Public
Company Limited
% of Shareholding: - None - April 2021 – February 2023
Manager, PTT International Trading Pte Ltd
June 2018 – April 2021
Manager, Strategic Financial Investment Management
Department, PTT Public Company Limited

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Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 317

PTTEP management team had five personnel, as defined by the Capital Market Supervisory Board, who retired or rotated
during 2024. Details are as follows.

Mr. Sumrid Sumneing

Executive Vice President, Finance and Accounting Group

Seconded from PTT Public Company Limited, Executive Vice President, attached to Chief Financial Officer

Age: 60 Family Relationship among Directors

and Executive: - None -
Starting Date: January 2019 – September 2024
Working Experiences in the Five Preceding Years:
Education: June 2016 – December 2018
• Master of Business Administration, Kasetsart Executive Vice President, Group Corporate Finance
University, Thailand and Strategy, PTT Public Company Limited
• Bachelor of Accounting, Thammasat University, December 2014 – December 2015
Thailand Vice President, Financial Strategy and Policy,
PTT Public Company Limited
Training:
• Capital Market Academy 29/2019
• Financial & Fiscal Management Program for Senior
Executive by the Comptroller General’s Department
5/2018
• Executive Development Program (EDP III), Thai Listed
Companies Association (TLCA)
• Director Certification Program (Class 180/2013).
the Institute of Directors Association (IOD)
• Leadership Development Program – Center of
Creative Leadership (CCL)
• Finance Executive Program (FINEX21), the Thai
Institute of Banking and Finance Association

% of Shareholding:
Management 0.0000033% (13,000 shares)

PTT Exploration and Production Public Company Limited

318 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Mr. Suksant Ongvises

Executive Vice President, Lang Lebah Project, seconded to PTTEP Sarawak Oil Limited
as Lang Lebah Project Director

Age: 60 June – December 2019

Executive Vice President, Engineering, Development
Starting Date: September 2023 – December 2024 and Operations Group, PTTEP
October 2018 – May 2019
Education: Acting Executive Vice President, Engineering,
• Bachelor of Engineering (Chemical), The University Development and Operations Group, PTTEP
of Newcastle, Australia April – September 2018
Acting Vice President, M3 Development Project,
% of Shareholding: PTTEP
Management 0.0000027% (10,681 shares) March 2017 – October 2018
Senior Vice President, Engineering and Construction
Family Relationship among Directors Division, PTTEP
and Executive: - None - July 2016 – February 2017
Acting Senior Vice President, Engineering and
Working Experiences in the Five Preceding Years: Construction Division, PTTEP
January 2020 – August 2023
Executive Vice President, Operations Support Group,
PTTEP

Mr. Rangsan Bhengbhun

Executive Vice President, directly report to Chief Executive Officer

Age: 60 Working Experiences in the Five Preceding Years:

January – October 2024
Starting Date: October – December 2024 Executive Vice President, Geosciences, Subsurface,
and Exploration Group, PTTEP
Education: March 2020 – December 2023
• Bachelor of Geology, Chulalongkorn University, Senior Vice President, Subsurface Technical Solutions
Thailand Division, PTTEP
January 2019 – February 2020
% of Shareholding: Senior Vice President, Geosciences, Reservoir
Management 0.0000166% (65,917 shares) Engineering and Corporate, PTTEP
July – December 2018
Family Relationship among Directors Acting Senior Vice President, Geosciences, Reservoir
and Executive: - None - Engineering and Corporate, PTTEP
July 2016 – June 2018
Vice President, Geology Department, PTTEP

PTT Exploration and Production Public Company Limited

Attachment 1: Information of the Board of Directors, Management, Controlling Persons, and Company Secretary 319

Ms. Panporn Sasananan

Senior Vice President, Finance Division

Seconded from PTT Public Company Limited, Executive Vice President, attached to Chief Financial Officer

Age: 57 Working Experiences in the Five Preceding Years:

January 2021 – November 2023
Starting Date: December 2023 – September 2024 Vice President, Group Financial Planning, PTT Public
Company Limited
Education: January 2019 – December 2020
• Master of Science (Finance, Business Administration), Vice President, Investor Relations, PTT Public
University of Colorado, USA Company Limited
• Bachelor of Accounting, Thammasat University, December 2016 – December 2018
Thailand Vice President, PTT Public Company Limited,
seconded as Vice President, Finance, IRPC Public
% of Shareholding: - None - Company Limited
January – November 2016
Family Relationship among Directors Strategic Financial Investment Management Division
and Executive: - None - Manager, PTT Public Company Limited

Ms. Pratamaporn Deesrinthum

Vice President, attached to Senior Vice President, Accounting Division, assigned as Project Manager,
ERP Project-SAP S/4 HANA

Working Experiences in the Five Preceding Years:

Age: 53 April 2020 – December 2024
Vice President, Accounting Policy and Solutions
Starting Date: January 2025 – Present Department, PTTEP
April 2018 – March 2020
Education: Vice President, Managerial Accounting Department,
• Master of Business Administration, Thammasat PTTEP
University, Thailand January – April 2018
• Bachelor of Accounting, Chulalongkorn University, Acting Vice President, Managerial Accounting
Thailand Department, PTTEP

% of Shareholding:
Management 0.0000124% (49,249 shares)

Family Relationship among Directors

and Executive: - None -

PTT Exploration and Production Public Company Limited

320 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Attachment 2:
Directors of Subsidiaries
and Associated Companies1
1. List of PTTEP’s Subsidiaries: As of December 31, 2024, there were 83 subsidiaries.

Name
2. APICO KH
3. APICO KL

10. B-MED X

18. EP-Tech
8. Bedrock
(the list only includes directors

12. CEEAL
1. APICO

11. Cariva

14. CPOC
13. COVE

17. EnCo
9. BIND

15. DGH
5. ARV

16. DGT

19. FSG
4. APT

20. FST
designated by PTTEP Group) 7. ATL
6. ATI

1. Mr. Korn Saranyasoontorn

2. Mr. Grinchai Hattagam
3. Mr. Krit Limbanyen
4. Mrs. Krissana Juisiri
5. Mr. Kritsada Kleechaya
6. Ms. Kanita Sartwattayu
7. Mr. Komson Tachapanich
8. Mr. Khomsan Lertwiriyaprapa
9. Mr. Jaturong Jerdsakulboon ●

10. Mr. Chayong Borisuitsawat ●

11. Mrs. Yada Vudhivorn

12. Mr. Titi Thongjen ● ●

13. Mr. Narongchai Limpiyapirom ●

14. Mr. Narongpol Suthapintu ● ●

15. Ms. Natiya Leelasiri

16. Mr. Nathawut Sattayakhunnasakul ●

Remark: ● = Director

1 Notification of the Securities and Exchange Commission No. Kor Jor. 17/2551, Re: Determination of Definitions in Notifications Relating to Issuance
and Offer for Sale of Securities.

PTT Exploration and Production Public Company Limited

Attachment 2: Directors of Subsidiaries and Associated Companies 321

Name

2. APICO KH
3. APICO KL

10. B-MED X

18. EP-Tech
8. Bedrock
(the list only includes directors

12. CEEAL
1. APICO

11. Cariva

14. CPOC
13. COVE

17. EnCo
9. BIND

15. DGH
5. ARV

16. DGT

19. FSG
4. APT

20. FST
designated by PTTEP Group)

7. ATL
6. ATI
17. Mr. Dittapon Soothi-O-Soth ●

18. Mr. Ditsaphon Mikusol ● ● ●

19. Mr. Thanasit Vichaipairojwong ●

20. Mr. Thanat Thamrongsaksuvit

21. Mr. Thana Slanvetpan ● ● ● ● ●

22. Mr. Thisan Dhienhirun

23. Mr. Nopasit Chaiwanakupt ● ● ●

24. Mrs. Natruedee Khositaphai ●

25. Mr. Nirandorn Rojanasomsith ● ●

26. Mr. Preecha Peomwattanachai

27. Mr. Pongtai Wilaireungsuwan
28. Ms. Pattamaporn Thaweekul
29. Mr. Piya Sukhumpanumet
30. Mr. Phongsthorn Thavisin ●

31. Mr. Ponlasak Apiwattanalunggarn

32. Mrs. Patchara Romyanan
33. Mr. Pichet Sangjan
34. Mr. Padsakorn Suwanruji
35. Mr. Pasakorn Amorndajalert ●

36. Ms. Maylada Chayavadhanangkur ● ●

37. Mr. Luck Tanasomwang

38. Ms. Worrarat Rattanawong ●

39. Mr. Vitoon Chaisomboonpan

40. Mr. Sarayut Niamrit
Remark: ● = Director

PTT Exploration and Production Public Company Limited

322 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Name

2. APICO KH
3. APICO KL

10. B-MED X

18. EP-Tech
8. Bedrock
(the list only includes directors

12. CEEAL
1. APICO

11. Cariva

14. CPOC
13. COVE

17. EnCo
9. BIND

15. DGH
5. ARV

16. DGT

19. FSG
4. APT

20. FST
designated by PTTEP Group)

7. ATL
6. ATI
41. Mr. Sakchai Sarawek
42. Mr. Suppakarn Thanatit
43. Mr. Suphawich Thanudamrong
44. Mr. Soraphol Asavathevakiet
45. Mr. Sinthu Satawiriya ●

46. Mr. Siri Siripiphat ● ●

47. Mrs. Sujinda Phloi-Montri

48. Mrs. Suphanee Kochawat
49. Mr. Sermsak Satchawannakul ●

50. Mr. Anan Amornprabharwat

51. Mr. Awirut Sirimongkolkitti
52. Ms. Maria Teresa Ribeiro
53. Mr. Ryan Hartfield
Remark: ● = Director

PTT Exploration and Production Public Company Limited

Attachment 2: Directors of Subsidiaries and Associated Companies 323

35. PTTEP AAO

34. PTTEP AAA
Name

37. PTTEP AG
36. PTTEP AB

39. PTTEP AP
22. JV Marine

40. PTTEP AT
38. PTTEP AI
27. Orange
(the list only includes directors

24. Natuna
23. MGTC

28. PANG
21. FTEV

32. POC
26. NKA

29. PGC
30. PGH
31. PKC

33. PSC
25. Nila
designated by PTTEP Group)

1. Mr. Korn Saranyasoontorn ●

2. Mr. Grinchai Hattagam ●

3. Mr. Krit Limbanyen ●

4. Mrs. Krissana Juisiri

5. Mr. Kritsada Kleechaya ● ●

6. Ms. Kanita Sartwattayu

7. Mr. Komson Tachapanich ● ● ●

8. Mr. Khomsan Lertwiriyaprapa

9. Mr. Jaturong Jerdsakulboon
10. Mr. Chayong Borisuitsawat ● ●

11. Mrs. Yada Vudhivorn

12. Mr. Titi Thongjen
13. Mr. Narongchai Limpiyapirom
14. Mr. Narongpol Suthapintu
15. Ms. Natiya Leelasiri ●

16. Mr. Nathawut Sattayakhunnasakul

17. Mr. Dittapon Soothi-O-Soth
18. Mr. Ditsaphon Mikusol
19. Mr. Thanasit Vichaipairojwong
20. Mr. Thanat Thamrongsaksuvit
21. Mr. Thana Slanvetpan ●

22. Mr. Thisan Dhienhirun ●

23. Mr. Nopasit Chaiwanakupt

24. Mrs. Natruedee Khositaphai
25. Mr. Nirandorn Rojanasomsith ● ● ● ● ●

26. Mr. Preecha Peomwattanachai

Remark: ● = Director

PTT Exploration and Production Public Company Limited

324 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

35. PTTEP AAO

34. PTTEP AAA
Name

37. PTTEP AG
36. PTTEP AB

39. PTTEP AP
22. JV Marine

40. PTTEP AT
38. PTTEP AI
27. Orange
(the list only includes directors

24. Natuna
23. MGTC

28. PANG
21. FTEV

32. POC
26. NKA

29. PGC
30. PGH
31. PKC

33. PSC
25. Nila
designated by PTTEP Group)

27. Mr. Pongtai Wilaireungsuwan

28. Ms. Pattamaporn Thaweekul
29. Mr. Piya Sukhumpanumet ● ● ●

30. Mr. Phongsthorn Thavisin

31. Mr. Ponlasak Apiwattanalunggarn
32. Mrs. Patchara Romyanan
33. Mr. Pichet Sangjan
34. Mr. Padsakorn Suwanruji
35. Mr. Pasakorn Amorndajalert ● ●

36. Ms. Maylada Chayavadhanangkur ●

37. Mr. Luck Tanasomwang

38. Ms. Worrarat Rattanawong
39. Mr. Vitoon Chaisomboonpan ● ● ● ●

40. Mr. Sarayut Niamrit

41. Mr. Sakchai Sarawek
42. Mr. Suppakarn Thanatit
43. Mr. Suphawich Thanudamrong
44. Mr. Soraphol Asavathevakiet ●

45. Mr. Sinthu Satawiriya ●

46. Mr. Siri Siripiphat

47. Mrs. Sujinda Phloi-Montri
48. Mrs. Suphanee Kochawat
49. Mr. Sermsak Satchawannakul ● ●

50. Mr. Anan Amornprabharwat

51. Mr. Awirut Sirimongkolkitti
52. Ms. Maria Teresa Ribeiro ●

53. Mr. Ryan Hartfield ● ● ● ● ● ●

Remark: ● = Director

PTT Exploration and Production Public Company Limited

Attachment 2: Directors of Subsidiaries and Associated Companies 325

55. PTTEP MENA

58. PTTEP MZA1

47. PTTEP HKO

56. PTTEP MEP

Name

59. PTTEP NC
60. PTTEP NH
57. PTTEP ML
41. PTTEP BC

46. PTTEP HK
43. PTTEP CA

49. PTTEP HV

54. PTTEP KV
45. PTTEP EH
44. PTTEP ED

48. PTTEP HL

52. PTTEP JD
53. PTTEP JV
51. PTTEP IH
50. PTTEP ID
42. PTTEP BI
(the list only includes directors
designated by PTTEP Group)

1. Mr. Korn Saranyasoontorn

2. Mr. Grinchai Hattagam ● ●

3. Mr. Krit Limbanyen

4. Mrs. Krissana Juisiri ● ●

5. Mr. Kritsada Kleechaya ● ● ●

6. Ms. Kanita Sartwattayu ●

7. Mr. Komson Tachapanich

8. Mr. Khomsan Lertwiriyaprapa
9. Mr. Jaturong Jerdsakulboon
10. Mr. Chayong Borisuitsawat ●

11. Mrs. Yada Vudhivorn ● ●

12. Mr. Titi Thongjen

13. Mr. Narongchai Limpiyapirom
14. Mr. Narongpol Suthapintu ●

15. Ms. Natiya Leelasiri

16. Mr. Nathawut Sattayakhunnasakul
17. Mr. Dittapon Soothi-O-Soth
18. Mr. Ditsaphon Mikusol
19. Mr. Thanasit Vichaipairojwong
20. Mr. Thanat Thamrongsaksuvit
21. Mr. Thana Slanvetpan
22. Mr. Thisan Dhienhirun
23. Mr. Nopasit Chaiwanakupt
24. Mrs. Natruedee Khositaphai
25. Mr. Nirandorn Rojanasomsith ●

26. Mr. Preecha Peomwattanachai ● ●

27. Mr. Pongtai Wilaireungsuwan

Remark: ● = Director

PTT Exploration and Production Public Company Limited

326 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

55. PTTEP MENA

58. PTTEP MZA1

47. PTTEP HKO

56. PTTEP MEP

Name

59. PTTEP NC
60. PTTEP NH
57. PTTEP ML
41. PTTEP BC

46. PTTEP HK
43. PTTEP CA

49. PTTEP HV

54. PTTEP KV
45. PTTEP EH
44. PTTEP ED

48. PTTEP HL

52. PTTEP JD
53. PTTEP JV
51. PTTEP IH
50. PTTEP ID
42. PTTEP BI
(the list only includes directors
designated by PTTEP Group)

28. Ms. Pattamaporn Thaweekul

29. Mr. Piya Sukhumpanumet ● ● ●

30. Mr. Phongsthorn Thavisin

31. Mr. Ponlasak Apiwattanalunggarn ●

32. Mrs. Patchara Romyanan ●

33. Mr. Pichet Sangjan ●

34. Mr. Padsakorn Suwanruji ●

35. Mr. Pasakorn Amorndajalert

36. Ms. Maylada Chayavadhanangkur
37. Mr. Luck Tanasomwang ● ●

38. Ms. Worrarat Rattanawong

39. Mr. Vitoon Chaisomboonpan
40. Mr. Sarayut Niamrit
41. Mr. Sakchai Sarawek ● ●

42. Mr. Suppakarn Thanatit ●

43. Mr. Suphawich Thanudamrong ●

44. Mr. Soraphol Asavathevakiet

45. Mr. Sinthu Satawiriya
46. Mr. Siri Siripiphat
47. Mrs. Sujinda Phloi-Montri
48. Mrs. Suphanee Kochawat
49. Mr. Sermsak Satchawannakul ● ●

50. Mr. Anan Amornprabharwat

51. Mr. Awirut Sirimongkolkitti ●

52. Ms. Maria Teresa Ribeiro

53. Mr. Ryan Hartfield
Remark: ● = Director

PTT Exploration and Production Public Company Limited

Attachment 2: Directors of Subsidiaries and Associated Companies 327

64. PTTEP Services

69. PTTEP SVPC

63. PTTEP SBO

66. PTTEP SKO

Name

65. PTTEP SH
62. PTTEP SA

67. PTTEP SP
68. PTTEP SV

70. PTTEP TC
61. PTTEP NL

73. PTTEPO
71. PTTEPH

74. PTTEPS
72. PTTEPI
(the list only includes directors

76. Rovula

79. Skyller
75. RESH

78. SHL
designated by PTTEP Group)

80. TTI
77. S2
1. Mr. Korn Saranyasoontorn
2. Mr. Grinchai Hattagam
3. Mr. Krit Limbanyen ●

4. Mrs. Krissana Juisiri

5. Mr. Kritsada Kleechaya ● ●

6. Ms. Kanita Sartwattayu

7. Mr. Komson Tachapanich
8. Mr. Khomsan Lertwiriyaprapa ● ●

9. Mr. Jaturong Jerdsakulboon

10. Mr. Chayong Borisuitsawat
11. Mrs. Yada Vudhivorn
12. Mr. Titi Thongjen ●

13. Mr. Narongchai Limpiyapirom

14. Mr. Narongpol Suthapintu
15. Ms. Natiya Leelasiri
16. Mr. Nathawut Sattayakhunnasakul
17. Mr. Dittapon Soothi-O-Soth
18. Mr. Ditsaphon Mikusol
19. Mr. Thanasit Vichaipairojwong ●

20. Mr. Thanat Thamrongsaksuvit ●

21. Mr. Thana Slanvetpan ● ● ●

22. Mr. Thisan Dhienhirun

23. Mr. Nopasit Chaiwanakupt
24. Mrs. Natruedee Khositaphai
25. Mr. Nirandorn Rojanasomsith ●

26. Mr. Preecha Peomwattanachai

27. Mr. Pongtai Wilaireungsuwan ●

Remark: ● = Director

PTT Exploration and Production Public Company Limited

328 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

64. PTTEP Services

69. PTTEP SVPC

63. PTTEP SBO

66. PTTEP SKO

Name

65. PTTEP SH
62. PTTEP SA

67. PTTEP SP
68. PTTEP SV

70. PTTEP TC
61. PTTEP NL

73. PTTEPO
71. PTTEPH

74. PTTEPS
72. PTTEPI
(the list only includes directors

76. Rovula

79. Skyller
75. RESH

78. SHL
designated by PTTEP Group)

80. TTI
77. S2
28. Ms. Pattamaporn Thaweekul ●

29. Mr. Piya Sukhumpanumet ● ●

30. Mr. Phongsthorn Thavisin

31. Mr. Ponlasak Apiwattanalunggarn
32. Mrs. Patchara Romyanan
33. Mr. Pichet Sangjan
34. Mr. Padsakorn Suwanruji ● ●

35. Mr. Pasakorn Amorndajalert ●

36. Ms. Maylada Chayavadhanangkur

37. Mr. Luck Tanasomwang
38. Ms. Worrarat Rattanawong
39. Mr. Vitoon Chaisomboonpan
40. Mr. Sarayut Niamrit ●

41. Mr. Sakchai Sarawek ● ●

42. Mr. Suppakarn Thanatit

43. Mr. Suphawich Thanudamrong
44. Mr. Soraphol Asavathevakiet
45. Mr. Sinthu Satawiriya ● ● ●

46. Mr. Siri Siripiphat ●

47. Mrs. Sujinda Phloi-Montri ●

48. Mrs. Suphanee Kochawat ●

49. Mr. Sermsak Satchawannakul ●

50. Mr. Anan Amornprabharwat ● ● ● ●

51. Mr. Awirut Sirimongkolkitti

52. Ms. Maria Teresa Ribeiro
53. Mr. Ryan Hartfield ●

Remark: ● = Director

PTT Exploration and Production Public Company Limited

Attachment 2: Directors of Subsidiaries and Associated Companies 329

Name

83. ZeaQuest
(the list only includes directors

81. Varuna
82. XPV
designated by PTTEP Group)

1. Mr. Korn Saranyasoontorn

2. Mr. Grinchai Hattagam
3. Mr. Krit Limbanyen
4. Mrs. Krissana Juisiri
5. Mr. Kritsada Kleechaya
6. Ms. Kanita Sartwattayu
7. Mr. Komson Tachapanich
8. Mr. Khomsan Lertwiriyaprapa
9. Mr. Jaturong Jerdsakulboon
10. Mr. Chayong Borisuitsawat
11. Mrs. Yada Vudhivorn
12. Mr. Titi Thongjen
13. Mr. Narongchai Limpiyapirom
14. Mr. Narongpol Suthapintu
15. Ms. Natiya Leelasiri
16. Mr. Nathawut Sattayakhunnasakul
17. Mr. Dittapon Soothi-O-Soth
18. Mr. Ditsaphon Mikusol
19. Mr. Thanasit Vichaipairojwong
20. Mr. Thanat Thamrongsaksuvit
21. Mr. Thana Slanvetpan ● ●

22. Mr. Thisan Dhienhirun

23. Mr. Nopasit Chaiwanakupt ●

24. Mrs. Natruedee Khositaphai ●

25. Mr. Nirandorn Rojanasomsith

26. Mr. Preecha Peomwattanachai
Remark: ● = Director

PTT Exploration and Production Public Company Limited

330 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Name

83. ZeaQuest
(the list only includes directors

81. Varuna
82. XPV
designated by PTTEP Group)

27. Mr. Pongtai Wilaireungsuwan

28. Ms. Pattamaporn Thaweekul
29. Mr. Piya Sukhumpanumet
30. Mr. Phongsthorn Thavisin
31. Mr. Ponlasak Apiwattanalunggarn
32. Mrs. Patchara Romyanan
33. Mr. Pichet Sangjan
34. Mr. Padsakorn Suwanruji
35. Mr. Pasakorn Amorndajalert
36. Ms. Maylada Chayavadhanangkur
37. Mr. Luck Tanasomwang
38. Ms. Worrarat Rattanawong
39. Mr. Vitoon Chaisomboonpan
40. Mr. Sarayut Niamrit
41. Mr. Sakchai Sarawek
42. Mr. Suppakarn Thanatit
43. Mr. Suphawich Thanudamrong
44. Mr. Soraphol Asavathevakiet
45. Mr. Sinthu Satawiriya ●
46. Mr. Siri Siripiphat
47. Mrs. Sujinda Phloi-Montri
48. Mrs. Suphanee Kochawat
49. Mr. Sermsak Satchawannakul ●
50. Mr. Anan Amornprabharwat
51. Mr. Awirut Sirimongkolkitti
52. Ms. Maria Teresa Ribeiro
53. Mr. Ryan Hartfield
Remark: ● = Director

PTT Exploration and Production Public Company Limited

Attachment 2: Directors of Subsidiaries and Associated Companies 331

2. List of PTTEP’s Associated Companies: As of December 31, 2024,

there were 30 associated companies.

7. MOZ LNG1 Financing

8. MOZ LNG1 Holding
3. B8/32 Partners
Name

13. PTT Digital

9. MZ LNG 1
(the list only includes directors
1. Aerosky

12. POHOL

15. SBWEL
14. SAWEL

16. SkyVIV
5. GISCO
4. E2FSO

10. OLNG

19. SWEL
18. SPSE
designated by PTTEP Group)

11. PDO
2. AGP

6. HDL

17. SH1
1. Mr. Krit Limbanyen
2. Mr. Komson Tachapanich ●

3. Ms. Nattha Sunpitaksaree ✦

4. Mr. Narongpol Suthapintu ●

5. Mrs. Natruedee Khositaphai ●

6. Ms. Nuchanong Sangkeaw ●

7. Ms. Bussaban Cheencharoen ●

8. Ms. Panida Ouawongprayun ●

9. Mr. Pasakorn Amorndajalert ● ●

10. Mr. Vitoon Chaisomboonpan ● ● ● ● ●

11. Mr. Soraphol Asavathevakiet ✦

12. Mr. Sinthu Satawiriya ● ●

13. Mr. Siri Siripiphat ● ● ● ●

14. Mr. Sermsak Satchawannakul ●

15. Ms. Maria Teresa Ribeiro ✦ ✦ ✦

Remarks: ● = Director
✦ = Alternate Director

Eleven associated companies which do not have any directors from PTTEP are:
1) Asia Pacific Marine Services, PDO-S, Moz LNG1 Co-Financing, ZAP, and GARY which are governed by shareholders’ meetings;
2) HV JOC, HL JOC, GBRS, GHBR, and LAL which are governed by the Management Committee;
3) QLNG director will be appointed on an annual rotational basis by OLNG shareholders.

PTT Exploration and Production Public Company Limited

332 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Attachment 3:
Details of the Head of the Internal Audit
Division and the Head of the Compliance
Function
1. Details of the Head of the Internal Audit Division as of January 1, 2025 are as follows:

Mr. Chayagorn Leangruenrom

Senior Vice President, Internal Audit Division

Age: 56 • Principles for Diagnosing Disciplinary Punishment

for Senior Executives, Class 2024/01, PTT Leadership
Starting Date: June 1, 2024 and Learning Institute
• Anti-Corruption for Executive Programme
Education: (ACEP 7/2013), the Thai Institute of Directors (IOD)
• Master of Business Administration, Kasetsart University • Corporate Governance for Executives Programme
• Bachelor of Engineering, King Mongkut’s Institute of (CGE 19/2022), the Thai Institute of Directors (IOD)
Technology Ladkrabang • Subsidiary Governance Programme (SGP Online
1/2022), the Thai Institute of Directors (IOD)
Training: • Leadership Development Programme 2, PTT-Harvard
• Leadership Development Programme 3 (LDP 3), Business School, PTT Leadership and Learning Institute
Class 5, PTT Leadership and Learning Institute • Public-Private Partnerships for Executives Programme
• CAE (Chief Audit Executive) FORUM 2024: (PEP), Class 8, Institute of Research and Development
The Roles of CAE and Internal Auditors in Compliance for Public Enterprises
with the Global Internal Audit Standards, • Corporate Governance for Directors and Senior
the Stock Exchange of Thailand Executives of Regulators, State Enterprises
• Sustainability Development and Impacts on and Public Organisations (PDI), Class 24,
the Company, Ernst & Young (EY), Thailand King Prajadhipok’s Institute
• Enhancing Fraud Risk Management, • Advanced Management Programme (AMP) 3 – Business
PricewaterhouseCoopers (PwC), Thailand & People Management, PTT Leadership and Learning
• New Global Internal Audit Standards, KPMG, Thailand Institute
• Carbon Credit Market, Opportunities and Business • Capital Market Academy Leader Programme,
Strategies, Kasikorn Bank and Capital Market Academy Class 32, Capital Market Academy
• Generative AI: Unlocking New Possibilities for Leaders, • New Chief Audit Executive Training Programme for
Capital Market Academy the Development of Internal Audit Practitioners for
Government Agencies in the 2023 Fiscal Year,
Class 2, the Comptroller General’s Department

PTT Exploration and Production Public Company Limited

Attachment 3: Details of the Head of the Internal Audit Division and the Head of the Compliance Function 333

Work Experience in the Past Five Years: 2020 - 2022

June 2024 - Present Executive Vice President, Corporate Governance,
Senior Vice President, Internal Audit Division, PTTEP PTT Public Company Limited
2022 - May 2024 2019 - 2020
Executive Vice President, Office of Corporate Audit, Vice President, Natural Gas Marketing Department,
PTT Public Company Limited PTT Public Company Limited

2. Details of Head of the Compliance Function as of January 1, 2025 are as follows:

Ms. Chalida Srikorakul

Vice President, Corporate Governance and Subsidiary Management Department

Age: 56 • Production Sharing Contract, UNI Strategic Private

Limited Company
Starting Date: January 26, 2021 • Oil and Gas Contracts, UNI Strategic Private Limited
Company
Education: • LNG Fundamentals, PetroEdge
• Master of Arts, Linguistics, California State • Understanding of Gas Sale Agreement, PTTEP
University, Fresno, USA • Petroleum Income Tax, International Consulting
• Bachelor of Laws, Thammasat University Network

Training: Work Experience in the Past Five Years:

• Subsidiary Governance Programme, the Thai Institute February 2024 - Present
of Directors (IOD) Vice President, Corporate Governance and Subsidiary
• Ethical Leadership Programme, the Thai Institute of Management Department, PTTEP
Directors (IOD) January 2021 - January 2024
• Tax Overview & Compliance, PTTEP Vice President, Governance, Compliance,
• Petroleum Fiscal System and E&P Economic, PTTEP Internal Control, and Subsidiary Management
• International Tax, PTTEP Department, PTTEP
• Financial Modelling, PTTEP December 2015 - December 2020
• Finance for Non-Finance Management, PTTEP Senior Officer, Subsidiary Secretariat and Governance
• Corporate Governance, the Vision Mission Company Department, PTTEP
Limited
• Overview on LNG Markets and Contracts, Herbert
Smith Freehills

PTT Exploration and Production Public Company Limited

334 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

3. Company Secretary

Ms. Yaninee Wajeepratubjit

Senior Vice President, Corporate Secretary and Assurance Division, assigned as Company Secretary

Age: 55 Work Experience in the Past Five Years:

January 2021 – April 2023
Starting Date: May 2023 – Present Senior Vice President, Internal Audit Division, PTTEP
November 2019 – December 2020
Education: Specialist, attached to President and CEO, in charge
• Master of Business Administration, Chulalongkorn of internal audit assignments, PTTEP
University, Thailand January – October 2019
• Bachelor of Accounting (Accounting), University of Acting Senior Vice President, Internal Audit Division,
the Thai Chamber of Commerce, Thailand PTTEP
July – December 2018
Training: Acting Senior Vice President, Enterprise Risk
• Media Training for Spokesperson by Hill & Knowlton Management and Internal Control Division, PTTEP
Strategies
• Basic Compliance & Ethics Academy by Society of % of Shareholding:
Corporate Compliance and Ethics (SCCE) 0.00063% (25,200 shares)
• Director Certificate Program (DCP) 342/2023
by the Thai Institute of Directors Association (IOD) Family Relationship among Directors
• Company Secretary Program (CSP) 136/2023 and Executive: - None -
by the Thai Institute of Directors Association (IOD)
• Risk in Environmental, Social, and Governance (ESG)
and Reporting, EY
• PDPA and Roles of Internal Auditors, PwC
• ESG and the Role of Internal Audit, PwC
• Performance Audit, KPMG
• Management Audit, Deloitte
• International Asset Audit, EY
• The Divestment and Post Merger Integration, EY
• EP-LEAD III Leadership Development Program, IMD

PTT Exploration and Production Public Company Limited

Attachment 4: Asset Revaluation 335

Attachment 4:
Asset Revaluation
- None -

PTT Exploration and Production Public Company Limited

336 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Attachment 5:
Good Corporate Governance
and Business Ethics
PTTEP Group values the importance of conducting business with good corporate governance. The Company, therefore,
stipulates that the “Good Corporate Governance and Business Ethics” of PTTEP Group is to be treated as a Company’s
regulation. The details are disclosed on PTTEP website. Click here for more information

PTT Exploration and Production Public Company Limited

Attachment 6: Audit Committee Report 337

Attachment 6:
Audit Committee Report
The details are disclosed in the “Corporate Governance Milestones” section, under the topic of “The Audit Committee
Report.”

PTT Exploration and Production Public Company Limited

338 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Financial Report

PTT Exploration and Production Public Company Limited

Report of the Board of Directors’ Responsibilities for the Financial Statements 339

Report of the Board of Directors’

Responsibilities for the Financial Statements

PTT Exploration and Production Public Company Limited

340 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Independent
Independent Auditor’s Report
Auditor’s Report
To the Shareholders of PTT Exploration and Production Public Company Limited
To the Shareholders of PTT Exploration and Production Public Company Limited

My opinion
In my opinion, the consolidated financial statements and the separate financial statements present fairly, in all
material respects, the consolidated financial position of PTT Exploration and Production Public Company Limited
(the Company) and its subsidiaries (the Group) and the separate financial position of the Company as at
31 December 2024, and its consolidated and separate financial performance and its consolidated and separate
cash flows for the year then ended in accordance with Thai Financial Reporting Standards (TFRS).

What I have audited

The consolidated financial statements and the separate financial statements comprise:
 the consolidated and separate statements of financial position as at 31 December 2024;
 the consolidated and separate statements of income for the year then ended;
 the consolidated and separate statements of comprehensive income for the year then ended;
 the consolidated and separate statements of changes in equity for the year then ended;
 the consolidated and separate statements of cash flows for the year then ended; and
 the notes to the consolidated and separate financial statements, which include material accounting policies
and other explanatory information.

Basis for opinion

I conducted my audit in accordance with the State Audit Standards and Thai Standards on Auditing (TSAs).
My responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the
consolidated and separate financial statements section of my report. I am independent of the Group and
the Company in accordance with the State Audit Standards as determined by the State Audit Commission and
the Code of Ethics for Professional Accountants including Independence Standards issued by the Federation of
Accounting Professions (TFAC Code) that are relevant to my audit of the consolidated and separate financial
statements, and I have fulfilled my other ethical responsibilities in accordance with the State Audit Standards and
the TFAC Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis
for my opinion.

PTT Exploration and Production Public Company Limited

Independent Auditor’s Report 341

Other matter
The State Audit Standards as described in the basis for opinion section and the auditor’s responsibilities for the
audit of the consolidated and separate financial statements section are relevant to the particular section of audit
on the financial reporting by independent auditor.

Key audit matters

Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of
the consolidated and separate financial statements of the current period. I determine one key audit matter:
Impairment assessment of goodwill. The matter was addressed in the context of my audit of the consolidated and
separate financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate
opinion on the matter.

Key audit matter How my audit addressed the key audit matter
Impairment assessment of goodwill
As at 31 December 2024, the Group has recognised I carried out the following procedures to assess management’s
goodwill net of an allowance for impairment of impairment testing of goodwill:
US Dollar 1,353.20 million representing 4.76% of its
total consolidated assets. In 2024, the Group does not  Evaluated the appropriateness of CGUs that the Group
recognise an impairment loss for the goodwill as identified and the internal impairment assessment process
disclosed in Note 20. of the Group.
 Held discussions with management to understand the
Management tests impairment of goodwill annually
basis of the assumptions used to estimate the discounted
or whenever there is an indicator of impairment. The
cash flow to calculate the recoverable amount and
impairment test is performed at the cash generating
assessed whether the impairment testing process and
unit (CGU) level.
assumptions used in each CGU had been applied
Determining the CGU’s recoverable amount (the consistently across the Group.
higher of value in use or fair value less costs of  Challenged management’s significant assumptions for
disposal), which includes goodwill, requires significant estimating the discounted cash flow, specifically global oil
management judgement in identifying both the price trends, petroleum reserve estimates, exploration,
relevant CGUs and valuation assumptions. These development and production plans, cost profiles, growth
assumptions include global oil price trends, rate and discount rate. The procedures included comparing
estimated petroleum reserves, exploration, key assumptions with reliable external sources and the
development and production plans, cost profiles, approved business plan.

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342 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Key audit matter How my audit addressed the key audit matter
growth rate and discount rate applied to the  Assessed the reasonableness of the business plan by
discounted cash flow forecasts. comparing the plan for 2024 with actual results.
 Tested reasonableness of the discount rate by considering
I focused on the impairment assessment of goodwill from publicly available information on other companies in the
the acquisition of exploration and production businesses industry, obtained independently by the auditor’s expert,
in each region as noted below due to their significant to assess whether the discount rate that management
values. Also, determining the recoverable amount of each used was within an acceptable range compared to
CGU depends on a number of assumptions and comparable companies in the industry.
management judgement in determining the appropriate  Assessed the factors which were sensitive to assumptions
level of those assumptions, which were impacted from an and tested the sensitivity analysis of key assumptions in
uncertainty of current economic conditions. management’s model to assess the potential impact of
 Net goodwill of US Dollar 445.03 million from various possible outcomes from changing in those
acquiring the exploration and production assumptions.
business in Thailand;
 Net goodwill of US Dollar 454.10 million from Based on the results of the procedures performed,
acquiring the exploration and production business I found that management’s key assumptions were
in other Southeast Asia countries; and reasonable and within the acceptable range. They were
 Net goodwill of US Dollar 250.79 million from consistent with supporting evidence.
acquiring the exploration and production business
in Africa.

PTT Exploration and Production Public Company Limited

Independent Auditor’s Report 343

Other information
Management is responsible for the other information. The other information comprises the information included in
the annual report, but does not include the consolidated and separate financial statements and my auditor’s report
thereon. The annual report is expected to be made available to me after the date of this auditor's report.

My opinion on the consolidated and separate financial statements does not cover the other information and I will
not express any form of assurance conclusion thereon.

In connection with my audit of the consolidated and separate financial statements, my responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the consolidated and separate financial statements or my knowledge
obtained in the audit, or otherwise appears to be materially misstated.

When I read the annual report, if I conclude that there is a material misstatement therein, I am required to
communicate the matter to the audit committee.

Responsibilities of management and audit committee for the consolidated and separate financial
statements
Management is responsible for the preparation and fair presentation of the consolidated and separate financial
statements in accordance with TFRS, and for such internal control as management determines is necessary to
enable the preparation of consolidated and separate financial statements that are free from material misstatement,
whether due to fraud or error.

In preparing the consolidated and separate financial statements, management is responsible for assessing the Group’s
and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate the Group
and the Company or to cease operations, or has no realistic alternative but to do so.

The audit committee is responsible for overseeing the Group’s and the Company’s financial reporting process.

PTT Exploration and Production Public Company Limited

344 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Auditor’s responsibilities for the audit of the consolidated and separate financial statements
My objectives are to obtain reasonable assurance about whether the consolidated and separate financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the State Audit Standards and TSAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated and separate financial statements.

As part of an audit in accordance with the State Audit Standards and TSAs, I exercise professional judgement
and maintain professional scepticism throughout the audit. I also:
 Identify and assess the risks of material misstatement of the consolidated and separate financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Group’s and the Company’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
 Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern.
If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the
related disclosures in the consolidated and separate financial statements or, if such disclosures are
inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date
of my auditor’s report. However, future events or conditions may cause the Group and the Company to
cease to continue as a going concern.

PTT Exploration and Production Public Company Limited

Independent Auditor’s Report 345

 Evaluate the overall presentation, structure and content of the consolidated and separate financial
statements, including the disclosures, and whether the consolidated and separate financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. I am responsible
for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinion.

I communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide the audit committee with a statement that I have complied with the State Audit Standards and
relevant ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.

From the matters communicated with the audit committee, I determine those matters that were of most significance
in the audit of the consolidated and separate financial statements of the current period and are therefore the key
audit matters. I describe these matters in my auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated
in my report because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.

PricewaterhouseCoopers ABAS Ltd.

Amornrat Pearmpoonvatanasuk
Certified Public Accountant (Thailand) No. 4599
Bangkok
13 February 2025

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346 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Financial Statements
Statement of Financial Position
PTTExploration
PTT Explorationandand Production
Production PublicPublic
CompanyCompany
Limited Limited
As at 31 December
Statement 2024
of Financial Position
As at 31 December 2024

Consolidated financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
Notes 2024 2023 2024 2023
Assets
Current assets
Cash and cash equivalents 11 3,938,163 4,018,959 133,849,584 137,541,856
Short-term investments 12 291,023 200,000 9,891,242 6,844,650
Trade and other current receivables 13 1,273,117 1,818,678 43,270,420 62,241,058
Short-term loans to related parties 16 25,292 7,545 859,630 258,203
Inventories 14 669,624 611,110 22,759,065 20,914,183
Current tax assets 79,064 54,152 2,687,207 1,853,270
Derivative assets 10 25,114 19,265 853,558 659,316
Other current assets 201,678 131,135 6,854,537 4,487,848
Assets held-for-sale 15 32,543 - 1,106,071 -
Total current assets 6,535,618 6,860,844 222,131,314 234,800,384

Non-current assets
Investments in associates 17 151,679 134,141 5,155,253 4,590,730
Investments in joint ventures 17 207,186 151,276 7,041,783 5,177,146
Long-term loans to related parties 16 557,480 438 18,947,522 15,000
Property, plant and equipment 18 14,431,173 12,864,663 490,484,138 440,270,605
Right-of-use assets 19 891,709 838,921 30,307,231 28,710,592
Goodwill 20 1,353,200 1,353,200 45,992,339 46,310,918
Intangible assets 162,516 134,327 5,523,524 4,597,101
Exploration and evaluation assets 21 2,659,296 2,756,341 90,383,689 94,330,965
Deferred tax assets 22 576,404 533,957 19,590,713 18,273,750
Rights to receive reimbursement from
decommissioning funds 385,702 348,655 13,109,179 11,932,093
Derivative assets 10 46,949 10,837 1,595,701 370,892
Other non-current financial assets 203,876 162,860 6,929,308 5,573,617
Other non-current assets 23 238,587 229,877 8,109,054 7,867,133
Total non-current assets 21,865,757 19,519,493 743,169,434 668,020,542
Total assets 28,401,375 26,380,337 965,300,748 902,820,926

____________________________________________ __________________________________________
(Montri Rawanchaikul) (Sakchai Sarawek)
Chief Executive Officer Senior Vice President, Accounting Division
The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
Financial Statements 347

Statement of Financial Position

PTT Exploration
PTT Exploration andand Production
Production PublicPublic Company
Company Limited Limited
As at 31 December
Statement 2024
of Financial Position
As at 31 December 2024

Consolidated financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
Notes 2024 2023 2024 2023

Liabilities and equity

Current liabilities

Trade and other current payables 24 1,797,389 1,443,807 61,089,321 49,411,782

Current portion of lease liabilities 25 389,966 280,860 13,254,100 9,611,929
Current corporate income tax payable 625,320 494,710 21,253,248 16,930,593
Other current provisions 154,060 104,015 5,236,143 3,559,722
Derivative liabilities 10 525 42,320 17,850 1,448,333
Other current liabilities 136,174 222,889 4,628,252 7,628,005
Liabilities held-for-sale 15 673 - 22,879 -
Total current liabilities 3,104,107 2,588,601 105,501,793 88,590,364

Non-current liabilities

Debentures 25 2,795,370 2,785,242 95,008,548 95,320,026

Lease liabilities 25 575,845 587,524 19,571,729 20,106,978
Deferred tax liabilities 22 1,468,493 1,526,388 49,910,884 52,237,956
Non-current provision for employee benefits 28 233,336 206,726 7,930,561 7,074,852
Non-current provision for decommissioning costs 26 4,267,152 3,851,781 145,031,231 131,820,463
Non-current provision for remuneration for production
bonus and renewal of petroleum production 27 133,051 158,997 4,522,121 5,441,395
Derivative liabilities 10 296 802 10,042 27,442
Other non-current liabilities 57,025 80,607 1,938,136 2,758,640
Total non-current liabilities 9,530,568 9,198,067 323,923,252 314,787,752
Total liabilities 12,634,675 11,786,668 429,425,045 403,378,116

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
348 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Financial Position

PTT Exploration and Production Public Company Limited
PTT Exploration
Statement andPosition
of Financial Production Public Company Limited
As
As atat3131December
December 20242024

Consolidated financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
Note 2024 2023 2024 2023

Liabilities and equity (continued)

Equity
Share capital
Authorised share capital
Ordinary shares, 3,969,985,400 shares
at par value of Baht 1 each 29 3,969,985 3,969,985
Issued and paid-up share capital
Ordinary shares, 3,969,985,400 shares
paid-up at Baht 1 each 150,684 150,684 3,969,985 3,969,985
Share premium 3,439,037 3,439,037 105,417,620 105,417,620
Retained earnings
Appropriated
Legal reserve 15,048 15,048 396,999 396,999
Reserve for expansion 431,231 431,231 16,900,000 16,900,000
Unappropriated 11,677,291 10,531,354 389,773,609 349,691,132
Other components of equity 45,145 22,917 19,136,602 22,950,765
Equity attributable to owners of the parent company 15,758,436 14,590,271 535,594,815 499,326,501
Non-controlling interests 8,264 3,398 280,888 116,309
Total equity 15,766,700 14,593,669 535,875,703 499,442,810
Total liabilities and equity 28,401,375 26,380,337 965,300,748 902,820,926

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
9
Financial Statements 349

Statement of Financial Position

PTT Exploration
PTT Exploration andand Production
Production PublicPublic Company
Company Limited Limited
As at 31 December
Statement 2024
of Financial Position
As at 31 December 2024

Separate financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
Notes 2024 2023 2024 2023

Assets
Current assets
Cash and cash equivalents 11 767,600 954,109 26,089,062 32,652,711
Short-term investments 12 - 200,000 - 6,844,650
Trade and other current receivables 13 662,565 850,042 22,519,134 29,091,210
Short-term loans to a related party 16 35,037 - 1,190,824 -
Inventories 14 125,210 95,547 4,255,602 3,269,938
Current tax assets 21,354 24,420 725,771 835,727
Derivative assets 6 6,464 - 219,712 -
Other current assets 87,299 76,139 2,967,100 2,605,720
Total current assets 1,705,529 2,200,257 57,967,205 75,299,956

Non-current assets
Investments in associates 17 25,577 25,577 869,321 875,343
Investments in subsidiaries 17 3,320,879 3,210,564 112,869,455 109,875,958
Long-term loans to a related party 16 6,982,835 6,982,835 237,331,368 238,975,311
Property, plant and equipment 18 1,512,366 1,470,815 51,402,018 50,336,057
Right-of-use assets 19 116,299 53,506 3,952,758 1,831,162
Intangible assets 95,550 79,704 3,247,537 2,727,726
Deferred tax assets 22 259,806 270,138 8,830,240 9,244,985
Rights to receive reimbursement from
decommissioning funds 14,845 7,939 504,563 271,710
Derivative assets 10 17,355 8,491 589,844 290,606
Other non-current financial assets 44 222 1,500 7,594
Other non-current assets 23 14,640 26,458 497,594 905,464
Total non-current assets 12,360,196 12,136,249 420,096,198 415,341,916
Total assets 14,065,725 14,336,506 478,063,403 490,641,872

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
350 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Financial Position

PTT Exploration
PTT Exploration andand Production
Production PublicPublic Company
Company Limited Limited
As at 31 December
Statement 2024
of Financial Position
As at 31 December 2024

Separate financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
Notes 2024 2023 2024 2023

Liabilities and equity

Current liabilities
Trade and other current payables 24 349,746 309,611 11,887,098 10,595,877
Current portion of lease liabilities 25 54,145 34,169 1,840,275 1,169,388
Short-term loans from a related party 16 - 493,854 - 16,901,299
Current corporate income tax payable 328,968 243,560 11,180,909 8,335,397
Other current provisions 36,084 22,056 1,226,428 754,831
Derivative liabilities 10 279 20,677 9,492 707,645
Other current liabilities 37,015 40,520 1,258,051 1,386,734
Total current liabilities 806,237 1,164,447 27,402,253 39,851,171

Non-current liabilities
Debentures 25 511,724 508,121 17,392,378 17,389,568
Lease liabilities 25 74,536 32,291 2,533,301 1,105,085
Deferred tax liabilities 22 1,111 514 37,768 17,605
Non-current provision for employee benefits 28 126,625 120,247 4,303,726 4,115,255
Non-current provision for decommissioning costs 26 974,883 925,972 33,134,150 31,689,767
Non-current provision for remuneration for
renewal of petroleum production 27 15,608 18,390 530,478 629,347
Other non-current liabilities 10,786 10,243 366,591 350,546
Total non-current liabilities 1,715,273 1,615,778 58,298,392 55,297,173
Total liabilities 2,521,510 2,780,225 85,700,645 95,148,344

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
Financial Statements 351

Statement of Financial Position

PTTExploration
PTT Exploration
andand Production
Production PublicPublic
CompanyCompany
Limited Limited
As at 31 December
Statement 2024
of Financial Position
As at 31 December 2024

Separate financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
Note 2024 2023 2024 2023

Liabilities and equity (continued)

Equity
Share capital
Authorised share capital
Ordinary shares, 3,969,985,400 shares
at par value of Baht 1 each 29 3,969,985 3,969,985
Issued and paid-up share capital
Ordinary shares, 3,969,985,400 shares
paid-up at Baht 1 each 150,684 150,684 3,969,985 3,969,985
Share premium 3,439,037 3,439,037 105,417,620 105,417,620
Retained earnings
Appropriated
Legal reserve 15,048 15,048 396,999 396,999
Reserve for expansion 431,231 431,231 16,900,000 16,900,000
Unappropriated 7,480,054 7,500,990 250,976,606 252,272,599
Other components of equity 28,161 19,291 14,701,548 16,536,325
Total equity 11,544,215 11,556,281 392,362,758 395,493,528
Total liabilities and equity 14,065,725 14,336,506 478,063,403 490,641,872

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
352 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Income
PTTExploration
PTT Exploration and Production
and Production PublicLimited
Public Company Company Limited
For the year
Statement ended 31 December 2024
of Income
For the year ended 31 December 2024

Consolidated financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
Notes 2024 2023 2024 2023
Revenues
Revenue from sales 8,698,463 8,511,079 307,226,589 296,242,285
Revenue from pipeline transportation 143,838 128,067 5,083,477 4,451,314
Other income
Gain on foreign exchange rate 6,490 48,129 183,008 1,625,597
Gain on remeasuring of financial instruments 11,089 - 401,895 -
Gain on disposal of participating interests - 73,239 - 2,561,078
Interest income 238,340 152,274 8,434,795 5,303,998
Other income 174,592 144,545 6,085,298 5,031,970
Total revenues 9,272,812 9,057,333 327,415,062 315,216,242

Expenses
Operating expenses 1,401,808 1,224,841 49,338,334 42,663,573
Exploration expenses 124,794 94,044 4,382,788 3,308,662
Administrative expenses 516,071 486,938 18,114,712 16,979,153
Petroleum royalties 396,387 450,155 14,012,562 15,632,043
Depreciation, depletion and amortisation 2,688,941 2,334,711 95,039,437 81,321,703
Other expenses
Loss on remeasuring of financial instruments - 55,588 - 1,880,828
Impairment loss on goodwill 20 - 120,000 - 4,255,168
Finance costs 334,466 294,457 11,812,802 10,243,440
Total expenses 5,462,467 5,060,734 192,700,635 176,284,570
Share of profit of associates and joint ventures 37,752 42,556 1,316,903 1,476,513
Profit before income taxes 3,848,097 4,039,155 136,031,330 140,408,185
Income taxes 33 (1,621,179) (1,831,388) (57,214,371) (63,703,666)
Profit for the year 2,226,918 2,207,767 78,816,959 76,704,519
Profit (loss) attributable to:
Owners of the parent 2,227,123 2,207,826 78,824,240 76,706,392
Non-controlling interests (205) (59) (7,281) (1,873)
2,226,918 2,207,767 78,816,959 76,704,519

Unit: US Dollar Unit: Baht

2024 2023 2024 2023
Earnings per share
Basic earnings per share 34 0.56 0.54 19.86 18.89

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
Financial Statements 353

Statement of Comprehensive Income

PTTExploration
PTT Exploration and Production
and Production PublicLimited
Public Company Company Limited
For the year
Statement ended 31 December
of Comprehensive Income 2024
For the year ended 31 December 2024

Consolidated financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
2024 2023 2024 2023

Profit for the year 2,226,918 2,207,767 78,816,959 76,704,519

Other comprehensive income (expense)
Items that will be reclassified subsequently
to profit or loss
Currency translation differences (233) 50,326 (2,348,756) 518,392
Changes in hedging reserves 42,604 (37,766) 1,441,755 (1,309,436)
Income taxes relating to changes
in hedging reserves (8,100) 11,249 (273,884) 391,358
Share of other comprehensive income (expense)
of associates and joint ventures (12,156) 1,033 (524,561) 32,683
Total items that will be reclassified
subsequently to profit or loss 22,115 24,842 (1,705,446) (367,003)
Items that will not be reclassified
subsequently to profit or loss
Currency translation differences - - (2,124,615) (5,356,587)
Gain (loss) on remeasuring of financial assets (9) 88 (609) 3,005
Share of other comprehensive expense
of associates (45) - (1,626) -
Income taxes relating to share of other
comprehensive expense of associates 9 - 325 -
Loss from changes in actuarial
assumptions of provision for
employee benefits (3,337) (12,338) (108,076) (433,784)
Income taxes resulting from changes in
actuarial assumptions of provision
for employee benefits 2,668 2,701 89,044 95,749
Total items that will not be reclassified
subsequently to profit or loss (714) (9,549) (2,145,557) (5,691,617)
Other comprehensive income (expense) for the year - net of tax 21,401 15,293 (3,851,003) (6,058,620)
Total comprehensive income for the year 2,248,319 2,223,060 74,965,956 70,645,899

Total comprehensive income (expense) attributable to:

Owners of the parent 2,248,189 2,223,158 74,972,907 70,651,003
Non-controlling interests 130 (98) (6,951) (5,104)

2,248,319 2,223,060 74,965,956 70,645,899

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
354 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Income
PTT Exploration and Production Public Company Limited
PTT Exploration
Statement of Incomeand Production Public Company Limited
For theyear
For the yearended
ended 31 December
31 December 2024 2024

Separate financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
Notes 2024 2023 2024 2023

Revenues
Revenue from sales 2,025,632 2,476,779 71,584,975 85,836,619
Other income
Gain on foreign exchange rate - 52,939 - 1,813,526
Gain on remeasuring of financial instruments 13,627 - 463,618 -
Interest income 491,009 454,544 17,341,524 15,816,284
Other income 232,522 206,787 8,182,991 7,196,663
Dividend income from related parties 137,224 74,256 4,766,732 2,581,264
Total revenues 2,900,014 3,265,305 102,339,840 113,244,356

Expenses
Operating expenses 212,623 219,946 7,487,881 7,599,750
Exploration expenses 35 1,026 1,264 36,701
Administrative expenses 460,887 453,426 16,192,635 15,801,814
Petroleum royalties 251,231 307,436 8,873,971 10,657,228
Depreciation, depletion and amortisation 358,761 465,929 12,732,214 16,082,260
Other expenses
Loss on foreign exchange rate 9,065 - 301,505 -
Loss on remeasuring of financial instruments - 43,093 - 1,445,573
Finance costs 105,974 89,204 3,741,023 3,106,528
Total expenses 1,398,576 1,580,060 49,330,493 54,729,854

Profit before income taxes 1,501,438 1,685,245 53,009,347 58,514,502

Income taxes 33 (439,455) (581,064) (15,504,179) (20,164,868)
Profit for the year 1,061,983 1,104,181 37,505,168 38,349,634

Unit: US Dollar Unit: Baht

2024 2023 2024 2023
Earnings per share
Basic earnings per share 34 0.27 0.28 9.45 9.66

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
15
Financial Statements 355

Statement of Comprehensive Income

PTTExploration
PTT Exploration
andand Production
Production Public Company
Public Company Limited Limited
For the year
Statement ended 31 December
of Comprehensive Income 2024
For the year ended 31 December 2024

Separate financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
2024 2023 2024 2023

Profit for the year 1,061,983 1,104,181 37,505,168 38,349,634

Other comprehensive income (expense)
Items that will be reclassified subsequently
to profit or loss
Changes in hedging reserves 14,534 (22,173) 481,419 (770,529)
Income taxes relating to changes
in hedging reserves (5,664) 6,814 (191,598) 237,326
Total items that will be reclassified subsequently
to profit or loss 8,870 (15,359) 289,821 (533,203)

Items that will not be reclassified subsequently

to profit or loss
Currency translation differences - - (2,124,615) (5,356,587)
Gain on remeasuring of financial assets - 3 17 78
Loss from changes in actuarial assumptions
of provision for employee benefits (5,790) (5,148) (193,137) (182,532)
Income taxes resulting from changes in
actuarial assumptions of provision
for employee benefits 2,895 2,574 96,569 91,266
Total items that will not be reclassified subsequently
to profit or loss (2,895) (2,571) (2,221,166) (5,447,775)
Other comprehensive income (expense) for the year - net of tax 5,975 (17,930) (1,931,345) (5,980,978)
Total comprehensive income for the year 1,067,958 1,086,251 35,573,823 32,368,656

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
 356
Statement of Changes in Equity
PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

For the yearandended
PTT Exploration Production31 December
Public 2024
Company Limited
Statement of Changes in Equity
For the year ended 31 December 2024

Consolidated financial statements

Unit: Thousand US Dollar
Attributable to owners of the parent
Other components of equity
Other comprehensive income (expense)
Retained earnings Share of other
comprehensive
Issued and Currency Remeasuring Cash flow income (expense) Total other Total Non-
paid-up Share Legal Reserve for translation of financial hedge of associates and components owners of controlling Total
Note share capital premium reserve expansion Unappropriated differences assets reserve joint ventures of equity the parent interests equity

Balance as at 1 January 2023 150,684 3,439,037 15,048 431,231 9,481,343 (48,806) (540) 49,324 (2,030) (2,052) 13,515,291 - 13,515,291
Changes in equity for the year
Foreign exchange difference
from repayment of
subordinated perpetual loan - - - - (49,406) - - - - - (49,406) - (49,406)
Increase in share capital

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

of subsidiaries - - - - - - - - - - - 3,496 3,496
Dividends payments - - - - (1,098,772) - - - - - (1,098,772) - (1,098,772)
Profit (loss) for the year - - - - 2,207,826 - - - - - 2,207,826 (59) 2,207,767
Other comprehensive income
(expense) for the year - - - - (9,637) 50,365 88 (26,517) 1,033 24,969 15,332 (39) 15,293
Balance as at 31 December 2023 150,684 3,439,037 15,048 431,231 10,531,354 1,559 (452) 22,807 (997) 22,917 14,590,271 3,398 14,593,669

Balance as at 1 January 2024 150,684 3,439,037 15,048 431,231 10,531,354 1,559 (452) 22,807 (997) 22,917 14,590,271 3,398 14,593,669
Changes in equity for the year
Increase in share capital
of subsidiaries - - - - - - - - - - - 4,736 4,736
Dividends paid 31 - - - - (1,080,024) - - - - - (1,080,024) - (1,080,024)
Profit (loss) for the year - - - - 2,227,123 - - - - - 2,227,123 (205) 2,226,918
Other comprehensive income
(expense) for the year - - - - (1,162) (568) 448 34,504 (12,156) 22,228 21,066 335 21,401
Balance as at 31 December 2024 150,684 3,439,037 15,048 431,231 11,677,291 991 (4) 57,311 (13,153) 45,145 15,758,436 8,264 15,766,700

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
17
The notes to the consolidated and separate financial statements are an integral part of these financial statements.
 Statement of Changes in Equity
The notes to the consolidated and separate financial statements are an integral part of these financial statements.

Financial Statements
PTT Exploration and Production Public Company Limited
PTT Exploration
For the yearandended
Production31Public Company Limited
December 2024
Statement of Changes in Equity
For the year ended 31 December 2024

Consolidated financial statements

Unit: Thousand Baht
Attributable to owners of the parent
Other components of equity
Other comprehensive income (expense)
Retained earnings Share of other
comprehensive
Issued and Currency Remeasuring Cash flow income (expense) Total other Total Non-
paid-up Share Legal Reserve for translation of financial hedge of associates and components owners of controlling Total
Note share capital premium reserve expansion Unappropriated differences assets reserve joint ventures of equity the parent interests equity

Balance as at 1 January 2023 3,969,985 105,417,620 396,999 16,900,000 311,767,883 26,821,931 (19,337) 1,934,734 (69,209) 28,668,119 467,120,606 - 467,120,606
Changes in equity for the year
Foreign exchange difference
from repayment of
subordinated perpetual loan - - - - (1,724,751) - - - - - (1,724,751) - (1,724,751)
Increase in share capital
of subsidiaries - - - - - - - - - - - 121,413 121,413
Dividends paid - - - - (36,720,357) - - - - - (36,720,357) - (36,720,357)
Profit (loss) for the year - - - - 76,706,392 - - - - - 76,706,392 (1,873) 76,704,519
Other comprehensive income
(expense) for the year - - - - (338,035) (4,834,964) 3,005 (918,078) 32,683 (5,717,354) (6,055,389) (3,231) (6,058,620)
PTT Exploration and Production Public Company Limited

Balance as at 31 December 2023 3,969,985 105,417,620 396,999 16,900,000 349,691,132 21,986,967 (16,332) 1,016,656 (36,526) 22,950,765 499,326,501 116,309 499,442,810

Balance as at 1 January 2024 3,969,985 105,417,620 396,999 16,900,000 349,691,132 21,986,967 (16,332) 1,016,656 (36,526) 22,950,765 499,326,501 116,309 499,442,810
Changes in equity for the year
Increase in share capital
of subsidiaries - - - - - - - - - - - 171,530 171,530
Dividends paid 31 - - - - (38,704,593) - - - - - (38,704,593) - (38,704,593)
Profit (loss) for the year - - - - 78,824,240 - - - - - 78,824,240 (7,281) 78,816,959
Other comprehensive income
(expense) for the year - - - - (37,170) (4,473,701) 16,228 1,167,871 (524,561) (3,814,163) (3,851,333) 330 (3,851,003)
Balance as at 31 December 2024 3,969,985 105,417,620 396,999 16,900,000 389,773,609 17,513,266 (104) 2,184,527 (561,087) 19,136,602 535,594,815 280,888 535,875,703

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
18
The notes to the consolidated and separate financial statements are an integral part of these financial statements.

357
 358
Statement of Changes in Equity
PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

PTT Exploration and Production Public Company Limited
For the year
Statement endedin31Equity
of Changes December 2024
For the year ended 31 December 2024

Separate financial statements

Unit: Thousand US Dollar
Other components of equity
Other comprehensive
Retained earnings income (expense)
Issued and Remeasuring Cash flow Total other
paid-up Share Legal Reserve for of financial hedge components Total
Note share capital premium reserve expansion Unappropriated assets reserve of equity equity

Balance as at 1 January 2023 150,684 3,439,037 15,048 431,231 7,498,155 (7) 34,654 34,647 11,568,802
Changes in equity for the year
Dividends paid - - - - (1,098,772) - - - (1,098,772)
Profit for the year - - - - 1,104,181 - - - 1,104,181
Other comprehensive income

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

(expense) for the year - - - - (2,574) 3 (15,359) (15,356) (17,930)
Balance as at 31 December 2023 150,684 3,439,037 15,048 431,231 7,500,990 (4) 19,295 19,291 11,556,281

Balance as at 1 January 2024 150,684 3,439,037 15,048 431,231 7,500,990 (4) 19,295 19,291 11,556,281
Changes in equity for the year
Dividends paid 31 - - - - (1,080,024) - - - (1,080,024)
Profit for the year - - - - 1,061,983 - - - 1,061,983
Other comprehensive income
(expense) for the year - - - - (2,895) - 8,870 8,870 5,975
Balance as at 31 December 2024 150,684 3,439,037 15,048 431,231 7,480,054 (4) 28,165 28,161 11,544,215

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
19
The notes to the consolidated and separate financial statements are an integral part of these financial statements.
 Statement of Changes in Equity
The notes to the consolidated and separate financial statements are an integral part of these financial statements.

Financial Statements
PTT Exploration and Production Public Company Limited
PTT Exploration and Production Public Company Limited
For the year ended 31 December 2024
Statement of Changes in Equity
For the year ended 31 December 2024

Separate financial statements

Unit: Thousand Baht
Other components of equity
Retained earnings Other comprehensive income (expense)
Issued and Currency Remeasuring Cash flow Total other
paid-up Share Legal Reserve for translation of financial hedge components Total
Note share capital premium reserve expansion Unappropriated differences assets reserve of equity equity

Balance as at 1 January 2023 3,969,985 105,417,620 396,999 16,900,000 250,734,588 21,155,795 (199) 1,270,441 22,426,037 399,845,229
Changes in equity for the year
Dividends paid - - - - (36,720,357) - - - - (36,720,357)
Profit for the year - - - - 38,349,634 - - - - 38,349,634
Other comprehensive income
(expense) for the year - - - - (91,266) (5,356,587) 78 (533,203) (5,889,712) (5,980,978)
Balance as at 31 December 2023 3,969,985 105,417,620 396,999 16,900,000 252,272,599 15,799,208 (121) 737,238 16,536,325 395,493,528

Balance as at 1 January 2024 3,969,985 105,417,620 396,999 16,900,000 252,272,599 15,799,208 (121) 737,238 16,536,325 395,493,528
Changes in equity for the year
Dividends paid 31 - - - - (38,704,593) - - - - (38,704,593)
Profit for the year - - - - 37,505,168 - - - - 37,505,168
PTT Exploration and Production Public Company Limited

Other comprehensive income

(expense) for the year - - - - (96,568) (2,124,615) 17 289,821 (1,834,777) (1,931,345)
Balance as at 31 December 2024 3,969,985 105,417,620 396,999 16,900,000 250,976,606 13,674,593 (104) 1,027,059 14,701,548 392,362,758

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
20
The notes to the consolidated and separate financial statements are an integral part of these financial statements.

359
360 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Cash Flows

PTTExploration
PTT Exploration
andand Production
Production PublicPublic
CompanyCompany
Limited Limited
For the year
Statement ended
of Cash 31 December 2024
Flows
For the year ended 31 December 2024

Consolidated financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
2024 2023 2024 2023
Cash flows from operating activities
Profit before income taxes 3,848,097 4,039,155 136,031,330 140,408,185
Adjustments for:
Share of profit of associates and joint ventures (37,752) (42,556) (1,316,903) (1,476,513)
Depreciation, depletion and amortisation 2,688,941 2,334,711 95,039,437 81,321,703
Impairment loss on goodwill - 120,000 - 4,255,168
Write-off of exploration expenses 96,113 66,233 3,362,434 2,341,859
Other amortised expenses 9,986 9,299 351,822 323,453
Write-off of assets 1,684 72,783 61,268 2,496,809
Income recognised from deferred income - (233) - (8,121)
Gain on remeasuring of financial instruments (8,508) (14,871) (291,448) (505,353)
Loss (gain) on foreign exchange rates 21,075 (2,932) 742,858 (101,968)
Interest income (238,340) (152,274) (8,434,795) (5,303,998)
Finance costs 327,607 287,957 11,571,527 10,027,416
Other Income (3,670) (80,901) (129,353) (2,828,561)
Other expenses 25,045 16,351 867,674 569,588
Cash flows before changes in working capital 6,730,278 6,652,722 237,855,851 231,519,667
Changes in working capital
Trade and other current receivables 549,061 (87,656) 19,353,230 (3,048,436)
Inventories (54,587) (51,576) (1,924,067) (1,793,675)
Other current financial assets - 2,028 - 70,534
Other current assets (68,770) 1,425 (2,424,008) 49,544
Rights to receive reimbursement from
decommissioning funds (37,133) (31,431) (1,308,842) (1,093,072)
Other non-current financial assets - 5,364 - 186,559
Other non-current assets (10,919) 5,376 (384,855) 186,967
Trade and other current payables 107,777 (125,498) 3,798,917 (4,364,505)
Other current liabilities 40,054 451 1,411,820 15,699
Provisions (108,069) (340,919) (3,809,215) (11,856,289)
Other non-current liabilities 528 (12,728) 18,612 (442,660)
Net cash provided by operating activities 7,148,220 6,017,558 252,587,443 209,430,333
Interest received from bank deposits 193,698 130,966 6,827,438 4,554,654
Cash paid for income taxes (1,620,349) (1,786,615) (57,113,858) (62,133,830)
Net cash flows provided by operating activities 5,721,569 4,361,909 202,301,023 151,851,157

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
Financial Statements 361

Statement of Cash Flows

PTTExploration
PTT Exploration
andand Production
Production PublicPublic
CompanyCompany
Limited Limited
For the year
Statement ended
of Cash 31 December 2024
Flows
For the year ended 31 December 2024

Consolidated financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
2024 2023 2024 2023
Cash flows from investing activities
Cash paid for short-term investments (341,311) (400,389) (12,030,478) (13,924,486)
Cash received from short-term investments 250,288 200,390 8,822,107 6,969,047
Cash paid for other non-current financial assets (6,245) (2,818) (220,117) (97,995)
Cash received from other non-current financial assets 1,949 - 68,693 -
Net cash received from financial derivative contracts 901 - 31,754 -
Cash paid for short-term loans to related parties (301) (9,093) (10,603) (316,230)
Cash received from short-term loans to related parties 5,086 3,000 179,259 104,332
Cash paid for long-term loans (596,194) (15,222) (21,014,569) (529,402)
Cash received from long-term loans to a related party 10,275 - 362,161 -
Dividends received from related parties 57,616 52,820 2,030,837 1,836,947
Net cash received from disposal of participating interests - 208,284 - 7,243,583
Cash paid for contingent considerations from
business acquisition - (717) - (24,925)
Cash paid for investments in an associate and joint ventures (105,535) (16,323) (3,719,873) (567,682)
Cash received from lease receivables - 50 - 1,739
Interest received from short-term investments 7,992 959 281,703 33,373
Interest received from long-term loans to related parties 448 243 15,775 8,461
Net cash paid for acquisition of assets (531,310) - (18,727,553) -
Increase in property, plant and equipment (2,853,998) (2,206,914) (100,597,384) (76,750,746)
Increase in intangible assets (53,450) (26,414) (1,883,998) (918,636)
Increase in exploration and evaluation assets (112,258) (158,560) (3,956,857) (5,514,324)
Net cash flows used in investing activities (4,266,047) (2,370,704) (150,369,143) (82,446,944)

Cash flows from financing activities

Cash paid for repayment of debentures - (71,460) - (2,485,186)
Cash received from issuance of debentures - 44,550 - 1,549,328
Cash paid for finance cost from issuance of debentures - (1,058) - (36,800)
Cash paid for lease liabilities (317,712) (261,489) (11,198,663) (9,093,897)
Interest paid (131,498) (136,604) (4,635,025) (4,750,748)
Cash received from issuance of subsidiaries’ share capital 4,736 3,496 171,530 121,413
Dividends paid (1,080,024) (1,098,772) (38,704,593) (36,720,357)
Net cash flows used in financing activities (1,524,498) (1,521,337) (54,366,751) (51,416,247)

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
362 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Cash
PTT Exploration and Production Flows
Public Company Limited
PTT Exploration
Statement and Production Public Company Limited
of Cash Flows
For the
For theyear
yearended 31 31
ended December 2024 2024
December

Consolidated financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
2024 2023 2024 2023

Net (decrease) increase in cash and cash equivalents (68,976) 469,868 (2,434,871) 17,987,966
Cash and cash equivalents at the beginning of the year 4,018,959 3,539,220 137,541,856 122,323,890
Adjustment for the impact of exchange rate changes (11,820) 9,871 (1,257,401) (2,770,000)
Cash and cash equivalents at the end of the year 3,938,163 4,018,959 133,849,584 137,541,856

Significant non-cash transactions

Outstanding payable from purchases of assets 661,568 629,260 23,318,854 21,884,031
Increase in right-of-use assets 400,657 170,686 14,122,310 5,936,021

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
23
Financial Statements 363

Statement of Cash Flows

PTTExploration
PTT Exploration
andand Production
Production Public Public
CompanyCompany
Limited Limited
For the year
Statement ended
of Cash 31 December 2024
Flows
For the year ended 31 December 2024

Separate financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
2024 2023 2024 2023

Cash flows from operating activities

Profit before income taxes 1,501,438 1,685,245 53,009,347 58,514,502
Adjustments for:
Depreciation, depletion and amortisation 358,761 465,929 12,732,214 16,082,260
Write-off of exploration expenses - 993 4 35,595
Other amortised expenses 2,313 2,278 81,592 79,239
Write-off of assets 661 71,721 23,511 2,470,643
Income recognised from deferred income - (233) (11) (8,088)
Gain on remeasuring of financial instruments (10,871) (37,359) (394,528) (1,300,808)
Dividend income from related parties (137,224) (74,256) (4,766,732) (2,581,264)
Loss (gain) on foreign exchange rates 78,923 (1,823) 2,781,858 (63,418)
Interest income (491,009) (454,544) (17,341,524) (15,816,284)
Finance costs 105,612 88,848 3,732,287 3,096,820
Other expenses 9,911 10,673 350,036 372,067

Cash flows before changes in working capital 1,418,515 1,757,472 50,208,054 60,881,264
Changes
สินทรัพยจinากการดํ
workingาเนิcapital
นงาน
Trade and other current receivables 187,376 29,897 6,604,607 1,039,734
Inventories (24,963) 7,736 (879,871) 269,047
Other current assets (10,932) (40,701) (385,315) (1,415,490)
Rights to receive reimbursement from decommissioning funds (6,991) (7,891) (246,417) (274,445)
Other non-current assets 9,631 (4,197) 339,457 (145,959)
Trade and other current payables (14,820) (98,025) (522,376) (3,409,071)
Other current liabilities 31 (14,225) 1,087 (494,696)
Provisions (39,889) (105,907) (1,406,013) (3,683,156)
Other non-current liabilities (9,661) (8,828) (340,514) (307,000)

Net cash provided by operating activities 1,508,297 1,515,331 53,372,699 52,460,228

Interest received from bank deposits 73,407 55,076 2,587,440 1,915,401
Cash paid for income taxes (342,929) (587,477) (12,087,538) (20,430,943)

Net cash flows provided by operating activities 1,238,775 982,930 43,872,601 33,944,686

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
364 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Statement of Cash Flows

PTT Exploration
PTT Exploration andand Production
Production Public Public
CompanyCompany
Limited Limited
For the year
Statement ended
of Cash 31 December 2024
Flows
For the year ended 31 December 2024

Separate financial statements

Unit: Thousand US Dollar Unit: Thousand Baht
2024 2023 2024 2023

Cash flows from investing activities

Cash paid for short-term investments (20,288) (324,837) (715,095) (11,296,981)
Cash received from short-term investments 220,288 124,837 7,764,671 4,341,500
Cash received from other non-current financial assets 175 - 6,179 -
Increase in short-term loans to a related party (39,632) - (1,396,938) -
Dividends received from related parties 137,224 74,256 4,766,732 2,581,264
Cash paid for investment in subsidiaries (110,315) (12,314) (3,888,351) (428,261)
Cash received from lease receivables - 50 - 1,739
Interest received from short-term investment 7,992 - 281,703 -
Interest received from loans to a related party 393,820 334,845 13,881,321 11,645,048
Increase in property, plant and equipment (251,926) (231,107) (8,879,856) (8,037,293)
Increase in intangible assets (29,603) (16,324) (1,043,428) (567,684)

Net cash flows provided by (used in) investing activities 307,735 (50,594) 10,776,938 (1,760,668)

Cash flows from financing activities

Decrease in short-term loans from a related party (560,312) (10,956) (19,749,804) (381,015)
Cash paid for lease liabilities (31,066) (14,933) (1,095,010) (519,307)
Interest paid (56,789) (44,339) (2,001,691) (1,542,006)
Dividends paid (1,080,024) (1,098,772) (38,704,593) (36,720,357)

Net cash flows used in financing activities (1,728,191) (1,169,000) (61,551,098) (39,162,685)

Net decrease in cash and cash equivalents (181,681) (236,664) (6,901,559) (6,978,667)
Cash and cash equivalents at the beginning of the year 954,109 1,189,891 32,652,711 41,125,443
Adjustment for the impact of exchange rate changes (4,828) 882 337,910 (1,494,065)

Cash and cash equivalents at the end of the year 767,600 954,109 26,089,062 32,652,711

Significant non-cash transactions

Outstanding payable from purchases of assets 152,562 95,483 5,377,491 3,320,641
Increase in right-of-use assets 94,477 45,341 3,330,117 1,576,858

The notes to the consolidated and separate financial statements are an integral part of these financial statements.

PTT Exploration and Production Public Company Limited

The notes to the consolidated and separate financial statements are an integral part of these financial statements.
Notes to the Consolidated and Separate Financial Statements 365

Notes to and
PTT Exploration theProduction
Consolidated and Separate Financial Statements
Public Company Limited
PTT
NotesExploration and Production
to the Consolidated PublicFinancial
and Separate CompanyStatements
Limited
For the year ended 31 December 2024
For the year ended 31 December 2024

1 General information

PTT Exploration and Production Public Company Limited (the Company) is registered as a company in Thailand and
listed on the Stock Exchange of Thailand. The address of its registered office is 555/1 Energy Complex Building
A,19th - 36th Floor, Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900.

For reporting purposes, the Company and its subsidiaries are together referred to as the Group.

The principal business operations of the Group are exploration and production of petroleum in Thailand and
overseas, and related business associated with the Group's strategy.

These consolidated and separate financial statements were authorised for issue by the Board of Directors on
13 February 2025.

2 Significant events during the current period

On 17 June 2024, PTTEP Energy Development Company Limited (PTTEP ED), a subsidiary of the Group, complied
with the Production Sharing Contract ( PSC) requirement to maintain production level of 800 million standard cubic
feet per day continuously for 90 days. On 9 August 2024, PTTEP ED received letter of guarantee from Department of
Mineral Fuels.

On 20 December 2024, PTTEP SG Holding Pte. Ltd. (PTTEP SH), a subsidiary of the Group, has entered into a Sale
and Purchase Agreement (SPA) to acquire 34% share capital in E&E Algeria Touat B.V. from ENGIE International
Corporation B.V. (ENGIE). The purchasing price will be adjusted as specified in the SPA. The completion of the
transaction is subject to customary conditions precedent as prescribed in the SPA, including applicable government
approval.

3 Basis of preparation

The consolidated and separate financial statements have been prepared in accordance with Thai Financial Reporting
Standards (TFRS) and the financial reporting requirements issued under the Securities and Exchange Act.

The Company’s management has determined US Dollar as the functional currency of the Company and presents the
consolidated and separate financial statements in US Dollar. However, the Stock Exchange of Thailand and the Department
of Business Development require the Company to present its consolidated and separate financial statements in Thai Baht,
so the Company also presents its financial statements in Thai Baht by translating from US Dollar.

PTT Exploration and Production Public Company Limited

366 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Where the Group has entered into joint interest operations in the Concession or the Production Sharing Contract with
other parties to participate in exploration and production of petroleum businesses, the Group records its share of
expenses, assets and liabilities incurred in accordance with the Statements of Expenditures prepared by the operators
of the Concession or the Production Sharing Contract. The Statements of Expenditures have been audited by other
independent auditors and the joint venture committee on a regular basis.

The consolidated and separate financial statements have been prepared under the historical cost convention except
as disclosed in the accounting policies.

The preparation of financial statements in conformity with TFRS requires the Group’s management to use certain
critical accounting estimates and to exercise its judgement in applying the Group’s accounting policies. The areas
involving a higher degree of judgement or complexity, or areas that are more likely to be materially adjusted due to
changes in estimates and assumptions are disclosed in Note 8.

An English version of the consolidated and separate financial statements has been prepared from the statutory
financial statements that are in the Thai language. In the event of a conflict or a difference in interpretation between
the two languages, the Thai language statutory financial statements shall prevail.

4 Amended financial reporting standards

4.1 Amended financial reporting standards that are effective for the accounting period beginning on or after
1 January 2024 and related to the Group.

a) Amendment to Thai Accounting Standard (TAS) 1 – Presentation of financial statements revised the
disclosure from “significant accounting policies” to “material accounting policies”. The amendment also
provides guidelines on identifying when the accounting policy information is material which is the
information that impacts the economic decisions made by financial statements users.

b) Amendment to TAS 8 – Accounting policies, changes in accounting estimates and errors revised the
definition of accounting estimates to be more distinctive being monetary amounts in financial statements
that are subject to measurement uncertainty as the entity shall apply prospectively to the transactions for
the changes in accounting estimates.

c) Amendment to TAS 12 – Income taxes

c.1) The entity is required to recognise deferred tax related to assets and liabilities arising from a single
transaction that, on initial recognition, gives rise to equal amounts of taxable and deductible temporary
differences. Example transactions are leases and decommissioning obligations.

PTT Exploration and Production Public Company Limited 27

Notes to the Consolidated and Separate Financial Statements 367
PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

c.2) The entity gets a temporary relief not required to recognise and disclose deferred taxes arising from
the Pillar Two income taxes published by the Organization for Economic Co-operation and Development
(OECD). The entity must disclose the fact that it has applied those exceptions. In addition, the amendments
require to disclose the information as follows:

 Disclose the current tax expense related to the Pillar Two separately.
 During the period that the Pillar Two legislation being enacted or substantially enacted but has
not becoming effective, the entities shall disclose:
- Qualitative information such as an entity’s exposure to Pillar Two legislation, and
- Quantitative information which can be reasonably estimated related to Pillar Two income
taxes at the end of reporting period such as the profits of entities in scope of the Pillar Two
legislation and average effective tax rate of those profits.

Commencing from 1 January 2024, the Group has adopted these amended financial reporting standards.
The adoption of the amended financial reporting standards did not have significant impacts to the Group.

4.2 New and amended financial reporting standard that is effective for the accounting period beginning on or
after 1 January 2025 and related to the Group.

The following amended TFRS was not mandatory for the current reporting period and the Group has not early
adopted it.

a) Amendments to TAS 1 – Presentation of Financial Statements clarified that liabilities are classified as
either current or non-current, depending on the rights that exist at the end of the reporting period.
Classification is unaffected by the entity’s expectations or events after the reporting period (for example,
the receipt of a waiver or a breach of covenant).

Covenants of loan arrangements will not affect classification of a liability as current or non-current at the
end of reporting period if the entity must only comply with the covenants after the reporting period.
However, if the entity must comply with a covenant either before or at the end of reporting period, this will
affect the classification as current or non-current even if the covenant is only tested for compliance after
the reporting period.

PTT Exploration and Production Public Company Limited

28
368 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The amendments require disclosures if an entity classifies a liability as non-current and that liability is
subject to covenants with which the entity must comply within 12 months of the reporting period. The
disclosures include:

 the carrying amount of the liability;

 information about the covenants; and
 facts and circumstances, if any, that indicate that the entity might have difficulty complying with the
covenants.

The amendments also clarify what TAS 1 means when it refers to the ‘settlement’ of a liability. Terms of a
liability that could, at the option of the counterparty, result in its settlement by the transfer of the entity’s
own equity instrument can only be ignored for the purpose of classifying the liability as current or non-
current if the entity classifies the option as an equity instrument.

The amendments must be applied retrospectively in accordance with the normal requirements in TAS 8,
Accounting Policies, Changes in Accounting Estimates and Errors.

b) Amendments to Thai Financial Reporting Standard (TFRS) 16 – Leases added to the requirements for
sale and leaseback transactions which explain how an entity accounts for a sale and leaseback after the
date of the transaction.

The amendments specify that, in measuring the lease liability subsequent to the sale and leaseback, the
seller-lessee determines ‘lease payments’ and ‘revised lease payments’ in a way that does not result in
the seller-lessee recognising any amount of the gain or loss that relates to the right of use that it retains.
This could particularly impact sale and leaseback transactions where the lease payments include variable
payments that do not depend on an index or a rate.

c) Amendments to TAS 7 – Statement of cash flows and TFRS 7 – Financial instruments: Disclosures require
specific disclosures about Supplier Finance Arrangements (SFAs). The amendments respond to investors
that said that they urgently needed more information about SFAs to be able to assess how these
arrangements affect an entity's liabilities, cash flows and liquidity risk.

PTT Exploration and Production Public Company Limited

29
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 369
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

To meet investors’ needs, the new disclosures will provide information about:
(1) The terms and conditions of SFAs.
(2) The carrying amount of financial liabilities that are part of SFAs, and the line items in which those
liabilities are presented.
(3) The carrying amount of the financial liabilities in (2), for which the suppliers have already received
payment from the finance providers.
(4) The range of payment due dates for both the financial liabilities that are part of SFAs, and comparable
trade payables that are not part of such arrangements.
(5) Non-cash changes in the carrying amounts of financial liabilities in (2).
(6) Access to SFAs facilities and concentration of liquidity risk with the finance providers.

The Group's management has assessed and found that the amended financial reporting standards do not
have significant impacts to the Group.

5 Accounting policies

The principal accounting policies applied in the preparation of these consolidated and separate financial statements are set
out below.

5.1 Principles of consolidation accounting

a) Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the
date on which control is transferred to the Group until the date that control ceases.

In the separate financial statements, investments in subsidiaries are accounted for using cost method
less impairment (if any).

List of subsidiaries has been presented in Note 17.

30
PTT Exploration and Production Public Company Limited
370 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

b) Associates

Associates are all entities over which the Group has significant influence but not control or joint control.
Investments in associates are accounted for using the equity method of accounting.

In the separate financial statements, investments in associates are accounted for using cost method
less impairment (if any).

List of associates has been presented in Note 17.

c) Joint arrangements

Investments in joint arrangements are classified as either joint operations or joint ventures depending
on the contractual rights and obligations of each investor, rather than the legal structure of the joint
arrangements.

Joint operations consist of: (a) companies or projects that the Group considers to have joint control
because the shareholder agreement requires that strategic and operational decisions in various
economic activities be approved by all shareholders or their representatives, and (b) companies or
projects in which the Group participate in joint operations but does not have joint control; these are
recorded by the Group in the same manner as joint operations.

A joint operation is a joint arrangement whereby the Group has rights to the assets, and obligations for
the liabilities relating to the arrangement. The Group recognises its direct right to the assets, liabilities,
revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities,
revenues and expenses. These have been incorporated in the Group’s financial statement line items.

The Group has joint control over these companies because shareholder agreements assigned the
structure of the business operation and strategic, operating and financing decisions which required
unanimous consent from all parties.

PTT Exploration and Production Public Company Limited 31

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 371
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

A joint venture is a joint arrangement whereby the Group has rights to the net assets of the arrangement.
Investments in joint ventures are accounted for using the equity method in the consolidated financial
statements.

In the separate financial statements, investments in joint ventures are accounted for using cost less
impairment (if any).

List of joint ventures and joint operations have been presented in Note 17.

d) Equity method

The investment is initially recognised at cost which is consideration paid and directly attributable costs.

The Group’s subsequently recognises shares of its associates and joint ventures’ profits or losses and
other comprehensive income in the profit or loss and other comprehensive income, respectively. The
subsequent cumulative movements are adjusted against the carrying amount of the investment.

When the Group’s share of losses in associates and joint ventures equals or exceeds its interest in the
associates and joint ventures, the Group does not recognise further losses, unless it has incurred
obligations or made payments on behalf of the associates and joint ventures.

e) Changes in ownership interests

The Group treats transactions with non-controlling interests that do not result in a loss of control as
transactions with equity owners of the Group. A difference between the amount of the adjustment to
non-controlling interests to reflect their relative interest in the subsidiary and any consideration paid or
received is recognised within equity.

If the ownership interest in associates and joint ventures is reduced but significant influence and joint
control is retained, only a proportionate share of the amounts previously recognised in other
comprehensive income is reclassified to profit or loss where appropriate. Profit or loss from reduce of
the ownership interest in associates and joint ventures is recognise in profit or loss.

32
PTT Exploration and Production Public Company Limited
372 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

When the Group losses control, joint control or significant influence over investments, any retained
interest in the investment is remeasured to its fair value, with the change in carrying amount recognised
in profit or loss. The fair value becomes the initial carrying amount of the retained interest which is
reclassified to investment in an associate, or a joint venture or a financial asset accordingly.

f) Intercompany transactions on consolidation

Intra-group transactions, balances and unrealised gains on transactions are eliminated. Unrealised
gains on transactions between the Group and its associates and joint ventures are eliminated to the
extent of the Group’s interest in the associates and joint ventures. Unrealised losses are also eliminated
in the same manner unless the transaction provides evidence of an impairment of the asset transferred.

5.2 Business combination

The Group applies the acquisition method to account for business combinations with an exception on business
combination under common control. The consideration transferred for the acquisition of a subsidiary comprises.

 Fair value of the assets transferred,

 Liabilities incurred to the former owners of the acquiree,
 Equity interests issued by the Group.

Identifiable assets and liabilities acquired and contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date.

The excess of the consideration transferred, the amount of any non-controlling interest recognised and the
acquisition-date fair value of any previous equity interest in the acquiree (for business combination achieved
in stages) over the fair value of the identifiable net assets acquired is recorded as goodwill. In the case of a
bargain purchase, the difference is recognised directly in profit or loss.

Acquisition-related cost are recognised as expenses in consolidated financial statements.

Subsequent changes to the fair value of the contingent consideration that is an asset or liability is recognised
in profit or loss. Contingent consideration that is classified as equity is not re-measured.

PTT Exploration and Production Public Company Limited 33

Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 373
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

5.3 Foreign currency translation

a) Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the
currency of the primary economic environment in which the entity operates (the functional currency).
The financial statements are presented in US Dollar, which is the Company’s functional currency and
the Company’s and Group’s presentation currency.

b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at year-end exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in the profit or loss.

When a gain or loss on a non-monetary item is recognised in other comprehensive income (expense),
any exchange component of that gain or loss is recognised in other comprehensive income (expense).
Conversely, when a gain or loss on a non-monetary item is recognised in profit or loss, any exchange
component of that gain or loss is recognised in profit or loss.

c) Group companies

The operational results and financial position of the Group’s entities (none of which has the currency of
a hyper-inflationary economy) that have a different functional currency from the Group’s presentation
currency are translated into the presentation currency by applying the method below.

To comply with the financial reporting requirements of the Stock Exchange of Thailand and the
Department of Business Development, the Group presents the financial statements by translating from
US Dollar to Thai Baht as follows:

 Assets and liabilities are translated at the closing rate at the date of respective statement of financial
position;
 Income and expenses for statement of income and statement of comprehensive income are
translated at average exchange rates during the period; and
 All resulting exchange differences from such translations are recognised in other comprehensive
income (expense).

34
PTT Exploration and Production Public Company Limited
374 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

5.4 Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary
course of business.

Trade receivables are recognised initially at the amount of consideration that is unconditional unless they
contain significant financing components with the objective to collect the contractual cash flows, they are
recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual
cash flows and therefore measures them subsequently at amortised cost.

The impairment of trade receivables is disclosed in Note 5.5 (f).

5.5 Financial asset

a) Classification

The Group classifies its debt instrument financial assets into the following measurement categories
depending on i) business model for managing the asset and ii) the cash flow characteristics of the asset
whether they represent solely payments of principal and interest (SPPI).

 Those to be measured subsequently at fair value through other comprehensive income (FVOCI) or
fair value through profit or loss (FVPL); and
 Those to be measured at amortised cost.

For investments in equity instruments, the Group has an irrevocable election at the time of initial
recognition to account for the equity investment at a) fair value through profit or loss or b) at fair value
through other comprehensive income except those that are held for trading, they are measured at FVPL.

b) Recognition and derecognition

Regular way purchases, acquires and sales of financial assets are recognised on the trade date, which
the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.

PTT Exploration and Production Public Company Limited

35
Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 375
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

c) Measurement

At initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of
a financial asset not at FVPL, transaction costs that are directly attributable to the acquisition of the
financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

Financial assets with embedded derivatives are considered in their entirety when determining whether
the cash flows are solely payment of principal and interest.

d) Debt instruments

Subsequent measurement of debt instruments depends on the Group’s business model for managing
the asset and the cash flow characteristics of the financial assets. There are three measurement
categories into which the Group classifies its debt instruments:

 Amortised cost - Financial assets that are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised cost.
Interest income from these financial assets is included in interest income using the effective interest
rate method. Any gain or loss arising on derecognition and foreign exchange gains and losses are
recognised in profit or loss and presented in other gains (losses) and gain (loss) on foreign
exchange rates, respectively. Impairment losses are presented as a separate line item in the
statement of income.

 FVOCI - Financial assets that are held for i) collection of contractual cash flows and ii) for selling the
financial assets are measured at FVOCI. Movements in the carrying amount are taken through other
comprehensive income (OCI), except for the recognition of impairment gains or losses, interest
income using the effective interest method, and foreign exchange gains and losses which are
recognised in profit or loss. When the financial assets is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss and recognised in other
gains/(losses). Interest income is included in interest income. Gian (loss) on foreign exchange rate is
presented in other income (expense) Impairment expenses are presented separately in the statement
of income.

PTT Exploration and Production Public Company Limited

36
376 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

 FVPL - Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at
FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in
profit or loss and presented in gains (loss) on remeasuring of financial instruments from in the period
in which it arises.

The Group reclassifies debt instruments only when its business model for managing those assets changes.

e) Equity instruments

The Group measures all equity investments at fair value. Where the Group has elected to present fair
value gains and losses on equity instruments in OCI, there is no subsequent reclassification of fair value
gains and losses to profit or loss following the derecognition of the investment. Dividends from such
investments continue to be recognised in profit or loss as other income when the right to receive
payments is established.

Changes in the fair value of financial assets at FVPL are recognised in gain on remeasuring financial
instruments in the incurring period.

Impairment losses and reversal of impairment losses on equity investments are reported together with
changes in fair value.

f) Impairment

The Group applies the TFRS 9 simplified approach in recognising the impairment of trade and other
current receivables, which applies lifetime expected credit loss, from initial recognition, for trade and
other current receivables.

To measure the expected credit losses, trade receivables have been grouped based on shared credit
risk characteristics and the days past due. The expected loss rates are based on the payment profiles
and the corresponding historical credit losses experienced. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors affecting the ability of the
customers to settle the receivables.

PTT Exploration and Production Public Company Limited 37

PTT toExploration
Notes andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 377
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

For long-term loans to related parties and other financial assets carried at amortised cost and FVOCI,
the Group applies TFRS 9 general approach in measuring the impairment of those financial assets.
Under the general approach, the 12-month or the lifetime expected credit loss is applied depending on
whether there has been a significant increase in credit risk since the initial recognition.

The credit risk assessment is performed at the end of each reporting period whether there is any
significant increase in credit risk profile from the initial recognition by comparing i) expected risk of
default as of the reporting date and ii) estimated risk of default on the date of initial recognition.

The Group assesses expected credit loss by taking into consideration forward-looking information and
past experiences. The expected credit loss is a probability-weighted estimate of credit losses
(probability-weighted present value of estimated cash shortfall). The cash shortfall is the difference
between all contractual cash flows that are due to the Group and all cash flows expected to receive,
discounted at the original effective interest rate.

When measuring expected credit losses, the Group reflects the following:

 Probability-weighted estimated uncollectible amounts;

 Time value of money; and
 Supportable and reasonable information as of the reporting date about past experience, current
conditions and forecasts of future situations.

Impairment and reversal of impairment losses are recognised in profit or loss and included in
administrative expenses.

38
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378 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

5.6 Property, plant and equipment

Property, plant and equipment are presented at cost, after deducting accumulated depreciation and the
provision for the impairment of assets.

Land is not depreciated. Depreciation on other assets is calculated as follows:

a) Exploration and production assets

The Group follows the Successful Efforts Method in accounting for its assets used for exploration and
production activities as follows:

 Costs of exploration and production assets comprise total acquisition costs of petroleum rights
or the acquisition costs of the portion of properties, decommissioning costs as well as support
equipment and facilities.

 Exploratory drilling costs are capitalised as exploration and evaluation assets and will be
classified as exploration and production assets of the projects if their exploratory wells have
identified proved reserves that have been found to be commercially producible. However, if the
exploratory wells have not identified proved reserves or have identified proved reserves but have
not been found to be commercially producible, such drilling costs will be expensed in the
statements of income.

 Exploration costs, comprising geological and geophysical costs as well as area reservation fees
during the exploration stage, are charged to expenses in the statement of income when incurred.

 Development costs, whether relating to the successful or unsuccessful development of wells, are
capitalised as exploration and production assets.

PTT Exploration and Production Public Company Limited

39
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 379
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

 The capitalised acquisition costs of petroleum rights are depreciated using the unit of production
method based on proved reserves. Depreciation of exploratory wells, development costs as well
as decommissioning costs, except unsuccessful projects, are calculated using the unit of production
method based on proved reserves or proved developed reserves. The Group recognises changes
in reserve estimates prospectively.

 Proved reserves and proved developed reserves are calculated by the engineers of the Company
and are based on the information received from the joint operators.

 Depreciation for support equipment and facilities is calculated using the straight-line method with
an estimated useful life of assets which is between 2 - 20 years.

 Depreciation for signature bonus, remuneration for production bonus and the renewal of petroleum
production is calculated using the straight-line method with an estimated useful life which is
between 10 - 26 years in accordance with the agreement.

b) Pipelines and others

Costs of properties comprises of other direct costs necessary to bring the asset to working condition
suitable for its intended use.

Depreciation of pipelines and others is determined using the straight-line method with an estimated
useful life of assets which is between 5 - 30 years.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.

Subsequent costs are included in the asset’s carrying amount, only when it is probable that future economic
benefits associated with the item will flow to the Group. The carrying amount of the replaced part is derecognised.

Repair and maintenance costs are recognised as expenses when incurred.

Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds from
disposal with the carrying amount and are recognised in the statement of income when incurred.

40
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380 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

5.7 Rights to receive reimbursement from decommissioning funds

Rights to receive reimbursement from decommissioning funds is recognised at present value when the Group
contribute cash into the fund in accordance to terms and it is certainly probable that it can reimburse the cost
of decommissioning from the funds. When funds reimburse cash to the Group after the completion of the
decommissioning activities, cash will be adjusted against the right to receive reimbursement from
decommissioning funds. The differences between the amount received and the remaining carrying amount of
the decommissioning fund is recognised profit or loss.

The Group will not offset the rights to receive reimbursement from decommissioning fund with provisions for
decommissioning costs if the Group is still obligated to the decommissioning liabilities. The Group does not
have control, joint control or significant influence over the funds.

5.8 Goodwill

Goodwill arises from the business combination which represents the excess of the fair value of the
consideration transferred over the fair value of the net identifiable assets, liabilities and contingent liabilities of
the acquired subsidiaries, joint operations, associates or joint ventures undertaking at the date of the
acquisition.

Goodwill on acquisitions of subsidiaries and joint operations is separately reported in the statements of
financial position, while goodwill on acquisitions of associates and joint ventures is included in investment in
associates and joint ventures.

Goodwill is not amortised but is annually tested for impairment. Goodwill is allocated to cash-generating unit
of group of cash-generating units that are expected to gain benefit from the business combination that caused
goodwill. Goodwill is presented at cost less accumulated impairment losses.

Impairment losses on goodwill are not reversed. The carrying amount of goodwill is included in the gains and
losses on the disposal of business when it is divested.

PTT Exploration and Production Public Company Limited

41
Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 381
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

5.9 Exploration and evaluation assets

Exploration and evaluation expenditures are capitalised at cost as exploration and evaluation assets. If the
projects have identified the proved reserves that have been found to be commercially producible, the
capitalised exploration and evaluation expenditures under these projects will be transferred to oil and gas
properties of the projects with proved reserves. Subsequent accounting of such costs is described in the
accounting policy for property, plant and equipment in Note 5.6 - Property, Plant and Equipment. The
capitalised exploration and evaluation expenditure is written off as expenses in the statements of income in
the period in which the projects have not identified proved reserves or have identified proved reserves, but
have not been found to be commercially producible.

5.10 Impairment of assets

The Group’s assets are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may exceed the recoverable amount. Intangible assets that have an indefinite useful life
or are not ready to be used are tested for impairment annually.

An impairment loss is recognised for the amount by which the carrying amount of the assets exceeds its
recoverable amount which is the higher of an asset’s fair value less costs to sell and its value in use, and is
recorded in the statement of income. For the purposes of assessing impairment, assets are grouped at the
lowest levels in which they are separately identifiable.

Estimates of future cash flows used in the evaluation for impairment of assets which relate to petroleum
production are made with consideration of the risk assessment on field and reservoir performance which
includes the estimate of proved and unproved reserves.

Allowance for impairment of assets, except when relating to goodwill, is reversed as applicable to the extent
that the events or circumstances that triggered the original allowance for impairment change. For this
circumstance, the increased carrying amount of the assets from the reversal could not exceed the carrying
amount (net of amortisation or depreciation), if the Group did not recognise the impairment loss for assets in
the prior period.

PTT Exploration and Production Public Company Limited

42
382 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

5.11 Current and deferred income taxes

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except
to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax is calculated on the basis of the tax laws enacted or substantially enacted at the end
of the reporting period. Management periodically evaluates positions taken in tax returns with respect to
situations in which applicable tax regulation is subject to interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax will be recognised when there are temporary differences arising from differences between
the tax base of assets and liabilities and their carrying amounts in the financial statements. However, deferred
income tax is not recognised for temporary differences arise from:

 Initial recognition of an asset or liability in a transaction other than a business combination that affects
neither accounting nor taxable profit or loss is not recognised
 Investments in subsidiaries, associates and joint arrangements where the timing of the reversal of the
temporary difference is controlled by the Group and it is probable that the temporary difference will not
be reversed in the foreseeable future.

Deferred income tax is measured using tax rates of the period in which temporary difference is expected to
be reversed, based on tax rates and tax laws that have been enacted or substantially enacted by the end of
the reporting period.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax assets and liabilities balances relate to the same or different taxable
entities which intend either to settle current tax liabilities and assets on a net basis.

PTT Exploration and Production Public Company Limited 43

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 383
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

5.12 Leases

Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased
asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost.
The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the
shorter of the asset's useful life and the lease term on a straight-line basis.

The Group allocates the consideration in the contract to the lease and non-lease components based on their
relative stand-alone prices. In the event that the Group cannot allocate the lease and non-lease components,
the Group elected not to separate lease and non-lease components and instead accounts for these as a single
lease component.

Assets and liabilities arising from a lease are initially measured at a present value basis. Lease liabilities include
the net present value of the following lease payments:

 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
 Variable lease payment that are based on an index or a rate
 Amounts expected to be payable by the lessee under residual value guarantees
 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

Lease payments under the extension options period are also included in the measurement of the liability, if the
Group is reasonably certain about exercising its extension options.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay
to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar
terms and conditions.

44
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384 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

The Group is exposed to potential future increases in variable lease payments based on an index or rate,
which are not included in the lease liability until they take effect. When adjustments to lease payments based
on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

Right-of-use assets are measured at cost comprising the following:

 The amount of the initial measurement of lease liability

 Any lease payments made at or before the commencement date less any lease incentives received
 Any initial direct costs; and
 Restoration costs.

Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line
basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
Low-value assets comprise computer and IT equipment.

5.13 Financial liabilities

a) Classification

Financial instruments issued by the Group are classified as either financial liabilities or equity securities
by considering contractual obligations.

 Where the Group has an unconditional contractual obligation to deliver cash or another financial
asset to another entity, it is considered a financial liability unless there is a predetermined or
possible settlement for a fixed amount of cash in exchange of a fixed number of the Group’s own
equity instruments.
 Where the Group has no contractual obligation or has an unconditional right to avoid delivering
cash or another financial asset in settlement of the obligation, it is considered an equity instrument.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting date.

PTT Exploration and Production Public Company Limited 45

Notes to the Consolidated and Separate Financial Statements 385
PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

b) Measurement

Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost.

c) Derecognition and modification

Financial liabilities are derecognised when the obligation specified in the contract is discharged,
cancelled, or expired.

Where the terms of a financial liability are renegotiated/modified, the Group assesses whether the
renegotiation / modification results in the derecognition of that financial liability. Where the modification
results in an extinguishment, the new financial liability is recognised based on fair value of its obligation.
The remaining carrying amount of financial liability is derecognised. The difference as well as proceed
paid is recognised as other gains/(losses) in profit or loss.

Where the modification does not result in the derecognition of the financial liability, the carrying amount
of the financial liability is recalculated as the present value of the renegotiated / modified contractual
cash flows discounted at its original effective interest rate. The difference is recognised in other
gains/(losses) in profit or loss.

5.14 Borrowing costs

General and specific borrowing costs directly attributable to the acquisition, construction or production of
qualifying assets, are added to the cost of those assets less investment income earned from these specific
borrowings. The capitalisation of borrowing costs is ceased when substantially all of the activities necessary
to prepare the qualifying assets for its intended use or sale are complete.

Other borrowing costs are recognised as expenses in the period in which they are incurred.

PTT Exploration and Production Public Company Limited

46
386 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

5.15 Employee benefits

The Group has recognised employee benefits based on the types of benefits which are post-employment benefits
and other long-term benefits.

a) Post-employment benefits

The Group has recognised both defined contribution and defined benefit plans as follows:

The Group’s employees have become members of the following provident funds: "Employee of PTTEP
Registered Provident Fund", "Sinsataporn Registered Provident Fund" and “TISCO Master Pooled Fund
Registered Provident Fund".

The provident funds are funded by payments from employees and from the Group which are held in a separate
trustee-administered fund. The Group contributes to the funds at a rate of 3% - 15% of the employees’ salaries
which are charged to the statements of income in the period the contributions are made.

The Group’s obligation in respect of the retirement benefit plans is calculated by estimating the amount
of future benefits that employees will earn in return for their services to the Group in current and future
periods. Such benefits are discounted to the present value. The employee benefits obligation is
calculated by an independent actuary using the projected unit credit method. Actuarial gains and losses
arising from experience adjustments and changes in actuarial assumptions are charged or credited to
equity in other comprehensive income (loss) in the period in which they arise.

Past-service costs are recognised immediately in the statements of income.

PTT Exploration and Production Public Company Limited 47

Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 387
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

b) Other long-term benefits

The Group’s other long-term benefits are benefits based on employees’ length of service. The Group
calculates the amount of these benefits according to the employees’ service period.

The expected obligation of these benefits is calculated by independent actuarial experts and accrued
over the period of employment based on the same accounting practice used for the employee
retirement benefits. Actuarial gains and losses arising from experience adjustments and changes in
actuarial assumptions will be recognised in the statements of income in the period in which they arise.

The Group recognises the obligation in respect of employee benefits in the statements of financial
position under “Non-current provision for employee benefits” as disclosed in Note 28.

5.16 Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past
events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has
been reliably estimated.

Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation. The increase in the provision due to passage of time is recognised as interest expense.

48
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388 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

5.17 Revenue recognition

Revenue are recorded net of value added tax. They are recognised in accordance with the provision of goods
or services, provided that collectability of the consideration is probable.

Multiple element arrangements involving delivery or provision of multiple products or services are separated
into individual distinct performance obligations. Total transaction price of the bundled contract is allocated to
each performance obligation based on their relative standalone selling prices or estimated standalone selling
prices. Each performance obligation is recognised as revenue on fulfilment of the obligation to the customer.

The Group has the revenue recognition in each category as follows:

Revenue from contracts with customers is recognised when the Group complete performance obligations at
a point in time by transferring petroleum product to a customer and the control over the product is transferred
to a customer whom the product is physically possessed. The revenue is measured at the fair value of the
consideration which the Group expects to be entitled in exchange for petroleum product, provided that
collectability of the consideration is probable. Inter-company sales revenue is excluded in the consolidated
financial statements.

Under the Gas Sales Agreements, the Group has obligations to supply minimum quantities of gas to a
customer in each contract year. If in any contract year, the customer has not taken the minimum quantities of
gas according to the Gas Sales Agreements, the customer shall pay for quantities of gas not taken (Take-or-Pay).
If the customer is unable to take the minimum contracted quantities in a given year, the volume of gas that the
customer has paid for but has not taken in that year (Make-up) can be taken free of charge in subsequent
years. Payments received in advance under these agreements are recognised as deferred income. This
deferred income is recognised in the statements of income when the gas is subsequently taken.

Interest income is recognised based on time proportion basis considering on an effective interest rate of one
point of time until the end of term and considering on an outstanding balance of the principal recognised in
deferred income account of the Group.

PTT Exploration and Production Public Company Limited 49

PTT toExploration
Notes andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 389
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Dividend income is recognised when the right to receive payment is established.

Other income is recognised on an accrual basis.

5.18 Dividend distribution

Dividend distributed to the Company’s shareholders is recognised as a liability when interim dividends are
approved by the Board of Directors’ meeting, and when the annual dividends are approved by the
shareholders’ meeting.

5.19 Earnings per share

Basic earnings per share are calculated by dividing the income for the year attributable to ordinary
shareholders less interest expense for subordinated capital debentures by the weighted average number of
ordinary shares outstanding during the year.

Diluted earnings per share are calculated by dividing the income for the year attributable to shareholders less
interest expense for subordinated capital debentures by the weighted average number of ordinary shares
outstanding during the year, adjusted with dilutive potential ordinary shares. The Company assumes that all
dilutive potential ordinary shares are converted into ordinary shares.

50
PTT Exploration and Production Public Company Limited
390 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

5.20 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision-maker. The chief operating decision-maker is a person responsible for allocating resources
and assessing performance of the operating segments that makes strategic decisions.

In considering the segment reporting, the chief operating decision-maker considers product types as well as
geographical areas classified by business segments which are identified by different business activities that
are subject to risks and returns that are different from those of other business segments.

5.21 Derivatives and hedging activities

a) Embedded derivative and derivatives that do not qualify for hedge accounting

Embedded derivative that is separately accounted for and derivatives that do not qualify for hedge
accounting is initially recognised at fair value. Changes in the fair value are included in other income or other
expenses.

Fair value of derivatives is classified as a current or non-current following its remaining maturity.

b) Hedge accounting

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently remeasured to their fair value at the end of each reporting period. The Group designates
certain derivatives as either 1) hedges of the fair value of recognised assets or liabilities or 2) hedges
of a particular risk associated with the cash flows of highly probable forecast transactions (cash flow hedges).

At inception of the hedge relationship, the Group documents i) the economic relationship between
hedging instruments and hedged items including whether changes in the cash flows of the hedging
instruments are expected to offset changes in the cash flows of hedged items and ii) its risk
management objective and strategy for undertaking its hedge transactions.

PTT Exploration and Production Public Company Limited

51
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 391
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The full fair value of a hedging derivative is classified as a current or non-current asset or liability
following the maturity of related hedged item.

The fair values of derivative financial instruments designated in cash flow hedge relationships and
movements in the hedging reserve in shareholders’ equity are disclosed in Note 7.

The effective portion of changes in the fair value of derivatives that are designated and qualified as
cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating
to the ineffective portion is recognised immediately in profit or loss.

The Group applies hedge accounting on cross currency and interest rate swap and forward foreign
exchange contracts in hedge relationships that were being used to hedge the underlying assets or
liabilities and highly probable forecast transactions. The Group only designates the spot component of
cross currency and interest rate swap and forward foreign exchange contracts as hedging instrument.
Gains or losses relating to the effective portion of the change in the spot component and intrinsic value
are recognised in the cash flow hedge reserve within equity and recognised the changes in foreign
currency basis spreads of cross currency and interest rate swap and forward foreign exchange
contracts that relate to hedged items as the costs of hedging reserve within other comprehensive
income of equity.

Amounts accumulated in equity are reclassified in the periods when the hedged item affects profit or
loss.

The gain or loss relating to the effective portion of cross currency and interest rate swap and forward
foreign exchange contracts is recognised in profit or loss within gain or loss on remeasuring of financial
instruments at the same time as recognising gain or loss on foreign exchange rate of the hedged items.

The gain or loss relating to the effective portion of cross currency and interest rate swap hedging interest
rate risk from debentures is recognised in profit or loss within finance costs at the same time as
recognising interest expense on the hedged debentures.

52
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Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

6 Financial risk management

The Group exposes to various risks from its business operations as follows:

6.1 Financial risk

The Group exposes to a variety of financial risks which comprise market risk (including foreign exchange risk,
interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management programme
focuses on the unpredictability of financial markets and seeks to minimise potential effects on the Group’s
financial performance to an acceptable level. The Group also uses derivative financial instruments to hedge
certain exposures.

Financial risk management is centralised and carried out by the financial risk management function. The
Group’s financial risk management includes areas such as foreign exchange risk, interest rate risk, price risk,
credit risk and liquidity risk. The framework parameters are approved by the Board of Directors and used as
the key communication and control tools for financial risk management function of the Group’s subsidiaries.

6.1.1 Market risk

a) Foreign exchange risk

The vast majority of the Group’s domestic and overseas business (revenues and expenses) are in US Dollar
and most companies in the Group have determined the US Dollar as the functional currency by considering
from revenue and operating expenses used in the primary economic environment in which the entity operates.
The Group’s exposure to the foreign exchange risk arises from transactions which are denominated in
currencies that are not the functional currency.

PTT Exploration and Production Public Company Limited

53
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 393
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The Group and the Company have significant exposure to financial statements from transactions denominated
in Baht at the end of the reporting period as follows:

Consolidated financial statements

31 December 2024 31 December 2023
Unit: Million Unit: Million Unit: Million Unit: Million
US Dollar Baht US Dollar Baht

Cash and cash equivalents 252 8,572 380 13,013

Trade and other current receivables 458 15,559 762 26,085
Cross currency and interest rate swaps
- cashflow hedge derivative * 857 29,120 851 29,120
Other non-current financial assets - 2 - 8
Other non-current assets 13 448 4 149

Trade and other current payables (424) (14,403) (391) (13,385)

Forward foreign exchange contracts - trading * (1,370) (46,571) (1,549) (53,024)
Other current liabilities (10) (330) (53) (1,812)
Lease liabilities (51) (1,739) (37) (1,270)
Debentures (909) (30,884) (902) (30,879)

54
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394 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

31 December 2024 31 December 2023
Unit: Million Unit: Million Unit: Million Unit: Million
US Dollar Baht US Dollar Baht

Cash and cash equivalents 47 1,605 37 1,268

Trade and other current receivables 171 5,796 337 11,538
Cross currency and interest rate swaps
- cashflow hedge derivative * 512 17,400 508 17,400
Short-term loans to related parties 14 488 46 1,585
Other non-current financial assets - 2 - 8
Other non-current assets 4 149 4 147

Trade and other current payables (196) (6,652) (190) (6,516)

Forward foreign exchange contracts - trading * (801) (27,216) (930) (31,833)
Other current liabilities (1) (45) (3) (101)
Lease liabilities (34) (1,165) (23) (797)
Debentures (512) (17,392) (508) (17,390)
* These are disclosed with notional amount.

The Group manages its foreign exchange risks on financial assets and financial liabilities those are not
functional currency by balancing the structure and transactions, types of assets, liabilities and equity. In
addition, the Group uses derivative instruments to manage and hedge the risks exposure of the foreign
currency transaction while it also considers costs, effectiveness, and risks that may arise in each interval.

The Group uses cross currency and interest rate swaps, forward foreign exchange contracts and forward
foreign exchange contracts with resettable options to hedge firm and anticipated foreign exchange
commitments and to manage its foreign exchange risk arising from future commercial transactions. The
Group does not usually hedge its net investments in foreign operations except in circumstances where there
is a material exposure arising from a currency that is anticipated to be volatile and the hedging is cost
effective. The Group manages its foreign exchange risks by swapping into the entity’s functional currency.

PTT Exploration and Production Public Company Limited 55

Notes
PTTto the Consolidatedand
Exploration and Separate Financial
Production Statements
Public Company Limited 395
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Foreign currency borrowings are swapped into the entity’s functional currency using cross currency and
interest rate swaps, except where the foreign currency borrowings are repaid with cash flows generated
in the same foreign currency. The purpose of these hedges is to mitigate the impact of movements in
foreign exchange rates on assets and liabilities and the profit or loss of the Group.

The Group enters into cross currency and interest rate swaps, forward foreign exchange contracts and
forward foreign exchange contract with resettable options to hedge its exposure to foreign exchange risk.
Under the Group’s policy, the critical terms of these contracts must align with the hedged items. The Group
applies hedge accounting for cross currency and interest rate swaps and forward foreign exchange
contracts with resettable options. As a result, gain or loss of non-hedge items are recognised in profit or loss.

The Group only designates the spot component of cross currency and interest rate swap and forward foreign
exchange contracts with resettable options in hedge relationships. The spot component is determined with
reference to relevant spot market exchange rates. The difference between the contracted forward rate and
the spot market exchange rate is defined as the forward points. It is discounted, where material.

The changes in the forward element of the cross currency and interest rate swaps and forward foreign
exchange contracts with resettable options that relate to hedged items are deferred in the costs of
hedging reserve.

The Group and the Company entered into a cross currency and interest rate swaps with 94.24% of total Thai
Baht borrowings and at 100% of total Pound Sterling loan to a related party which are not matched with the
Company’s and each subsidiary’s functional currency.

Cross currency and interest rate swaps comprise of accrued interest income and expense which will be
made twice a year. The due date of interest and principal of the cross currency and interest rate swaps
are the same date as loan maturity date.

As at 31 December 2024, the Group and the Company entered into forward foreign exchange contracts
and forward foreign exchange contracts with resettable options at 67.13% and 65.29%, respectively
(as at 31 December 2023: 82.01% and 81.36%), of forecasted Thai Baht trade receivables which are not
matched with the Company’s and each subsidiary’s functional currency.

56
PTT Exploration and Production Public Company Limited
 Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

396
The Group’s exposure of hedging instrument to financial position and performance are as follows:
PTT Exploration and Production Public Company Limited

Consolidated financial statements

31 December 2024
Hedging instrument Carrying amount of hedging instrument
Total contractual
amount (Million Unit: Million Contractual Swap rate
Type of hedge Derivative US Dollar) US Dollar Unit: Million Baht Hedge ratio Maturity date exchange rate received Swap rate paid
Cash flow hedge Cross currency and 349 16 534 1:1 6 June 2029 32.66 4.82% 4.99%
interest rate swap 182 2 56 1:1 5 November 2026 33.00 2.00% - 2.75% 2.46% - 2.60%
148 3 92 1:1 5 April 2027 33.75 2.09% 2.88% - 3.26%
30 1 37 1:1 5 April 2029 33.60 2.69% 3.68%
171 12 406 1:1 5 April 2032 33.50 3.05% 4.05% - 4.16%
479 11 395 1:1 30 June 2026 1.2700 - 1.2737 6.44% - 6.50% SONIA+1.78%
84 2 65 1:1 29 June 2032 1.2767 6.08% SONIA+1.78%
Forward foreign 459 2 69 1:1 March - October 2025 33.39 - -
exchange contracts 282 6 187 1:1 February - April 2025 33.20 - -
with resettable 67 - 11 11 March - October 2025 33.33 - -
options

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57
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
31 December 2023
Hedging instrument Carrying amount of hedging instrument
Total contractual
amount (Million Unit: Million Contractual Swap rate
Type of hedge Derivative US Dollar) US Dollar Unit: Million Baht Hedge ratio Maturity date exchange rate received Swap rate paid
Cash flow hedge Cross currency and 349 6 215 1:1 6 June 2029 32.66 4.82% 4.99%
interest rate swap 182 2 76 1:1 5 November 2026 33.00 2.00% - 2.75% 2.46% - 2.60%
148 1 50 1:1 5 April 2027 33.75 2.09% 2.88% - 3.26%
30 - 2 1:1 5 April 2029 33.60 2.69% 3.68%
171 - 1 1:1 5 April 2032 33.50 3.05% 4.05% - 4.16%
Forward foreign 600 (14) (478) 1:1 January - October 35.87 - -
exchange contracts 2024
with resettable
options
234 (9) (296) 1:1 January - April 2024 35.70 - -
PTT Exploration and Production Public Company Limited

58

397
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

398
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Separate financial statements

31 December 2024
Hedging instrument Carrying amount of hedging instrument
Total contractual
amount (Million Unit: Million Contractual Swap rate
Type of hedge Derivative US Dollar) US Dollar Unit: Million Baht Hedge ratio Maturity date exchange rate received Swap rate paid
Cash flow hedge Cross currency and 349 16 534 1:1 6 June 2029 32.66 4.82% 4.99%
interest rate swap 182 2 56 1:1 5 November 2026 33.00 2.00% - 2.75% 2.46% - 2.55%
Forward foreign 459 2 69 1:1 March - October 33.39 - -
exchange contracts 2025
with resettable
options

Separate financial statements

31 December 2023
Hedging instrument Carrying amount of hedging instrument
Total contractual
amount (Million Unit: Million Contractual Swap rate

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Type of hedge Derivative US Dollar) US Dollar Unit: Million Baht Hedge ratio Maturity date exchange rate received Swap rate paid
Cash flow hedge Cross currency and 349 6 215 1:1 6 June 2029 32.66 4.82% 4.99%
interest rate swap 182 2 76 1:1 5 November 2026 33.00 2.00% - 2.75% 2.46% - 2.60%
Forward foreign 600 (14) (478) 1:1 January - October 35.87 - -
exchange contracts 2024
with resettable
options

59
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 399
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

As shown in the table above, the Group is primarily exposed to changes in US Dollar and Baht exchange
rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from financial assets and
financial liabilities denominated in foreign currency other than the entity’s functional currency and the impact
on profit before income tax. If the Group determines the exchange rate as at 31 December 2024 and 2023 to
be changed by 10% and holding all other variables constant, the impact on profit before income tax of the
Group will be as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Baht to US Dollar exchange rate

- Increase 10% 23 (12) 769 (410)
- Decrease 10% (23) 12 (769) 410

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Baht to US Dollar exchange rate

- Increase 10% 22 (1) 741 (23)
- Decrease 10% (22) 1 (741) 23

b) Interest rate risk

Interest rate risk is the risk of changes in market value of interest rate which affect to the cash flow from assets
and liabilities at variable rates. Therefore, the borrowing at variable rates is the cause of the Group’s interest
rate risk. The Group’s policy is to maintain an appropriate proportion of its borrowings at fixed rates and
variable rates considering the Group’s business operation. In doing so, the Group maintains its fixed interest
rate borrowings not less than 80%. The Group also considers costs, market conditions, and acceptable risk
before entering into the financial instrument to manage interest rate risk.

60
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400 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Following interest rate benchmark reform, there are cessations in several benchmark interest rates including
LIBOR, which is applied by the Group as part of the variable rate calculation. The Group had managed the
risk by transition to alternative benchmark rates for all loan agreements and financial instruments.

The exposure of the Group’s borrowings to changes in interest rate of the borrowings at the end of the reporting
period are as follows:

Consolidated financial statements

31 December 2024 31 December 2023
Unit: Million Unit: % of total Unit: Million Unit: % of total
US Dollar Million Baht borrowings US Dollar Million Baht borrowings

Fixed rate borrowings 2,618 89,013 94 2,610 89,325 94

Fixed rate borrowings -
adjusted at contract-
specified intervals 177 5,996 6 175 5,995 6
2,795 95,009 100 2,785 95,320 100

PTT Exploration and Production Public Company Limited 61

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 401
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

31 December 2024 31 December 2023
Unit: Million Unit: Million % of total Unit: Million Unit: Million % of total
US Dollar Baht borrowings US Dollar Baht borrowings

Fixed rate borrowings 335 11,396 12 333 11,395 66

Fixed rate borrowings -
adjusted at contract-
specified intervals 177 5,996 35 175 5,995 34
512 17,392 47 508 17,390 100

The percentage of total borrowings represented the proportion of borrowings that are currently at variable
rates and fixed rates in relation to the total amount of borrowings. An analysis by maturities is provided in Note 25.

c) Price risk

The Group’s exposure to price risk arises from petroleum product prices because the Group’s selling price of
petroleum products is reference to the world’s crude oil prices, which are fluctuated subject to various factors
beyond its control.

Fluctuations in the world’s crude oil prices directly affect the prices of the Group’s crude oil and condensate,
while the prices of natural gas, which is the main product of the Group, change in the same direction with the
reference oil prices and other factors in the gas price formula. Natural gas prices have adjusted periods that
reflect actual price delayed by every 3 to 21 months (lag time) depending on each contract. The natural gas
price will move corresponding to lower volatility compared to the prices of crude oil and condensate.

The Group has managed the price risk by analysing the impact of the level of oil price changes to revenue,
cash flow and net profit of the Group annually. The risk mitigation plan is reviewed by the Risk Management
Committee and the Board of Directors in order to be used as the Group’s operation framework.

As at 31 December 2024, the Group entered into oil price hedging derivatives for the year 2024 totalling
2.00 million barrels (as at 31 December 2023: the Group entered into oil price hedging derivatives for the year
2024 totalling 3.62 million barrel which is the part of total oil price hedging derivatives for the year 2024).

62
PTT Exploration and Production Public Company Limited
402 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The changes in oil price, holding all other variables constant, will impact fair value of oil price hedging
derivative as at 31 December 2024 and 2023 as follows:

Consolidated financial statements

Unit: Unit:
Million US Dollar Million Baht
2024
Price per barrel
- Increase 1 US Dollar (1) (25)
- Decrease 1 US Dollar 1 25

Consolidated financial statements

Unit: Unit:
Million US Dollar Million Baht
2023
Price per barrel
- Increase 1 US Dollar (1) (40)
- Decrease 1 US Dollar 1 40

6.1.2 Credit risk

a) Risk management

The Group’s policy to manage its credit risk is to enter into transactions with the customers who have good
credit profiles only. The majority of sales is made with PTT Public Company Limited, the parent company. In addition,
the Group carefully assesses and regularly reviews the credit profiles of its customers.

The Group places deposits with the banks which are rated at investment grade level. The Group regularly
assesses credit quality and stability of these banks by taking into account of their credit rating, investment
portfolio and other financial ratios which demonstrate their performance and the ability to control their business
risks, such as non-performing loan to total loan ratio. These factors are used to manage risks and to consider
the amount of bank deposit limit in order to ensure that deposits are well-diversified and to avoid concentration
risks with individual bank together with the consideration yields and acceptable risk in each time interval.

63
PTT Exploration and Production Public Company Limited
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 403
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Before entering into financial derivative contracts, the Group has assessed the financial position and credit
worthiness, including setting up credit exposure limit, of counterparty bank in the same way as when the Group
assesses banks before placing deposit as described above. Currently all banks in which the Group has
entered into financial derivative contracts are rated at investment grade level. In addition, the Group has
adjusted, based on the timing and type of transactions, the outstanding balance of each financial derivative
contract made with banks to reflect the risk-adjusted exposure and has diversified transactions to avoid
concentration risks with individual bank together with the costs, consideration yields and risks arising in each
interval.

b) Impairment of financial assets

The Group has following financial assets that are subject to the expected credit loss model as follows:
- Cash and cash equivalents
- Short-term investments
- Trade and other current receivables
- Other current assets
- Short-term loans to a related party
- Long-term loans to a related party
- Other non-current financial assets
- Other non-current assets

Management consider that impairment loss of financial assets mentioned above are immaterial.

6.1.3 Liquidity risk

Liquidity risk is the risk that suitable sources of funding for the Group’s business activities may not be available.
The Group’s contractual maturity of liabilities and interest, including the derivative contracts are as follows:

64
PTT Exploration and Production Public Company Limited
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

404
For the year ended 31 December 2024

a) Maturity of financial liabilities

PTT Exploration and Production Public Company Limited

The tables below analyse the maturity of financial liabilities grouping based on their contractual maturities. The amounts disclosed are the contractual undiscounted cash flows as at
31 December 2024 and 2023.

Consolidated financial statements

Unit: Million US Dollar
Total carrying
Within 1 year 1 - 5 years Over 5 years Total amount

2024
Trade and other current payables 1,759 - - 1,759 1,759
Other current liabilities 67 - - 67 67
Lease liabilities 417 528 89 1,034 966
Debentures - fixed interest rate
Principal - 1,232 1,585 2,817 2,795
Interest expense * 106 363 1,085 1,554 -

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Forward foreign exchange contracts - net ** (3) - - (3) 42

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 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
Unit: Million US Dollar
Total carrying
Within 1 year 1 - 5 years Over 5 years Total amount

2023
Trade and other current payables 1,425 - - 1,425 1,425
Other current liabilities 166 - - 166 166
Lease liabilities 300 477 141 918 868
Contingent considerations from business acquisition 1 - - 1 1
Debentures - fixed interest rate
Principal - 865 1,946 2,811 2,785
Interest expense * 106 391 1,162 1,659 14
Cross currency and interest rate swap - net ** 1 4 6 11 1
Forward foreign exchange contracts - net ** 64 - - 64 42
PTT Exploration and Production Public Company Limited

66

405
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

406
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
Total carrying
Within 1 year 1 - 5 years Over 5 years Total amount

2024
Trade and other current payables 59,787 - - 59,787 59,787
Other current liabilities 2,262 - - 2,262 2,262
Lease liabilities 14,166 17,950 3,017 35,133 32,826
Debentures - fixed interest rate
Principal - 41,894 53,858 95,752 95,008
Interest expense * 3,617 12,312 36,872 52,801 -
Forward foreign exchange contracts - net ** (94) - - (94) 1,448

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67
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
Unit: Million Baht
Total carrying
Within 1 year 1 - 5 years Over 5 years Total amount

2023
Trade and other current payables 48,767 - - 48,767 48,767
Other current liabilities 5,693 - - 5,693 5,693
Lease liabilities 10,283 16,308 4,826 31,417 29,719
Contingent considerations from business acquisition 26 - - 26 26
Debentures - fixed interest rate
Principal - 29,612 66,590 96,202 95,320
Interest expense * 3,635 13,384 39,751 56,770 471
Cross currency and interest rate swap - net ** 36 145 188 369 27
Forward foreign exchange contracts - net ** 2,207 - - 2,207 1,448
PTT Exploration and Production Public Company Limited

68

407
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

408
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
Total carrying
Within 1 year 1 - 5 years Over 5 years Total amount

2024
Trade and other current payables 344 - - 344 344
Other current liabilities 6 6 6
Lease liabilities 58 77 1 136 129
Debentures - fixed interest rate
Principal - 512 - 512 512
Interest expense * 20 61 - 81 -
Forward foreign exchange contracts - net ** (2) - - (2) 21

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69
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Separate financial statements
Unit: Million US Dollar
Total carrying
Within 1 year 1 - 5 years Over 5 years Total amount

2023
Trade and other current payables 303 - - 303 303
Other current liabilities 13 - - 13 13
Lease liabilities 36 33 1 70 66
Debentures - fixed interest rate
Principal - 175 333 508 508
Interest expense * 20 73 8 101 3
Forward foreign exchange contracts - net ** 42 - - 42 21
PTT Exploration and Production Public Company Limited

70

409
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

410
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Separate financial statements

Unit: Million Baht
Total carrying
Within 1 year 1 - 5 years Over 5 years Total amount

2024
Trade and other current payables 11,684 - - 11,684 11,684
Other current liabilities 193 - 193 193
Lease liabilities 1,987 2,601 39 4,627 4,374
Debentures - fixed interest rate
Principal - 17,400 - 17,400 17,393
Interest expense * 684 2,088 - 2,772 -
Forward foreign exchange contracts - net ** (80) - - - 708

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71
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Separate financial statements
Unit: Million Baht
Total carrying
Within 1 year 1 - 5 years Over 5 years Total amount

2023
Trade and other current payables 10,369 - - 10,369 10,369
Other current liabilities 442 - - 442 442
Lease liabilities 1,226 1,115 38 2,379 2,274
Debentures - fixed interest rate
Principal - 6,000 11,400 17,400 17,390
Interest expense * 684 2,498 275 3,457 90
Forward foreign exchange contracts - net ** 1,437 - - 1,437 708

The major assumptions for the data presented in the table above are that all the interest expenses are calculated based on the nominal interest rate and there is no change in
aggregate principal amounts of loans other than repayment at scheduled maturity.
- Thai Baht liabilities were equivalent to US Dollar at the closing rate at the date respective statement of financial position.

* Interest paid represents the interest payment due within year.

PTT Exploration and Production Public Company Limited

** Derivatives were presented at the net amount between cash inflow and cash outflow.

As at 31 December, the Company has commitments from the guarantees of debentures and loans of its subsidiaries as disclosed in Note 35.3. The maturity date of obligations
follows the maturity of loan agreements, debentures and loans of subsidiaries.

72

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412 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

b) Financing arrangements

The Group manages its liquidity risks by preparing cash flow forecasts and adjusting financial forecasts on a
regular basis, entering into financing program, issuing short-term debt securities in order to access
Thailand’s capital market, as well as entering into credit facilities with financial institutions with the interest
rate agreed in advance. However, The credit facilities has designed sub credit facilities to support ESG
Tranche project.

As at 31 December 2024 and 2023, the outstanding principal amount and undrawn facilities are summarised
below.

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
Undrawn Undrawn
Credit limit amount Credit limit amount
2024
Committed credit facility 577 577 19,595 19,595
Uncommitted credit facility 281 281 9,544 9,544

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
Undrawn Undrawn
Credit limit amount Credit limit amount
2023
Committed credit facility 575 575 19,689 19,689
Uncommitted credit facility 279 279 9,544 9,544

PTT Exploration and Production Public Company Limited 73

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 413
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
Undrawn Undrawn
Credit limit amount Credit limit amount
2024
Committed credit facility 177 177 6,000 6,000
Uncommitted credit facility 270 270 9,190 9,190

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
Undrawn Undrawn
Credit limit amount Credit limit amount
2023
Committed credit facility 175 175 6,000 6,000
Uncommitted credit facility 269 269 9,190 9,190

Thai Baht credit facility is translated to US Dollar using the closing rate at the date respective statement of
financial position.

The Company’s International Credit Rating is comparable with the Sovereign Rating of Thailand and the
National Credit Rating is at the AAA. As a result, the Company can access to sources of funds for long-term
loans at the interest rate approximate the market interest rate. For the years 2024 and 2023, the Company’s
credit ratings as assigned by prominent credit rating agencies are as follows:

2024 2023
Foreign Domestic Foreign Domestic
Currency Currency Currency Currency
Rating Agency
Moody’s Baa1 Baa1 Baa1 Baa1
Standard and Poor’s BBB+ BBB+ BBB+ BBB+
Fitch Ratings BBB+ - BBB+ -
TRIS Rating (National Rating) - AAA - AAA

74
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414 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

6.2 Capital management

6.2.1 Risk management

Capital Risk Management

The Group manages capital to keep financial strength comparable with the leading companies in the same
industry, alignment with the business strategy, economy, market positioning and finance cost as well as impact
to the financial ratio and credit rating of the Company and providing the ultimate returns to shareholders and
benefits to other stakeholders.

7 Derivatives and hedge accounting

Book value of derivatives as at 31 December 2024 and 2023 are disclosed in Note 10.

7.1 Classification of derivative financial instruments

Derivatives are only used for economic hedging purposes, not for speculative investments. The Group adopts
hedge accounting for some derivatives which meet the condition of cash flow hedge instruments and
determines the hedge ratio at 1:1 considering the relationship of the relevant transactions and risk factors
between hedged items and hedging instruments. However, where derivatives do not meet the hedge
accounting criteria, they are classified as ‘held for trading’ for accounting purposes and are accounted for at
fair value through profit or loss.

The fair value of a hedging derivative is presented as current or non-current following the maturity of related
hedged items.

PTT Exploration and Production Public Company Limited 75

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 415
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

7.2 Hedge effectiveness

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic effectiveness
assessments, to ensure that an economic relationship exists between the hedged items and hedging instruments.

Foreign exchange risk

For cross currency and interest rate swap, the Group enters into hedging transaction where the critical terms
of the hedging instrument match exactly with the terms of the hedged item. The Group therefore performs a
qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such
that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses
the hypothetical derivative method to assess effectiveness.

In hedging of foreign currency on cross currency and interest rate swap, ineffectiveness may arise if there are
changes in the credit risk of the derivative counterparty, a reduction in value of the hedged items, or a significant
change in components of cross currency and interest rate swap.

76
PTT Exploration and Production Public Company Limited
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

416
For the year ended 31 December 2024

7.3 Cash flow hedge reserve

PTT Exploration and Production Public Company Limited

Hedging reserve includes costs of hedging and cash flow hedge reserve. The cash flow hedge reserve is used to recognise the effective portion of gains or losses on changes in fair
value of derivatives that are qualified for hedge accounting.

The Group has hedging reserve presented in other comprehensive income comprising financial instruments as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
Spot Spot
Cost of component Cost of component of
hedging of currency hedging currency
reserve forwards Total reserve forwards Total

As at 1 January 2024 11 12 23 460 557 1,017

Changes in fair value of hedging instruments recognised in OCI - 78 78 - 2,648 2,648
Costs of hedging deferred (11) - (11) (376) - (376)

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Reclassified from OCI to profit or loss
- Gain on foreign exchange rate - (25) (25) - (830) (830)
Deferred tax - (8) (8) (3) (271) (274)
As at 31 December 2024 - 57 57 81 2,104 2,185

77
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
Unit: Million US Dollar Unit: Million Baht
Spot Spot
Cost of component Cost of component of
hedging of currency hedging currency
reserve forwards Total reserve forwards Total

As at 1 January 2023 25 24 49 941 994 1,935

Changes in fair value of hedging instruments recognised in OCI - (22) (22) - (810) (810)
Costs of hedging deferred (16) - (16) (545) - (545)
Reclassified from OCI to profit or loss
- Gain on foreign exchange rate - 1 1 - 46 46
Deferred tax 2 9 11 64 327 391
As at 31 December 2023 11 12 23 460 557 1,017
PTT Exploration and Production Public Company Limited

78

417
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

418
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
Spot Spot
Cost of component Cost of component of
hedging of currency hedging currency
reserve forwards Total reserve forwards Total

As at 1 January 2024 5 14 19 153 584 737

Changes in fair value of hedging instruments recognised in OCI - 33 33 - 1,087 1,087
Costs of hedging deferred (8) - (8) (264) - (264)
Reclassified from OCI to profit or loss
- Gain on foreign exchange rate - (10) (10) - (341) (341)
Deferred tax (1) (5) (6) (14) (178) (192)
As at 31 December 2024 (4) 32 28 (125) 1,152 1,027

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 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Separate financial statements
Unit: Million US Dollar Unit: Million Baht
Spot Spot
Cost of component Cost of component of
hedging of currency hedging currency
reserve forwards Total reserve forwards Total

As at 1 January 2023 13 22 35 459 811 1,270

Changes in fair value of hedging instruments recognised in OCI - (16) (16) - (518) (518)
Costs of hedging deferred (8) - (8) (289) - (289)
Reclassified from OCI to profit or loss
- Gain on foreign exchange rate - 1 1 - 37 37
Deferred tax - 7 7 (17) 254 237
As at 31 December 2023 5 14 19 153 584 737
PTT Exploration and Production Public Company Limited

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Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

7.4 Amounts recognised in profit or loss

In addition to the amounts reclassified from hedge reserve as disclosed in Note 7.3, the following amounts
relating to derivatives were recognised in profit or loss:

Consolidated financial statements

Unit: Million US Dollar
For the years ended 31 December 2024 2023

Net gain (loss) on derivatives that do not qualify for hedge accounting,
presented in gain (loss) on remeasuring of financial instruments (20) 34

Consolidated financial statements

Unit: Million Baht
For the years ended 31 December 2024 2023

Net gain (loss) on derivatives that do not qualify for hedge accounting,
presented in gain (loss) on remeasuring of financial instruments (697) 1,133

Separate financial statements

Unit: Million US Dollar
For the years ended 31 December 2024 2023

Net gain (loss) on derivatives that do not qualify for hedge accounting,
presented in gain (loss) on remeasuring of financial instruments (14) 43

Separate financial statements

Unit: Million Baht
For the years ended 31 December 2024 2023

Net gain (loss) on derivatives that do not qualify for hedge accounting,
presented in gain (loss) on remeasuring of financial instruments (464) 1,446

PTT Exploration and Production Public Company Limited 81

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 421
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

8 Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.

8.1 Impairment of goodwill

In assessing the impairment of goodwill, the Group estimates using the discounted future cash flows which
are based on management’s key assumptions in relation to selling price using the future oil price, estimated
future production volume based on a proved and probable reserves and gross margin rate. These
assumptions are based on management’s judgment and past experience as well as the future prediction that
is believed to be reasonable in the present situation. Changes in the information or new noticeable information
may lead to the change in the assumptions and the discount rate for the estimation of the discounted future cash
flows. The assumption of selling price is determined from the short-term oil price based on forward oil price
curve and long-term oil price based on demand and supply of oil in the world market.

8.2 Estimation of petroleum reserves

Petroleum reserves are key elements in the Group’s investment decision-making process. They are also
important elements in testing for impairment. Changes in proved reserves will also affect the present value of
the net cash flows and depreciation calculated using the unit-of-production method.

Proved reserves are the quantities of petroleum that are demonstrated with reasonable certainty to be
commercially producible in future years from known reservoirs under existing economic and operating
conditions including government rules and regulations. The proved reserves have to be examined and
assessed annually by the Group’s geologists and reservoir engineers.

8.3 Estimation related to the fair values of net identifiable assets acquired from investment acquisition

The fair value determination of net identifiable assets acquired involves significant assumptions from
independent valuer and management judgements to apply the fair valuation method, an estimation of future
performance and the projected cash flows, including the application of discount rate applied to projected cash
flows. Key assumptions are the estimation of future price, capital expenditures and operating expenses which
are approved by management, capital structure, growth rate and the discount rate to be applied to the projected
cash flows.

82
PTT Exploration and Production Public Company Limited
 Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

422
9 Segment and revenue information
PTT Exploration and Production Public Company Limited

Consolidated financial statements

Unit: Million US Dollar
Exploration and production Other businesses Elimination Total
Southeast Asia and Corporate
Other
For the year ended 31 December 2024 Thailand Southeast Asia Middle East Africa Others

Revenues - Third parties 340 1,115 598 - 65 58 - 2,176

- Related parties 5,059 1,087 560 318 - - (358) 6,666
Other income 59 14 7 27 1 1,783 (1,716) 175
Interest income 2 15 3 14 1 1,228 (1,025) 238
Total revenues 5,460 2,231 1,168 359 67 3,069 (3,099) 9,255
Operating expenses 876 680 84 52 18 92 (400) 1,402
Exploration expenses 11 33 18 - 63 - - 125
Administrative expenses 102 78 15 7 5 601 (292) 516
Petroleum royalties 352 17 - 27 - - - 396
Depreciation, depletion and amortisation 1,694 600 268 64 16 48 (1) 2,689
(Gain) loss on foreign exchange rates (6) (4) - 1 - 3 - (6)
Gain on remeasuring financial instruments - - - - - (11) - (11)
Finance costs 170 34 7 3 - 1,142 (1,022) 334
Share of profit of associates and joint ventures - - (15) - - (23) - (38)
Income taxes 731 223 587 61 14 5 - 1,621
Total expenses 3,930 1,661 964 215 116 1,857 (1,715) 7,028
Profit (loss) for the year 1,530 570 204 144 (49) 1,212 (1,384) 2,227

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 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
Unit: Million Baht
Exploration and production Other businesses Elimination Total
Southeast Asia and Corporate
Other
For the year ended 31 December 2024 Thailand Southeast Asia Middle East Africa Others

Revenues - Third parties 12,043 39,392 21,097 - 2,279 2,038 - 76,849

- Related parties 178,639 38,366 19,791 11,288 - - (12,623) 235,461
Other income 2,069 467 237 948 32 62,952 (60,620) 6,085
Interest income 88 547 96 480 35 43,351 (36,162) 8,435
Total revenues 192,839 78,772 41,221 12,716 2,346 108,341 (109,405) 326,830
Operating expenses 30,857 23,961 2,946 1,836 644 3,195 (14,101) 49,338
Exploration expenses 367 1,172 626 3 2,215 - - 4,383
Administrative expenses 3,591 2,756 531 244 157 21,105 (10,269) 18,115
Petroleum royalties 12,447 619 - 947 - - - 14,013
Depreciation, depletion and amortisation 59,915 21,199 9,430 2,278 561 1,702 (46) 95,039
(Gain) loss on foreign exchange rates (143) (168) - 25 1 92 10 (183)
Gain on remeasuring financial instruments - - - - - (402) - (402)
Finance costs 6,013 1,191 234 117 11 40,295 (36,048) 11,813
Share of profit of associates and joint ventures - - (524) - - (793) - (1,317)
Income taxes 25,780 7,861 20,749 2,136 478 210 - 57,214
Total expenses 138,827 58,591 33,992 7,586 4,067 65,404 (60,454) 248,013
Profit (loss) for the year 54,012 20,181 7,229 5,130 (1,721) 42,937 (48,951) 78,817
PTT Exploration and Production Public Company Limited

84

423
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

424
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Consolidated financial statements

Unit: Million US Dollar
Exploration and production Other businesses Total
Southeast Asia and Corporate
Other
As at 31 December 2024 Thailand Southeast Asia Middle East Africa Others

Segment assets 8,599 6,013 3,969 4,205 287 4,969 28,042

Investments under equity method - - 5 - - 354 359
Total assets 28,401
Total liabilities 5,741 1,871 783 759 62 3,419 12,635

Capital expenditures 2,968 371 1,012 154 23 106 4,634

Consolidated financial statements

Unit: Million Baht
Exploration and production Other businesses Total
Southeast Asia and Corporate
Other
As at 31 December 2024 Thailand Southeast Asia Middle East Africa Others

Segment assets 292,284 204,389 134,890 142,910 9,755 168,876 953,104

Investments under equity method - - 163 - - 12,034 12,197
Total assets 965,301

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Total liabilities 195,113 63,600 26,620 25,781 2,122 116,189 429,425

Capital expenditures 104,634 13,064 35,673 5,416 811 3,722 163,320

85
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
Unit: Million US Dollar
Exploration and production Other businesses Elimination Total
Southeast Asia and Corporate
Other
For the year ended 31 December 2023 Thailand Southeast Asia Middle East Africa Others

Revenues - Third parties 302 1,221 607 - 38 19 - 2,187

- Related parties 4,890 1,033 557 279 - 37 (344) 6,452
Other income 83 3 1 24 - 1,451 (1,417) 145
Gain on disposal of participating interests - - - - 73 - - 73
Interest income 2 11 4 11 - 1,093 (969) 152
Total revenues 5,277 2,268 1,169 314 111 2,600 (2,730) 9,009
Operating expenses 802 625 85 34 13 67 (401) 1,225
Exploration expenses 5 22 9 1 57 - - 94
Administrative expenses 71 64 11 15 4 1,098 (776) 487
Petroleum royalties 397 29 - 24 - - - 450
Depreciation, depletion and amortisation 1,412 546 256 58 13 52 (2) 2,335
(Gain) loss on foreign exchange rates (14) (1) - 1 - (34) - (48)
Loss on remeasuring financial instruments - - - - - 56 - 56
Finance costs 130 34 6 2 - 1,081 (959) 294
Share of profit of associates and joint ventures - - (16) - - (27) - (43)
Impairment loss on assets and goodwill - - - 120 - - - 120
Income taxes 866 280 595 65 5 20 - 1,831
Total expenses 3,669 1,599 946 320 92 2,313 (2,138) 6,801
Profit (loss) for the year 1,608 669 223 (6) 19 287 (592) 2,208
PTT Exploration and Production Public Company Limited

86

425
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

426
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
Exploration and production Other businesses Elimination Total
Southeast Asia and Corporate
Other
For the year ended 31 December 2023 Thailand Southeast Asia Middle East Africa Others

Revenues - Third parties 10,542 42,632 21,082 - 1,331 654 - 76,241

- Related parties 170,115 35,945 19,373 9,717 - 1,273 (11,970) 224,453
Other income 2,862 113 23 852 1 50,718 (49,537) 5,032
Gain on disposal of participating interests - - - 13 2,548 - - 2,561
Interest income 55 377 155 384 15 38,061 (33,743) 5,304
Total revenues 183,574 79,067 40,633 10,966 3,895 90,706 (95,250) 313,591
Operating expenses 27,873 21,771 2,961 1,203 468 2,333 (13,945) 42,664
Exploration expenses 184 774 327 16 2,008 - - 3,309
Administrative expenses 2,474 2,231 387 512 164 38,279 (27,068) 16,979
Petroleum royalties 13,777 1,003 - 852 - - - 15,632
Depreciation, depletion and amortisation 49,182 19,049 8,895 2,022 450 1,797 (73) 81,322
(Gain) loss on foreign exchange rates (456) (23) 1 25 (21) (1,151) (1) (1,626)
Loss on remeasuring financial instruments - - - - - 1,881 - 1,881
Finance costs 4,528 1,206 206 94 7 37,610 (33,408) 10,243
Share of profit of associates and joint ventures - - (554) - - (923) - (1,477)
Impairment loss on assets and goodwill - - - 4,255 - - - 4,255
Income taxes 30,074 9,766 20,687 2,284 170 723 - 63,704
Total expenses 127,636 55,777 32,910 11,263 3,246 80,549 (74,495) 236,886
Profit (loss) for the year 55,938 23,290 7,723 (297) 649 10,157 (20,755) 76,705

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 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
Unit: Million US Dollar
Exploration and production Other businesses Total
Southeast Asia and Corporate
Other
As at 31 December 2023 Thailand Southeast Asia Middle East Africa Others

Segment assets 7,743 6,252 3,057 4,011 324 4,708 26,095

Investments under equity method - - 16 - - 269 285
Total assets 26,380

Total liabilities 5,159 1,820 562 711 54 3,481 11,787

Capital expenditures 2,440 588 143 139 20 60 3,390

Consolidated financial statements

Unit: Million Baht
Exploration and production Other businesses Total
Southeast Asia and Corporate
Other
As at 31 December 2023 Thailand Southeast Asia Middle East Africa Others

Segment assets 264,982 213,987 104,618 137,270 11,097 161,099 893,053

Investments under equity method - - 560 - - 9,208 9,768
Total assets 902,821

Total liabilities 176,560 62,268 19,214 24,327 1,890 119,119 403,378

Capital expenditures 84,859 20,456 4,985 4,840 685 2,082 117,907

PTT Exploration and Production Public Company Limited

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428 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

For the year 2024 and comparative information for the year 2023, the Group has changed the basis of
presentation of reportable operating segments in accordance with segment information reported to the chief
operating decision-maker and quantitative thresholds according to financial reporting standards. The Group is
organised into the following business segments:
 Exploration and production: The Group operates in oil and gas exploration and production both domestically
and overseas including overseas gas transportation pipeline in overseas, either as an operator or as a joint
venture partner with international oil and gas companies. Most domestic projects are located in the Gulf of
Thailand. Overseas projects are located in Southeast Asia, Middle East, Africa and others.
 Other business and corporate consist of investments in other business associated with the Group’s strategy,
such as new business for energy transition, related business, and corporate. These do not constitute a separately
reportable segment.

For the year ended 31 December 2024, the Group had one major customer from revenues under the exploration and
production segment, representing 67% of total revenues from sales. (For the year ended 31 December 2023, the Group
has one major customer from revenues under the exploration and production segment, representing 66% of total
revenues from sales.) The mentioned revenue is presented in Note 16 (a) under the topic transactions with parent
company.

PTT Exploration and Production Public Company Limited 89

 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

10 Fair value

Notes to the Consolidated and Separate Financial Statements

10.1 Fair value estimation
The following tables present financial assets and liabilities recognised by their fair value hierarchy.
Consolidated financial statements
Unit: Million US Dollar
Level 1 Level 2 Level 3 Total
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2024 2023 2024 2023 2024 2023 2024 2023
Assets
Financial derivative assets
Derivatives assets used for hedging
- Forward foreign exchange contracts - - 8 - - - 8 -
- Cross currency and interest rate swap - - 47 11 - - 47 11
Derivatives assets measured at fair value through profit or loss
- Oil price hedge - - 9 19 - - 9 19
- Forward foreign exchange contracts - - 8 - - - 8 -
Other financial assets
Financial assets measured at fair value through profit or loss
- Investment in debt instruments - - - - - - - -
- Joint development agreements - - - - 2 2 2 2
Financial assets measured at fair value through other comprehensive
- Investment in equity instruments - 1 - - 6 - 6 1
Other non-current assets
PTT Exploration and Production Public Company Limited

Assets measured at fair value through profit or loss

- Pension scheme investments from joint operation 81 69 - - - - 81 69
Total assets 81 70 72 30 8 63 161 102

90

429
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

430
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Consolidated financial statements

Unit: Million US Dollar
Level 1 Level 2 Level 3 Total
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2024 2023 2024 2023 2024 2023 2024 2023

Liabilities
Financial derivative liabilities
Derivatives liabilities used for hedging
- Forward foreign exchange contracts - - - 23 - - - 23
- Cross currency and interest rate swap - - - 1 - - - 1
Derivatives liabilities measured at fair value through profit or loss
- Forward foreign exchange contracts - - - 19 - - - 19
Other current liabilities
Financial liabilities measured at fair value through profit or loss
- Contingent considerations from business acquisition - - - - - 1 - 1
Total liabilities - - - 43 - 1 - 44

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 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
Unit: Million Baht
Level 1 Level 2 Level 3 Total
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2024 2023 2024 2023 2024 2023 2024 2023

Assets
Financial derivative assets
Derivatives assets used for hedging
- Forward foreign exchange contracts - - 274 - - - 274 -
- Cross currency and interest rate swap - - 1,596 371 - - 1,596 371
Derivatives assets measured at fair value through profit or loss
- Oil price hedge - - 301 659 - - 301 659
- Forward foreign exchange contracts - - 278 - - - 278 -
Other financial assets
Financial assets measured at fair value through profit or loss
- Investment in debt instruments - 6 - - - - 6
- Joint development agreements - - - - 82 77 82 77
Financial assets measured at fair value through other comprehensive income
- Investment in equity instruments - 29 - - 205 1 205 30
Other non-current assets
Assets measured at fair value through profit or loss
- Pension scheme investments from joint operation 2,741 2,372 - - - - 2,741 2,372
PTT Exploration and Production Public Company Limited

Total assets 2,741 2,407 2,449 1,030 287 78 5,477 3,515

92

431
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

432
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
Level 1 Level 2 Level 3 Total
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2024 2023 2024 2023 2024 2023 2024 2023

Liabilities
Financial derivative liabilities
Derivatives liabilities used for hedging
- Forward foreign exchange contracts - - 7 774 - - 7 774
- Cross currency and interest rate swap - - 10 27 - - 10 27
Derivatives liabilities measured at fair value through profit or loss
- Forward foreign exchange contracts - - 11 674 - - 11 674
Other current liabilities
Financial liabilities measured at fair value through profit or loss
- Contingent considerations from business acquisition - - - - - 26 - 26
Total liabilities - - 28 1,475 - 26 28 1,501

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 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Separate financial statements
Unit: Million US Dollar
Level 1 Level 2 Level 3 Total
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2024 2023 2024 2023 2024 2023 2024 2023

Assets
Financial derivative assets
Derivatives assets used for hedging
- Forward foreign exchange contracts - - 2 - - - 2 -
- Cross currency and interest rate swap - - 17 8 - - 17 8
Financial assets measured at fair value through profit or loss
- Forward foreign exchange contracts - - 5 - - - 5 -
Other financial assets
Financial assets measured at fair value through profit or loss
- Investment in debt instruments - - - - - - - -
Financial assets measured at fair value through other comprehensive income
- Investment in equity instruments - - - - - - - -
Total assets - - 24 8 - - 24 8

Liabilities
Financial derivative liabilities
Derivatives liabilities used for hedging
PTT Exploration and Production Public Company Limited

- Forward foreign exchange contracts - - - 14 - - - 14

Derivatives liabilities measured at fair value through profit or loss
- Forward foreign exchange contracts - - - 7 - - - 7
Total liabilities - - - 21 - - - 21

94

433
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

434
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
Level 1 Level 2 Level 3 Total
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2024 2023 2024 2023 2024 2023 2024 2023
Assets
Financial derivative assets
Derivatives assets used for hedging
- Forward foreign exchange contracts - - 75 - - - 75 -
- Cross currency and interest rate swap - - 590 291 - - 590 291
Financial assets measured at fair value through profit or loss
- Forward foreign exchange contracts - - 145 - - - 145 -
Other financial assets
Financial assets measured at fair value through profit or loss
- Investment in debt instruments - 6 - - - - - 6
Financial assets measured at fair value through other comprehensive income
- Investment in equity instruments - - - - 1 1 1 1
Total assets - 6 810 291 1 1 811 298

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Liabilities
Financial derivative liabilities
Derivatives liabilities used for hedging
- Forward foreign exchange contracts - - 6 478 - - 6 478
Derivatives liabilities measured at fair value through profit or loss
- Forward foreign exchange contracts - - 3 230 - - 3 230
Total liabilities - - 9 708 - - 9 708

95
Notes to the Consolidated and Separate Financial Statements 435
PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The valuation of financial assets and financial liabilities fair value is based on accounting policy disclosed in
Note 5.5 Financial assets and Note 5.13 Financial liabilities.

The Group has no transaction transfer between Level 1, Level 2, and Level 3 of the fair value hierarchy during the year.

10.2 Fair value valuation techniques

Fair values are categorised into hierarchy based on inputs used as follows:

10.2.1 Valuation techniques used to derive level 1 fair values

The fair value of financial instruments is based on quoted prices of each asset or liability by reference
of active markets.

10.2.2 Valuation techniques used to derive level 2 fair values

The fair value of financial instruments is determined using valuation techniques which significantly
use observable data and, as little as possible, the Group specific estimates.

Valuation techniques used to derive level 2 fair values of financial derivatives are as follows:

 Oil price hedge comprises oil price swaps and options. The fair value of oil price swaps is
assessed based on the price level calculated using the market price of future contracts. The fair
value of oil price options is calculated using premium which requires various variable factors,
such as the price level of swap, timing of exercise, and price volatility etc.
 The fair value of forward contracts, including forward foreign exchange contracts with resettable
option, are calculated using forward foreign exchange rates that are quoted in an active market
for the forward contract portion. The fair value of resettable option is assessed based on various
variable factors, such as future forward foreign exchange rate, the market value of swap price,
timing of exercise, and foreign exchange rate volatility etc.

 The fair value of cross currency and interest rate swaps including Memorandum of Understanding
on Cross Currency Swap (MOU) in relation to interest rate adjustment with financial institutions,
is calculated using forward interest rates derived from the yield curves in an observable interest
market and forward foreign exchange rates that are quoted in an active market including
assessing the possibilities of interest rate adjustment according to MOU.

96
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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

10.2.3 Valuation techniques used to derive level 3 fair values

The fair value of financial instruments is measured using unobservable inputs in which the Group
uses discounted cash flows method to derive level 3 fair value.

Changes in level 3 fair value of financial instruments for the years ended as at 31 December 2024
and 2023 are as follows:

Consolidated financial statements

Unit: Million US Dollar
Financial assets
measured at fair
Financial assets value through Contingent
measured at fair value comprehensive considerations from
through profit or loss income business acquisition
Opening balance as at 1 January 2023 - - (1)
Increase 3 - -
Changes recognised in profit or loss (1) - -
Closing balance as at 31 December 2023 2 - (1)
Increase/Decrease (1) 6 1
Changes recognised in profit or loss 1 - -
Closing balance as at 31 December 2024 2 6 -

Consolidated financial statements

Unit: Million Baht
Financial assets
measured at fair
Financial assets value through Contingent
measured at fair value comprehensive considerations from
through profit or loss income business acquisition
Opening balance as at 1 January 2023 - 1 (50)
Increase 97 - 25
Changes recognised in profit or loss (20) - (1)
Closing balance as at 31 December 2023 77 1 (26)
Increase/Decrease (30) 211 27
Changes recognised in profit or loss 33 - -
Currency translation differences 2 (7) (1)
Closing balance as at 31 December 2024 82 205 -

PTT Exploration and Production Public Company Limited 97

 Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 437
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
Financial assets measured at fair value
through other comprehensive income

Opening balance as at 1 January 2023 -

Changes recognised in other comprehensive income -
Closing balance as at 31 December 2023 -
Changes recognised in other comprehensive income -
Closing balance as at 31 December 2024 -

Separate financial statements

Unit: Million Baht
Financial assets measured at fair value
through other comprehensive income

Opening balance as at 1 January 2023 1

Changes recognised in other comprehensive income -
Closing balance as at 31 December 2023 1
Changes recognised in other comprehensive income -
Closing balance as at 31 December 2024 1

98 Limited
PTT Exploration and Production Public Company
 Notes to the Consolidated and Separate Financial Statements

438
For the year ended 31 December 2024

The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements.
PTT Exploration and Production Public Company Limited

Fair value
Unit: Million US Dollar Unit: Million Baht Inputs
2024 2023 2024 2023 Unobservable inputs 2024 2023

Financial assets measured at

fair value through profit or loss 2 2 82 77 Risk-adjusted discount rate 20.00% 20.00%

The following table presents the relationship of unobservable inputs to fair value:

Change in fair value

Increase in assumption Decrease in assumption
Unobservable input Movement 2024 2024

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Financial assets measured at fair value through profit or loss Risk-adjusted discount rate 1.00% Decrease by 6.65% Increase by 7.58%

99
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 439
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The fair values of financial assets measured at fair value through profit or loss are as follows:
• For investments in non-marketable financial assets, the fair values are based on the discounted present
value of the future cash flows, estimated based on available performance indicators and an appropriate
interest rate.

The fair values of equity instruments measured at fair value through other comprehensive income are as
follows:
• For investment in startup companies, the fair values is based on the valuation made during the latest
round of fundraising including considering other factors.
• For investment in unquoted equity, the fair value is based on business plan and market conditions,
Management considers that the book value of the financial assets approximates their fair value.

The following figures presented fair value and book value of financial assets and liabilities for each category, but not
include transaction which has a book value similar to fair value.

The details of fair values of long-term loans receivables and long-term liabilities as at 31 December 2024 and 2023
calculated by using the discounted cash flow based on a discount rate of borrowing with similar terms are as follows:

Consolidated financial statements

Unit: Million US Dollar
Book value Fair value
31 December 31 December 31 December 31 December
2024 2023 2024 2023
Long-term loans to related parties 557 - 577 -
Unsecured and unsubordinated debentures 2,795 2,785 2,654 2,683

Consolidated financial statements

Unit: Million Baht
Book value Fair value
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Long-term loans to a related party 18,948 - 19,599 -

Unsecured and unsubordinated debentures 95,009 95,320 90,216 91,822

PTT Exploration and Production Public Company 100

Limited
440 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
Book value Fair value
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Long-term loans to related parties 6,983 6,983 6,977 6,973

Unsecured and unsubordinated debentures 512 508 544 532

Separate financial statements

Unit: Million Baht
Book value Fair value
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Long-term loans to related parties 237,331 238,975 237,150 238,639

Unsecured and unsubordinated debentures 17,392 17,390 18,494 18,208

Book value of long-term loans to related parties and unsecured and unsubordinated debentures is measured at
amortised cost.

The fair value of debentures in Thai Baht is calculated using the reference price in the secondary market of
Thai Bond Market Association that are quoted in an active market and classified as level 2 fair value.

The fair value of debentures in US Dollar is calculated using the reference observable price in the secondary market of
foreign bond that is quoted in an active market and classified as level 2 fair value.

The fair value of long-term loans to related parties is calculated by the discounted cash flow method using the reference
discount rate in the market and classified as level 3 fair value.

PTT Exploration and Production Public Company Limited 101

Notes
PTTto the Consolidatedand
Exploration and Separate Financial
Production Statements
Public Company Limited 441
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The fair values of the following financial assets and liabilities approximate their book values.

Consolidated financial statements Separate financial statements

Financial assets Financial assets

 Cash and cash equivalents  Cash and cash equivalents
 Short-term investments  Short-term investments
 Trade and other current receivables  Trade and other current receivables
 Other current assets  Loans to related parties
 Loans to related parties  Other current assets
 Other non-current financial assets  Other non-current assets
 Other non-current assets

Financial liabilities Financial liabilities

 Trade and other current payables  Trade and other current payables
 Lease liabilities  Loans from related parties
 Other current liabilities  Lease liabilities
 Other current liabilities

Book value of the above financial assets and liabilities is measured at amortised cost.

102
PTT Exploration and Production Public Company Limited
442 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

11 Cash and cash equivalents

Cash and cash equivalents are comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Cash and bank deposits 2,339 2,021 79,496 69,143

Cash equivalents
Fixed deposits with banks 1,180 1,762 40,411 60,310
Treasury bills due not over than
3 months - 35 - 1,199
Money market funds 419 201 14,243 6,890
Total cash and cash equivalents 3,938 4,019 133,850 137,542

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Cash and bank deposits 549 258 18,666 8,844

Cash equivalents
Fixed deposits with banks 213 545 7,242 18,659
Money market funds 6 151 181 5,150
Total cash and cash equivalents 768 954 26,089 32,653

In 2023 and 2024, the Group entered into the Green Deposit and ESG-linked Investment Program with a financial
institution. Under the Green Deposit Program, the financial institution will allocate the deposits received from the
Group to projects that have a positive environmental impact, such as renewable energy, clean transportation, and
the development of green buildings. Meanwhile, under the ESG-linked Investment Program, the Group will receive
additional returns from the financial institution, contingent on achieving the agreed-upon ESG targets.

103
PTT Exploration and Production Public Company Limited
PTT Exploration
Notes to andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 443
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

On 31 December 2024, the Group has cash and bank deposits under Green Deposit Program amounting to US
Dollar 153.86 million (Bath 5,229.37 million) and bank deposit under ESG-linked Investment Program amounting to
US Dollar 350.00 million (Baht 11,895.74 million) (2023: US Dollar 295.81 million (Baht 10,123.45 million)).

12 Short-term investments

Short-term investments are comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Fixed deposits 261 200 8,866 6,845

Other investment 30 - 1,025 -
Total short-term investments 291 200 9,891 6,845

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Fixed deposits - 200 - 6,845

Total short-term investments - 200 - 6,845

On 31 December 2024, the Group has fixed deposits under ESG-linked Investment Program amounting to US
Dollar 120.85 million (Baht 4,107.48 million) (2023: US Dollar 60.00 million (Baht 2,053.40 million)).

104
PTT Exploration and Production Public Company Limited
444 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

13 Trade and other current receivables

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Trade receivables (Note 16) 837 1,124 28,455 38,462

Other current receivables, net 436 695 14,815 23,779
Total trade and other current receivables, net 1,273 1,819 43,270 62,241

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Trade receivables (Note 16) 200 370 6,804 12,659

Other current receivables, net 463 480 15,715 16,432
Total trade and other current receivables, net 663 850 22,519 29,091

Aging of trade receivables can be analysed as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Not yet due 830 1,078 28,193 36,898

Over due
- Up to 3 months 3 21 113 710
- Over 3 months but not over 6 months - - - 5
- Over 6 months but not over 12 months 2 - 75 3
- Over 12 months 2 25 74 846
Total 837 1,124 28,455 38,462

PTT Exploration and Production Public Company Limited 105

Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 445
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Not yet due 200 346 6,804 11,831

Over due
- Up to 3 months - - - -
- Over 3 months but not over 6 months - - - -
- Over 6 months but not over 12 months - - - -
- Over 12 months - 24 - 828
Total 200 370 6,804 12,659

Due to the short-term nature of the current receivables, their carrying amounts are considered to be the same as their
fair values.

14 Inventories

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Inventory 72 58 2,457 1,986

Materials and supplies 604 564 20,519 19,317
676 622 22,976 21,303
Less Allowance for slow moving and obsolete (6) (11) (217) (389)
Total 670 611 22,759 20,914

PTT Exploration and Production Public Company 106

Limited
446 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Inventory 21 13 718 422

Materials and supplies 104 85 3,549 2,917
125 98 4,267 3,339
Less Allowance for slow moving and obsolete - (2) (11) (69)
Total 125 96 4,256 3,270

15 Assets and liabilities held-for-sale

On 17 September 202 4, PTTEP Mexico E&P Limited, S. de R.L. de C.V. (PTTEP MEP), a subsidiary of the Group,
entered into a Sale and Purchase Agreement (SPA) to sell its entire 16.67% interest in Mexico 29 (2.4) to REPSOL
EXPLORACIÓN MÉXICO, S.A. DE C.V. The sale and purchase shall be completed when the conditions specified in
the SPA are met.

On 31 December 2024, the Group classified this investment as assets and liabilities held-for-sale at the lower of the
carrying amount and the fair value less costs to sell and recognised the difference as an expense in the consolidated
statement of income amounting to US Dollar 28.33 million (Baht 944.74 million).

PTT Exploration and Production Public Company Limited 107

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 447
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

16 Significant transactions with related parties

Individuals or entities that directly, or indirectly through one or more intermediaries, control, or are controlled by, or
are under common control with, the Company, including holding companies, subsidiaries and fellow subsidiaries are
related parties of the Company. Individuals and associates owning, directly or indirectly, an interest in the voting
power of the Company that gives them significant influence over the enterprise, key management personnel, directors
and close members of the family of these individuals and companies associated with these individuals also constitute
related parties.

In considering each possible related party relationship, the Company’s attention is directed to the substance of the
relationship, and not merely the legal form.

PTT Public Company Limited, a company registered in Thailand, is the major shareholder of the Company and holds
in proportion of 63.79% of the shareholding interest. The general public hold the remaining shares.

Other related parties are entities that are contractual by the Company’s major shareholder.

The pricing policies for transactions between parent company, subsidiaries, associates, joint ventures, joint
operations and related parties are as follows:

 Sales are set based on the sale agreements.

 Interest income is calculated using weighted average cost of debt plus profit markup.
 Other income is calculated based on rate in the agreement.
 Dividend income is approved by shareholders of subsidiaries, associates and joint ventures.
 The prices of purchases and services charged are in accordance with the conditions in the agreement.
 Rental expenses are set based on price in the agreement.
 Other expenses comprise management and service fees charged to the parent company, subsidiaries and
related parties for rendering the management services in the normal course of business. The fees are based
on the service costs plus profit markup, and gain and loss on oil price hedge is calculated based on rate in
the agreement.

PTT Exploration and Production Public Company 108

Limited
448 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Significant transactions with related parties are summarised as follows:

a) Transactions with related parties

Transactions with related parties for the years ended 31 December are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Parent company
Revenue from sales 5,788 5,580 204,020 194,090
Other income 11 12 384 406
Purchase and other expenses 5 4 185 148

Associates
Interest income - - 15 13
Other income - 1 17 22
Dividend income 3 3 104 103
Rental and service expenses 72 74 2,548 2,578
Purchase and other expenses - - 16 1

Joint ventures
Dividend income 54 50 1,926 1,734

Other related parties

Revenue from sales 878 873 30,958 30,363
Interest income 23 - 788 -
Other income 6 7 213 253
Purchase and other expenses 111 124 3,925 4,324

PTT Exploration and Production Public Company Limited 109

PTT toExploration
Notes andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 449
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Parent company
Revenue from sales 1,772 2,264 62,446 78,432
Other income 1 2 40 52
Purchase and other expenses 5 4 165 134

Subsidiaries
Other income 165 158 5,814 5,508
Interest income 414 394 14,596 13,702
Dividend income 134 71 4,661 2,479

Associates
Other income - 1 17 33
Dividend income 3 3 105 103
Rental and service expenses 63 67 2,234 2,339

Other related parties

Revenue from sales 254 212 8,944 7,392
Other income - - - 14
Purchase and other expenses 4 4 139 128

b) Account receivable - related party

Account receivable - related party is comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Parent company 541 768 18,376 26,269

PTT Exploration and Production Public Company 110

Limited
450 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Parent company 163 329 5,548 11,275

c) Short-term loans to related parties

Short-term loans to related parties are comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Joint venture 25 8 860 258

The Group has provided the unsecured loans in US Dollar, Pound Sterling and Thai Baht to the joint venture
and the interest rates for the year ended 31 December 2024 were 1.20% - 8.10% per annum (2023: interest
rate was 1.20% - 7.25% per annum).

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Subsidiary 35 - 1,191 -

The Company has provided the unsecured loan in US Dollar and Thai Baht to the subsidiary and the interest
rate for the year ended 31 December 2024 was 0.70% - 4.75% per annum.

PTT Exploration and Production Public Company Limited 111

Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 451
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

d) Long-term loans to related parties

Long-term loans to related parties are comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Joint venture 557 - 18,948 15

The Group has provided the unsecured loan in Pound Sterling and Thai Baht to the joint venture and the interest
rates for the year ended 31 December 2024 were 6.48% - 6.98% per annum (2023: interest rates were 6.85% -
8.10% per annum).

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Subsidiary 6,983 6,983 237,331 238,975

The Company has provided the unsecured loan in US Dollar to the subsidiary and the interest rate for the year
ended 31 December 2024 was 5.83% per annum (2023: interest rate was 5.56% per annum). The borrower shall
make the repayment notice within this loan term which is over than 1 year.

PTT Exploration and Production Public Company 112

Limited
 PTT Exploration and Production Public Company Limited
452 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The movements of the long-term loans to related parties for the years are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Balance as at 1 January - - 15 15
Increase 574 - 20,231 -
Decrease (10) - (359) -
Foreign exchange differences (7) - (222) -
Currency translation differences - - (702) -
Long-term loans to related parties 557 - 18,963 15
Less Current portion - - (15) -
Balance as at 31 December 557 - 18,948 15

On 31 May 2024, PTTEP Treasury Center Company Limited (PTTEP TC), a subsidiary of the Group, has provided
loan to Renewable Energy Seagreen Holdco Limited (RESH), a joint venture of the Group, according to the
Group’s shareholding portion with an amount of Pound Sterling 451.13 million or equivalent to US Dollar 573.97
million (Baht 20,231.17 million) with floating interest rate. The interest is settled twice a year and the principal is
due in accordance with the agreement. The Group entered into the cross currency swap contracts with the
financial institutions to swap the loan to from Pound Sterling to US Dollar amounting to US Dollar 574.09 million
at the exchange rate of US Dollar 1.2726 per Pound Sterling and interest rate of 6.41% per annum.

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Balance as at 1 January 6,983 6,983 238,975 241,343

Currency translation differences - - (1,644) (2,368)
Balance as at 31 December 6,983 6,983 237,331 238,975

Loans to related parties measured at amortised cost are considered to have low credit risk. The expected
credit loss in the following 12 months and lifetime expected credit losses of the loans from increasing in credit
risk is insignificant.
113
PTT Exploration and Production Public Company Limited
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 453
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

e) Short-term loans from a related party

Short-term loans from a related party are comprised:

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Subsidiary - 494 - 16,901

The Group has the unsecured loan from a subsidiary in US Dollar and Thai Baht and the interest rates for the
year ended 31 December 2023 were 2.00% - 5.32% per annum

f) Director and executive management fees of the Group

Director and executive management fees of the Group for the years ended 31 December are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Short-term benefits 8 8 289 267

Post-employment and
other long-term benefits - - 16 13
8 8 305 280

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Short-term benefits 8 8 288 266

Post-employment and
other long-term benefits - - 16 13
8 8 304 279

PTT Exploration and Production Public Company 114

Limited
454 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

17 Investments in subsidiaries, associates, joint ventures and joint operations

The amounts of investments recognised in the statement of financial position are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Investments in associates 152 134 5,155 4,591

Investments in joint ventures 207 151 7,042 5,177
Total 359 285 12,197 9,768

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Investments in subsidiaries 3,320 3,210 112,869 109,876

Investments in associates 26 26 869 875
Total 3,346 3,236 113,738 110,751

17.1 Investments in subsidiaries

Changes of investments in subsidiaries during the years are as follows:

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
For the years ended 31 December 2024 2023 2024 2023

Opening book value 3,210 3,198 109,876 110,539

Increase in investments 110 12 3,888 428
Currency translation differences - - (895) (1,091)
Closing book value 3,320 3,210 112,869 109,876

PTT Exploration and Production Public Company Limited 115

Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 455
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

On 28 June 2024, PTTEP Energy Holding (Thailand) Company Limited (PTTEP EH), a subsidiary of the Company,
increased its authorised share capital by Baht 4,039.42 million by issuing 40.39 million new ordinary shares at
a par value of Baht 100 each. The Company paid the share subscription according to its shareholding portion in an
amount equivalent to US Dollar 110.31 million.

On 27 August 2024, PTTEP EH established PTTEP Joint Venture Company Limited (PTTEP JV) with a registered
capital of Baht 1 million. The registered capital comprises 0.01 million ordinary shares at a par value of Baht 100
each. PTTEP EH holds 100% interest in PTTEP JV. Its registered shares were fully paid with an amount equivalent to
US Dollar 0.03 million. The Group classifies the investment in PTTEP JV as an investment in a subsidiary.

On 28 August 2024, PTTEP JV established PTTEP Joint Development Company Limited (PTTEP JD) with a registered
capital of Baht 1 million. The registered capital comprises 0.01 million ordinary shares at a par value of Baht 100 each.
PTTEP JV holds 100% interest in PTTEP JD. Its registered shares were fully paid with an amount equivalent to US Dollar
0.03 million. The Group classifies the investment in PTTEP JD as an investment in a subsidiary.

On 15 November 2024, PTTEP Business Center Company Limited (PTTEP BC), a subsidiary of the Group, established
PTTEP SG Holding Pte. Ltd. (PTTEP SH) with a registered capital of US Dollar 0.05 million. The registered capital
comprises 0.05 million ordinary shares at a par value of US Dollar 1 each. PTTEP BC holds 100% interest in PTTEP
SH. Its registered shares were unpaid. The Group classifies the investment in PTTEP SH as an investment in a
subsidiary.

PTT Exploration and Production Public Company 116

Limited
 Notes to the Consolidated and Separate Financial Statements

456
For the year ended 31 December 2024

Details of investments in subsidiaries of the Company are as follows:

PTT Exploration and Production Public Company Limited

Separate financial statements (Cost method)

Participating interest (%) Participating interest (%)
(including direct holding) (including indirect holding) Unit: Million US Dollar Unit: Million Baht
Country of Type of 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
List of subsidiaries incorporation business 2024 2023 2024 2023 2024 2023 2024 2023

PTTEP International Limited Thailand Petroleum 100 100 - - 516 516 17,551 17,672
(PTTEPI)
PTTEP Services Limited Thailand Human resource 25 25 75 75 - - 3 3
(PTTEP Services) support
PTTEP Siam Limited (PTTEP Siam) Thailand Petroleum 51 51 49 49 100 100 3,391 3,415
PTTEP Offshore Investment Cayman Petroleum 75 75 25 25 - - - -
Company Limited (PTTEPO) Islands
PTTEP HK Holding Limited Hong Kong Petroleum 25 25 75 75 484 484 16,450 16,564
(PTTEP HK)

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

PTTEP Treasury Center Company Thailand Treasury center for 25 25 75 75 - - 2 3
Limited (PTTEP TC) the Group’s
business
PTTEP Energy Holding (Thailand) Thailand Petroleum 100 100 - - 2,220 2,110 75,472 72,219
Company Limited (PTTEP EH)

117
Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 457
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Indirect subsidiaries of the Company for the consolidated financial statements are as follows:

Participating interest (%)

(including indirect holding)
Country of 31 December 31 December
List of subsidiaries incorporation Type of business 2024 2023

PTTEP Business Center Company Limited (PTTEP BC) Thailand Petroleum 100 100
PTTEP Energy Development Company Limited Thailand Petroleum 100 100
(PTTEP ED)
EP-Tech Ventures Holding Company Limited (EP-Tech) Thailand Petroleum related 100 100
technology
AI and Robotics Ventures Company Limited (ARV) Thailand Technology 100 100
PTTEP Southwest Vietnam Company Limited (PTTEP SV) Cayman Islands Petroleum 100 100
PTTEP Kim Long Vietnam Company Limited (PTTEP KV) Cayman Islands Petroleum 100 100
PTTEP Hoang-Long Company Limited (PTTEP HL) Cayman Islands Petroleum 100 100
PTTEP Hoan-Vu Company Limited (PTTEP HV) Cayman Islands Petroleum 100 100
PTTEP Algeria Company Limited (PTTEP AG) Cayman Islands Petroleum 100 100
PTTEP Holding Company Limited (PTTEPH) Cayman Islands Petroleum 100 100
PTTEP Indonesia Company Limited (PTTEP ID) Cayman Islands Petroleum 100 100
PTTEP Africa Investment Limited (PTTEP AI) Cayman Islands Petroleum 100 100
PTTEP South Asia Limited (PTTEP SA) Cayman Islands Petroleum 100 100
PTTEP Australia Perth Pty Ltd (PTTEP AP) Commonwealth Petroleum 100 100
of Australia
PTTEP Australia Browse Basin Pty Ltd (PTTEP AB) Commonwealth Petroleum 100 100
of Australia
PTTEP Australia Timor Sea Pty Ltd (PTTEP AT) 1 Commonwealth Petroleum 100 100
of Australia
PTTEP Australasia (Operations) Pty Ltd (PTTEP AAO) Commonwealth Petroleum 100 100
of Australia
PTTEP Australasia (Ashmore Cartier) Pty Ltd Commonwealth Petroleum 100 100
(PTTEP AAA) of Australia
PTTEP Australasia (Staff) Pty Ltd (PTTEP AAS) 2 Commonwealth Petroleum - 100
of Australia
PTTEP International Holding Company Limited Cayman Islands Petroleum 100 100
(PTTEP IH)
PTTEP Southwest Vietnam Pipeline Company Limited Cayman Islands Gas pipeline 100 100
(PTTEP SVPC) transportation
PTTEP Netherland Holding Limited (PTTEP NL) Cayman Islands Petroleum 100 100

PTT Exploration and Production Public Company118

Limited
458 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Participating interest (%)

(including indirect holding)
Country of 31 December 31 December
List of subsidiaries incorporation Type of business 2024 2023

JV Marine Limited (JV Marine) Cayman Islands Petroleum 100 100

PTTEP Malunda Limted (PTTEP ML) Cayman Islands Petroleum 100 100
PTTEP Netherlands Coöperatie U.A. (PTTEP NC) Netherlands Petroleum 100 100
PTTEP Canada Limited (PTTEP CA) Canada Petroleum 100 100
Cove Energy Limited (Cove) United Kingdom of Petroleum 100 100
Great Britain and
Northern Ireland
Cove Energy East Africa Limited (CEEAL) 3 Republic of Cyprus Petroleum 100 100
PTTEP Mozambique Area 1 Limited (PTTEP MZA1) 3 Republic of Cyprus Petroleum 100 100
PTTEP Netherlands Holding Coöperatie U.A. (PTTEP NH) Netherlands Petroleum 100 100
PTTEP Brazil Investment B.V. (PTTEP BI) Netherlands Petroleum 100 100
Sinphuhorm Holdings Limited (SHL) Cayman Islands Petroleum 100 100
PTTEP SP Limited (PTTEP SP) United Kingdom of Petroleum 100 100
Great Britain and
Northern Ireland
PTTEP HK Offshore Limited (PTTEP HKO) Hong Kong Petroleum 100 100
PTTEP MENA Limited (PTTEP MENA) Hong Kong Petroleum 100 100
PTTEP Mexico E&P Limited, S. de R.L. de C.V. Mexico Petroleum 100 100
(PTTEP MEP)
PTTEP Sabah Oil Limited (PTTEP SBO) Bahamas Petroleum 100 100
PTTEP Sarawak Oil Limited (PTTEP SKO) Bahamas Petroleum 100 100
PTTEP Group Holding B.V. (PGH) Netherlands Petroleum 100 100
PTTEP (Kazakhstan) Corporation (PKC) Cayman Islands Petroleum 100 100
PTTEP (Angola) Corporation (PANG) 4 Cayman Islands Petroleum 100 100
PTTEP Gas Corporation (PGC) Republic of Panama Petroleum 100 100
Partex Services Corporation (PSC) Republic of Panama Human resource 100 100
support
PTTEP Oman E&P Corporation (POC) Republic of Panama Petroleum 100 100
Asia Power and Transportation SG Holding PTE. LTD. Singapore Petroleum related 100 100
(APT) business
Delta Gas Transportation SG Holding PTE. LTD. (DGH) Singapore Gas pipeline 100 100
transportation
Delta Gas Transportation Limited (DGT) Republic of the Gas pipeline 100 100
Union of Myanmar transportation

PTT Exploration and Production Public Company Limited 119

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 459
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Participating interest (%)

(including indirect holding)
Country of 31 December 31 December
List of subsidiaries incorporation Type of business 2024 2023

Rovula (Thailand) Company Limited (Rovula) Thailand Technology 100 100

Skyller Solutions Company Limited (Skyller) Thailand Technology 100 100
Varuna (Thailand) Company Limited (Varuna) 5 Thailand Technology 81.82 90
Cariva (Thailand) Company Limited (Cariva) 6 Thailand Technology 85 100
FutureTech Energy Ventures Company Limited (FTEV) Thailand Renewable energy and 100 100
related new business
FutureTech Solar (Thailand) Company Limited (FST) Thailand Solar power 100 100
Xplor Ventures Company Limited. (XPV) Thailand Technology and 100 100
innovation
Bind Systems Company Limited (BIND) Thailand Technology 100 100
Bedrock Analytics Company Limited (Bedrock) Thailand Technology 100 100
S2 Robotics Company Limited (S2) Thailand Technology 85.13 85.13
FUTURETECH SG PTE. LTD. (FSG) Singapore Renewable energy 100 100
and related new
business
PTTEP Joint Ventures Company Limited (PTTEP JV) Thailand Petroleum 100 -
PTTEP Joint Development Company Limited (PTTEP JD) Thailand Petroleum 100 -
PTTEP SG Holding Pte. Ltd. (PTTEP SH) Singapore Petroleum 100 -

1
On 1 April 2024, PTTEP Australia Timor Sea Pty Ltd (PTTEP AT), a subsidiary of the Group, received approval for
company dissolution and the dissolution was completed on 1 January 2025 as disclosed in Note 36.
2
On 2 March 2024, PTTEP Australasia (Staff) Pty Ltd (PTTEP AAS), a subsidiary of the Group, received the approval
for company dissolution from the registrar.
3
As at 31 December 2024, Cove Energy East Africa Limited (CEEAL), a subsidiary of the Group, pledge all of its
shares (0.21 million shares) in PTTEP Mozambique Area 1 Limited (PTTEP MZA1) , a subsidiary of the Group, as
collateral for a project finance loan agreement with a financial institution.
4
On 24 April 2024, PTTEP (Angola) Corporation (PANG), a subsidiary of the Group, received approval for company
dissolution and is in the process of dissolution.
5
On 29 March 2024, Varuna (Thailand) Company Limited (Varuna), a subsidiary of the Group, increased its
authorised share capital and additional investors participated. As a result, the Group’s shareholding interest in
Varuna decreased from 90% to 81.82%. Varuna is still a subsidiary of the Group.

PTT Exploration and Production Public Company120

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Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

6
On 9 April 2024, Cariva (Thailand) Company Limited (Cariva), a subsidiary of the Group, increased its authorised
share capital and additional investor participated. As a result, the Group’s shareholding interest in Cariva
decreased from 100% to 85%. Cariva is still a subsidiary of the Group.

17.2 Investments in associates

Changes of investments in associates during the years are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
For the years ended 31 December 2024 2023 2024 2023

Opening book value 134 116 4,591 3,987

Share of net profit after income taxes 8 10 274 350
Dividends received (3) (3) (104) (103)
Share of other comprehensive income
(expenses)
- Remeasurement of employee benefits - - (1) -
- Currency difference arising from
translation of financial statements
of associates 2 1 53 31
Increase in investments 11 10 394 372
Currency translation differences - - (52) (46)
Closing book value 152 134 5,155 4,591

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
For the years ended 31 December 2024 2023 2024 2023

Opening book value 26 26 875 884

Currency translation differences - - (6) (9)
Closing book value 26 26 869 875

PTT Exploration and Production Public Company Limited 121

PTT toExploration
Notes andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 461
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

On 27 March 2024, Hydrogen Duqm LLC (HDL), an associate of the Group, called for paid up shares. The Group paid
the share subscription according to the Group’s shareholding portion with an amount equivalent to US Dollar 0.43 million.

On 20 June 2024, MoZ LNG1 Holding Company Ltd (MOZ LNG1 Holding), an associate of the Group, increased its
authorised share capital amounting to US Dollar 61.30 million by issuing of 61.30 million new ordinary shares at a
par value of US Dollar 1 each. The Group paid the share subscription according to the Group’s shareholding portion
amounting to US Dollar 5.21 million.

On 3 December 2024, HDL increased its authorised share capital by Omani Rial 0.28 million by issuing 0.28 million
new ordinary shares at a par value of Omani Rial 1 each. The Group paid the share subscription according to the
Group’s shareholding portion with an amount equivalent to US Dollar 0.74 million.

On 30 December 2024, MOZ LNG1 Holding increased its authorised share capital by US Dollar 61.41 million by
issuing 61.41 million new ordinary shares at a par value of US Dollar 1 each. The Group paid the share subscription
according to the Group’s shareholding portion amounting to US Dollar 5.22 million.

PTT Exploration and Production Public Company 122

Limited
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

462
For the year ended 31 December 2024

Details of investments in associates of the Group and the Company are as follows:
PTT Exploration and Production Public Company Limited

Consolidated financial statements (Equity method)

Participating interest (%)
(including indirect holding) Unit: Million US Dollar Unit: Million Baht
Country of 31 December 31 December 31 December 31 December 31 December 31 December
List of associates 1, 2 incorporation Type of business 2024 2023 2024 2023 2024 2023

Energy Complex Company Limited Thailand Property rental services 50 50 81 75 2,757 2,579
(EnCo)
PTT Digital Solutions Company Limited Thailand Information technology 20 20 24 22 809 751
(PTT Digital) and communication
services
PTTEP AP Group’s Associates 3 Commonwealth Air base services 50 50 - - - -
of Australia
Leismer Aerodrome Limited (LAL) Canada Air transportation 32 32 - - - -
MOZ LNG1 Holding Company Ltd (MOZ LNG1 United Arab Petroleum 8.5 8.5 46 37 1,548 1,246
Holding) 4 Emirates

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Gas Investments and Services Company Limited Bermuda Investment funding, 5 5 - - - -
4
(GISCO) technology, and human
resource support
Hydrogen Duqm LLC (HDL) 4 Sultanate of Oman Renewable energy and 11 11 1 - 41 15
related new business

123
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Separate financial statements (Cost method)
Participating interest (%)
(including indirect holding) Unit: Million US Dollar Unit: Million Baht
Country of 31 December 31 December 31 December 31 December 31 December 31 December
List of associates 1, 2 incorporation Type of business 2024 2023 2024 2023 2024 2023

Energy Complex Company Limited Thailand Property rental services 50 50 25 25 842 848
(EnCo)
PTT Digital Solutions Company Limited Thailand Information technology 20 20 1 1 27 27
(PTT Digital) and communication
services

1
All investments in associates have been assessed as immaterial to the Group.
2
The Group has no contingent liabilities with participating interest in associates.
3
PTTEP AP’s Group Associates are North Kimberley Airport Pty Ltd and Troughton Island Pty Ltd.
4
The Group has significant influence over these companies due to its contractual rights to appoint directors, but not to the point of having joint control.
PTT Exploration and Production Public Company Limited

124

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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Individually immaterial associates

The Group has interests in a number of individually immaterial associates that are accounted for using equity
method as follows:

Unit: Million US Dollar Unit: Million Baht

31 December 31 December 31 December 31 December
2024 2023 2024 2023

Aggregate carrying amount of share of

individually immaterial associates 152 134 5,155 4,591

Unit: Million US Dollar Unit: Million Baht

For the years ended 31 December 2024 2023 2024 2023
Aggregate amounts of the Group’s
share of associates:
Profit from continuing operations 8 10 274 350
Other comprehensive income 2 1 52 31
Total comprehensive income
for the years 10 11 326 381

PTT Exploration and Production Public Company Limited 125

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 465
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

17.3 Investments in joint ventures

Changes of investments in joint ventures during the years are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
For the years ended 31 December 2024 2023 2024 2023

Opening book value 151 162 5,177 5,607

Share of net profit after income taxes 30 33 1,043 1,127
Dividends received (54) (50) (1,926) (1,734)
Share of other comprehensive income
- Currency differences arising from
translation of financial statements
of joint ventures (14) - (578) 1
Increase in investments 94 6 3,326 211
Currency translation differences - - - (35)
Closing book value 207 151 7,042 5,177

On 21 December 2023, FutureTech SG Pte. Ltd. (FSG), a subsidiary of the Group, has entered into a Share
Purchase Agreement (SPA) to acquire 50% share capital in TotalEnergies Renewables Seagreen Holdco
(TERSH) from TotalEnergies Renewables UK Ltd (TERUK), a subsidiary in TotalEnergies SE group company
(TotalEnergies). The acquisition was completed on 31 May 2024. The Group classified the investment in
TERSH as an investment in a joint venture which has acquisition value after working capital adjustment
according to the SPA amounting to US Dollar 94.21 million (Baht 3,407.91 million). Upon the completion of the
acquisition, FSG is to hold an indirect investment in the Seagreen Offshore Wind Farm in Scotland, United
Kingdom of Great Britain and Northern Ireland, at 25.5% (TERSH has changed its name to Renewable Energy
Seagreen Holdco Limited (RESH)). This investment aligns with the Group's strategy to expand into the clean
energy business.The estimated fair value of net identifiable assets acquired is equivalent to the acquisition
value amounting to US Dollar 94.21 million (Baht 3,407.91 million). The fair value of the identifiable assets
acquired is US Dollar 708.28 million (Baht 25,620.43 million), which primarily consist of investment in offshore
wind projects and loans to related parties. The fair value of the identifiable liabilities acquired is US Dollar
614.07 million (Baht 22,212.52 million), which mainly consist of long-term loans from financial institutions and
loans from related parties.

PTT Exploration and Production Public Company126

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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

As at 31 December 2024, the Group is in the process of determining the fair value of the net identifiable
assets acquired and reviewing the purchase price allocation (PPA), which might result in fair value adjustments.
The process is expected to be completed within 12 months from the acquisition date.

PTT Exploration and Production Public Company Limited 127

 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Details of investments in joint ventures of the Group are as follows;

Consolidated financial statements (Equity method)

Participating interest (%)
(including indirect holding) Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December 31 December 31 December
List of joint ventures 1, 2, Country of incorporation Type of business 2024 2023 2024 2023 2024 2023

Erawan 2 FSO PTE. Ltd. (E2FSO) Singapore FSO rental services 13.11 13.11 25 29 865 997
APICO LLC (APICO) United States of America Petroleum 72.8215 72.8215 93 97 3,150 3,326
Oman LNG LLC (OLNG) Sultanate of Oman Petroleum 2 2 5 16 163 560
ATI Technologies Co., Ltd (ATi) 3 Thailand Technology 40.91 45 - - - -
ZeaQuest Co., Ltd (ZeaQuest) Thailand Technology 50 50 1 2 19 61
Aerosky Solutions Co Ltd. (Aerosky) Thailand Technology 33 33 - - 1 1
4
B-MED X Company Limited (B-MED X) Thailand Technology 42.5 50 - - 3 5
SkyVIV Company Limited (SkyVIV) Thailand Technology 23.2 23.2 - 1 14 17
Nila Solutions Company Limited (Nila) Thailand Technology 50 50 - - 6 10
5
Green Aranya Company Limited (GARY) Thailand Technology 8.182 9 6 6 195 200
Renewable Energy Seagreen Holdco Limited (RESH) United Kingdom of Great Renewable energy and 50 - 77 - 2,626 -
Britain and Northern Ireland related new business

1
All investments in joint ventures have been assessed as immaterial to the Group.
PTT Exploration and Production Public Company Limited

2
The Group has no contingent liabilities with participating interests in joint ventures.
3
From the change in the ordinary shares of Varuna (Thailand) Company Limited (Varuna), a subsidiary of the Group, as disclosed in Note 17.1 to the financial statements. As a result, the Group's shareholding interest in ATi decreased to 40.91%.
4
From the change in the ordinary shares of Cariva (Thailand) Company Limited (Cariva), a subsidiary of the Group, as disclosed in Note 17.1 to the financial statements. As a result, the Group's shareholding interest in B-MED X decreased to 42.5%.
5
From the change in the ordinary shares of Varuna as disclosed in Note 17.1 to the financial statements. As a result, the Group's shareholding interest in GARY decreased to 8.182%.

128

467
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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Individually immaterial joint ventures

The Group has investments in a number of individually immaterial joint ventures that are accounted for using
equity method as follows:

Unit: Million US Dollar Unit: Million Baht

31 December 31 December 31 December 31 December
2024 2023 2024 2023

Aggregate carrying amount of share

of individually immaterial
joint ventures 207 151 7,042 5,177

Unit: Million US Dollar Unit: Million Baht

For the years ended 31 December 2024 2023 2024 2023
Aggregate amounts of the Group’s
share of joint ventures:
Profit from continuing operations 30 33 1,043 1,127
Other comprehensive income (14) - (578) 1

Total comprehensive income

for the years 16 33 465 1,128

PTT Exploration and Production Public Company Limited 129

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 469
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

17.4 Investments in joint operations

Details of investments in joint operations of the Group are as follows;
Participating interest (%)
(including indirect holding)
31 December 31 December
List of joint operations Country of incorporation Type of business 2024 2023
Carigali - PTTEPI Operating Company Malaysia Petroleum 50 50
Sdn Bhd (CPOC)
Moattama Gas Transportation Company Bermuda Gas pipeline 62.963 37.0842
Limited (MGTC) 1 transportation
Orange Energy Limited (Orange) Thailand Petroleum 53.9496 53.9496
B8/32 Partners Limited (B8/32 Partners) Thailand Petroleum 25.0009 25.0009
Hoang Long Joint Operating Company Socialist Republic Petroleum 28.5 28.5
(HL JOC) of Vietnam
Hoan-Vu Joint Operating Company Socialist Republic Petroleum 25 25
(HV JOC) of Vietnam
Groupement Bir Seba (GBRS) People's Democratic Petroleum 35 35
Republic of Algeria
Andaman Transportation Limited (ATL) Cayman Islands Gas pipeline 80 80
transportation
Natuna 2 B.V. (Natuna) Netherlands Petroleum 50 50
Petroleum Development Oman LLC (PDO) Sultanate of Oman Petroleum 2 2
Abu Dhabi Gas Industries Limited (AGP) United Arab Emirates Petroleum 2 2
Private Oil Holdings Oman Limited (POHOL) United Kingdom of Petroleum 5 5
Great Britain and
Northern Ireland
Petroleum Development Oman Services LLC Sultanate of Oman Petroleum 1.9998 1.9998
(PDO-S)
People's Democratic Petroleum 49 49
Groupement Hassi Bir Rekaiz (GHBR)
Republic of Algeria
1
Chevron Global Ventures, Ltd., a shareholder of Moattama Gas Transportation Company Limited (MGTC) with a participating interest
of 41.1016%, decided to withdraw all investments. As a result, from 1 April 2024 onwards, PTTEP Offshore Investment Company Limited
(PTTEPO), a subsidiary of the Company and an operator of this project, increased the participating interest to 62.963% in MGTC. The
withdrawal processes were subsequently fulfilled on 5 April 2024.

130
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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

17.5 Exploration and production projects

Details of exploration and production projects operated by the Group comprise of the projects which the
Group had joint control and control. The projects with control are the projects that the Group has 100%
participating interest.

Participating interest (%)

31 December 31 December
Project Country Operator 2024 2023

PTT Exploration and Production Public Company Limited

Bongkot 1 Thailand PTT Exploration and Production 66.6667 66.6667
Public Company Limited
Arthit Thailand PTT Exploration and Production 80 80
Public Company Limited
Contract 4 (B12/27) Thailand Chevron Thailand Exploration and 45 45
Production, Ltd.
Sinphuhorm (E5 North) Thailand PTTEP SP Limited 20 20
S1 Thailand PTTEP Siam Limited 25 25
Contract 3 (B10, B11, Thailand Chevron Thailand Exploration and 5 5
2
B12 and B13) Production, Ltd.
E5 Thailand ExxonMobil Exploration and 20 20
Production Khorat Inc.
Algeria Hassi Bir Rekaiz People's Democratic Groupement Hassi Bir Rekaiz 49 49
Republic of Algeria

PTT Exploration and Production Public Company Limited 131

Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 471
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Participating interest (%)

31 December 31 December
Project Country Operator 2024 2023

PTTEP International Limited (PTTEPI)

Yadana 3 Republic of the Union of PTTEP International Limited 62.963 37.0842
Myanmar
PTTEP 1 Thailand PTTEP International Limited 100 100
G4/43 Thailand Chevron Offshore (Thailand) Ltd 21.375 21.375
G9/43 Thailand - Kingdom of PTTEP International Limited 100 100
Cambodia
L22/43 Thailand PTTEP International Limited 100 100
L53/43 and L54/43 Thailand PTTEP International Limited 100 100
G4/48 Thailand Chevron Pattani, Ltd. 5 5
Bongkot (G12/48) Thailand PTTEP International Limited 66.6667 66.6667
Contract 4 (G7/50) Thailand Chevron Pattani, Ltd. 60 60
Arthit (G8/50) Thailand PTTEP International Limited 80 80
Zawtika Republic of the Union of PTTEP International Limited 80 80
Myanmar
Myanmar M3 Republic of the Union of PTTEP International Limited 100 100
Myanmar
MTJDA Thailand - Malaysia Carigali-PTTEPI Operating 50 50
Company Sdn Bhd.

PTTEP Offshore Investment Company Limited (PTTEPO)

B8/32 and 9A 4 Thailand Chevron Offshore (Thailand) Ltd. 25.001 25.001

PTTEP Southwest Vietnam Company Limited (PTTEP SV)

Vietnam 52/97 Socialist Republic of Vietnam Oil and Gas Group 7 7
Vietnam

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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Participating interest (%)

31 December 31 December
Project Country Operator 2024 2023

PTTEP Kim Long Vietnam Company Limited (PTTEP KV)

Vietnam B and 48/95 Socialist Republic of Vietnam Oil and Gas Group 8.5 8.5
Vietnam

PTTEP Hoang-Long Company Limited (PTTEP HL)

Vietnam 16-1 Socialist Republic of Hoang Long Joint Operating Company 28.5 28.5
Vietnam

PTTEP Hoan-Vu Company Limited (PTTEP HV)

Vietnam 9-2 Socialist Republic of Hoan-Vu Joint Operating Company 25 25
Vietnam

PTTEP Algeria Company Limited (PTTEP AG)

Algeria 433a and 416b People's Democratic Groupement Bir Seba 35 35
Republic of Algeria

PTTEP Siam Limited (PTTEP Siam)

Sinphuhorm (EU-1) Thailand PTTEP SP Limited 20 20
5 Thailand PTTEP Siam Limited 100 100
B6/27
S1 Thailand PTTEP Siam Limited 75 75

PTTEP Australia Perth Pty Ltd (PTTEP AP)

PTTEP Australasia * Commonwealth of
Australia

Participating interest (%)

31 December 31 December
Block Operator 2024 2023

* Details of operators and participating interests in PTTEP Australasia Project are as follows:

AC/RL12 6 PTTEP Australasia (Ashmore Cartier) Pty Ltd 100 100

PTT Exploration and Production Public Company Limited 133

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 473
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Participating interest (%)

31 December 31 December
Project Country Operator 2024 2023

PTTEP Mozambique Area 1 Limited (PTTEP MZA1)

Mozambique Area 1 Republic of TotalEnergies EP Mozambique Area 1 8.5 8.5
Mozambique Limitada

Natuna 2 B.V. (Natuna)

Natuna Sea A Republic of Premier Oil Natuna Sea BV 11.5 11.5
Indonesia
PTTEP SP Limited (PTTEP SP)
Contract 4 (B12/27) Thailand Chevron Thailand Exploration and 15 15
Production Ltd.
Sinphuhorm (E5 North Thailand PTTEP SP Limited 35 35
and EU-1)

PTTEP HK Offshore Limited (PTTEP HKO)

Malaysia SK410B Malaysia PTTEP HK Offshore Limited 42.5 42.5
Malaysia SK417 Malaysia PTTEP HK Offshore Limited 80 80
Malaysia SK438 Malaysia PTTEP HK Offshore Limited 80 80
7
Malaysia PM407 Malaysia PTTEP HK Offshore Limited - 55
Malaysia SB412 Malaysia PTTEP HK Offshore Limited 60 60

PTTEP Mexico E&P Limited, S. de R.L. de C.V. (PTTEP MEP)

Mexico block 12 (2.4) 8 Mexico PC Carigali Mexico Operations, S.A. de C.V. 20 20
Mexico block 29 (2.4) 9 Mexico Repsol Exploración México, S.A. de C.V. 16.67 16.67

PTTEP Energy Development Company Limited (PTTEP ED)

G1/61 Thailand PTTEP Energy Development Company Limited 60 60
G2/61 Thailand PTTEP Energy Development Company Limited 100 100
G1/65 Thailand PTTEP Energy Development Company Limited 100 100
G3/65 Thailand PTTEP Energy Development Company Limited 100 100

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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Participating interest (%)

31 December 31 December
Project Country Operator 2024 2023

PTTEP MENA Limited (PTTEP MENA)

Abu Dhabi Offshore 1 United Arab Eni Abu Dhabi B.V. 30 30
Emirates
Abu Dhabi Offshore 2 United Arab Eni Abu Dhabi B.V. 30 30
Emirates
Oman Onshore Block 12 Sultanate of TotalEnergies EP Oman Block 12 B.V. 20 20
Oman
Abu Dhabi Offshore 3 United Arab Eni Abu Dhabi B.V. 30 30
Emirates
Oman Block 61 Sultanate of BP Exploration (Epsilon) Limited 20 20
Oman
10
Sharjah Onshore Area A United Arab Eni Sharjah B.V. - 25
Emirates
11
Sharjah Onshore Area C United Arab Eni Sharjah B.V. - 25
Emirates
12
Ghasha United Arab Abu Dhabi National Oil Company 10 -
Emirates

PTTEP Sabah Oil Limited (PTTEP SBO)

Malaysia Block K ** Malaysia
Malaysia Block H *** Malaysia

** Details of operators and participating interests in Malaysia Block K project are as follows:

Participating interest (%)

31 December 31 December
Block Operator 2024 2023

Kikeh PTTEP Sabah Oil Limited 56 56

SNP PTTEP Sabah Oil Limited 22.4 22.4
GK Sabah Shell Petroleum Co., Ltd. 7.1657292 7.1657292

PTT Exploration and Production Public Company Limited 135

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 475
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

*** Details of operators and participating interests in Malaysia Block H project are as follows:

Participating interest (%)

31 December 31 December
Block Operator 2024 2023

Rotan PTTEP Sabah Oil Limited 56 56

Others PTTEP Sabah Oil Limited 42 42

Participating interest (%)

31 December 31 December
Project Country Operator 2024 2023

PTTEP Sarawak Oil Limited (PTTEP SKO)

Malaysia SK314A Malaysia PTTEP Sarawak Oil Limited 59.5 59.5
13
Malaysia SK405B Malaysia PTTEP Sarawak Oil Limited 49.5 59.5
Malaysia SK325 Malaysia Petronas Carigali Sdn. Bhd. 32.5 32.5
Malaysia SK309 and Malaysia
SK311 ****

**** Details of operators and participating interests in Sarawak SK 309 and Sarawak SK 311 projects are as follows:

Participating interest (%)

31 December 31 December
Block Operator 2024 2023

East Patricia PTTEP Sarawak Oil Limited 42 42

Others PTTEP Sarawak Oil Limited 59.5 59.5

Participating interest (%)

31 December 31 December
Project Country Operator 2024 2023

PTTEP Holding Group B.V. (PGH)

Dunga Kazakhstan Dunga Operating GmbH 20 20
Oman Block 6 Sultanate of Oman Petroleum Development Oman LLC 2 2
Oman Block 53 Sultanate of Oman Occidental Mukhaizna,LLC 1 1

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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

1
On 7 March 2023, the concession of Bongkot Project, which the Company holds 66.6667% participating interests, has
ended. The Company returned those blocks. However, the concessionaire still has joint obligations for decommissioning
until it has been finished as required by the specific laws.

2
On 23 April 2022, the concession of Contract 3 Project, which the Company holds 5% participating interests, has ended.
The Company returned those blocks. However, the concessionaire still has joint obligations for decommissioning until it has
been finished as required by the specific laws.

3
Unocal Myanmar Offshore Company Limited, a partner of Yadana project with a participating interest of 41.1016%, decided
to withdraw all investments. As a result, from 1 April 2024 onwards, PTTEP International Limited (PTTEPI), a subsidiary of the
Company and an operator of this project, increased the participating interest to 62.963% in Yadana project. The withdrawal
processes were subsequently fulfilled on 5 April 2024.

4
PTTEP Offshore Investment Company Limited (PTTEPO) has shareholding interest in Orange Energy Limited and B8/32
Partners Limited, which hold the project’s concession.

5
On 5 February 2023, the concession of B6/27 Project, which PTTEP Siam Limited (PTTEP Siam), a subsidiary of the
Company, holds 100% participating interests, has ended. PTTEP Siam returned those blocks. However, the concessionaire
still has joint obligations for decommissioning until it has been finished as required by the specific laws.

6
On 16 September 2024, PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEP AAA), a subsidiary of the Group holding 100%
participating interests in AC/RL12, submitted a surrender application to return the block. It will be effective upon receiving
the official approval from the Government of the Commonwealth of Australia.

7
On 20 March 2024, Malaysia PM407 Project has ended the first exploration phase. PTTEP HK Offshore Limited (PTTEP HKO),
a subsidiary of the Group holding 55% participating interest in this block, submitted a surrender application to return the
block, and received the official approval from the Government of Malaysia.

8
On 12 June 2023, Mexico block 12 (2.4) Project has ended the first exploration phase. PTTEP Mexico E&P Limited, S. de
R.L. de C.V. (PTTEP MEP), a subsidiary of the Group, holds 20% participation interests in this block. The operator submitted
a request to relinquish and return the block. The relinquishment will be effective after receiving the official approval from the
Government of Mexico.

9
On 17 September 2024, PTTEP MEP entered into a Sale and Purchase Agreement (SPA) to sell its entire 16.67% interest in
Mexico block 29 (2.4) to REPSOL EXPLORACIÓN MÉXICO, S.A. DE C.V. The sale and purchase shall be completed when
the conditions specified in the SPA are met as disclosed in Note 15.

PTT Exploration and Production Public Company Limited 137

Notes to
PTT the Consolidated
Exploration andandProduction
Separate Financial
PublicStatements
Company Limited 477
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

10
On 30 September 2024, Sharjah Onshore Area A, in which PTTEP MENA holds a 25% participating interest, ended its first
exploration phase. The operator and PTTEP MENA agreed to not enter the second exploration phase and returned the block
to the Government of United Arab Emirates.

11
On 31 December 2024, Sharjah Onshore Area C, in which PTTEP MENA holds a 25% participating interest, ended its
second exploration phase. The operator and PTTEP MENA agreed to not enter the third exploration phase and returned the
block to the Government of United Arab Emirates.

12
On 10 June 2024, PTTEP MENA signed a SPA to acquire 10% participating interest in the Ghasha Concession in United
Arab Emirates from Wintershall Dea Middle East GmbH. The acquisition was completed on 11 June 2024 and the investment
was classified as an investment in a joint operation. The acquisition of the participating interest is considered an asset
acquisition because it does not fall within the definition of a business under Thai Financial Reporting Standards 3 - Business
Combinations as disclosed in Note 18.

13
On 29 September 2023, PTTEP Sarawak Oil Limited (PTTEP SKO), a subsidiary of the Group, signed a Farm-Out Agreement
with Petronas Carigali Sdn. Bhd. (PCSB) to dispose of a 10% participating interest in Block SK405B Production Sharing
Contract (PSC), located offshore Sarawak in Malaysia. The sale transaction was completed on 30 April 2024 and PTTEP
SKO remains the operator with a 49.5% participating interest.

For the projects that the Group had joint control, the joint operting agreements assigned the structure of the business
operation and strategic, operating and financing decisions which required unanimous consent from all parties.

PTT Exploration and Production Public Company138

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Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

18 Property, plant and equipment

Consolidated financial statements

Unit: Million US Dollar
Exploration
and production Assets under
assets Pipeline Others construction Total

As at 1 January 2023
Cost 31,644 819 188 3,580 36,231
Less Accumulated depreciation (23,648) (314) (110) - (24,072)
Less Accumulated impairment (279) - - - (279)
Net book value 7,717 505 78 3,580 11,880

For the year ended 31 December 2023

Opening net book value 7,717 505 78 3,580 11,880
Additions 2,291 3 27 738 3,059
Disposals and write-off, net (5) - (1) (8) (14)
Reclassification 1,343 - - (1,120) 223
Depreciation charged (2,241) (29) (13) - (2,283)
Closing net book value 9,105 479 91 3,190 12,865

As at 31 December 2023
Cost 30,966 822 211 3,190 35,189
Less Accumulated depreciation (21,582) (343) (120) - (22,045)
Less Accumulated impairment (279) - - - (279)
Net book value 9,105 479 91 3,190 12,865

PTT Exploration and Production Public Company Limited 139

Notes to the Consolidated and Separate Financial Statements 479
PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Consolidated financial statements

Unit: Million US Dollar
Exploration
and production Assets under
assets Pipeline Others construction Total

For the year ended 31 December 2024

Opening net book value 9,105 479 91 3,190 12,865
Additions * 1,173 5 13 2,827 4,018
Disposals and write-off, net (3) (23) - (8) (34)
Reclassification 1,237 - - (1,096) 141
Depreciation charged (2,516) (27) (16) - (2,559)
Closing net book value 8,996 434 88 4,913 14,431

As at 31 December 2024
Cost 32,952 797 221 4,913 38,883
Less Accumulated depreciation (23,681) (363) (133) - (24,177)
Less Accumulated impairment (275) - - - (275)
Net book value 8,996 434 88 4,913 14,431

PTT Exploration and Production Public Company Limited

140
480 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
Exploration
and production Assets under
assets Pipeline Others construction Total

As at 1 January 2023
Cost 1,093,703 28,314 6,478 123,755 1,252,250
Less Accumulated depreciation (817,353) (10,846) (3,789) - (831,988)
Less Accumulated impairment (9,648) - - - (9,648)
Net book value 266,702 17,468 2,689 123,755 410,614

For the year ended 31 December 2023

Opening net book value 266,702 17,468 2,689 123,755 410,614
Additions 79,678 119 928 25,643 106,368
Disposals and write-off, net (201) - (33) (281) (515)
Reclassification 46,728 - 7 (38,965) 7,770
Depreciation charged (77,985) (1,033) (447) - (79,465)
Currency translation differences (3,324) (157) (25) (995) (4,501)
Closing net book value 311,598 16,397 3,119 109,157 440,271

As at 31 December 2023
Cost 1,059,763 28,153 7,214 109,157 1,204,287
Less Accumulated depreciation (738,612) (11,756) (4,095) - (754,463)
Less Accumulated impairment (9,553) - - - (9,553)
Net book value 311,598 16,397 3,119 109,157 440,271

PTT Exploration and Production Public Company Limited 141

PTT
Notes Exploration andandProduction
to the Consolidated PublicStatements
Separate Financial Company Limited 481
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
Exploration
and production Assets under
assets Pipeline Others construction Total

For the year ended 31 December 2024

Opening net book value 311,598 16,397 3,119 109,157 440,271
Additions * 41,349 168 449 99,676 141,642
Disposals and write-off, net (115) (819) (13) (279) (1,226)
Reclassification 43,617 - - (38,638) 4,979
Depreciation charged (88,889) (938) (557) - (90,384)
Currency translation differences (1,811) (54) (16) (2,917) (4,798)
Closing net book value 305,749 14,754 2,982 166,999 490,484

As at 31 December 2024
Cost 1,119,970 27,106 7,491 166,999 1,321,566
Less Accumulated depreciation (804,873) (12,352) (4,509) - (821,734)
Less Accumulated impairment (9,348) - - - (9,348)
Net book value 305,749 14,754 2,982 166,999 490,484

* According to acquisition of the 10% participating interest in Ghasha Concession (Ghasha) resulted in an increase
in property, plant and equipment amounting to US Dollar 540.34 million (Baht 19,045.95 million) as disclosed in
Note 17.5 (12).

PTT Exploration and Production Public Company142

Limited
482 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
Exploration
and production Assets under
assets Others construction Total

As at 1 January 2023
Cost 12,573 111 470 13,154
Less Accumulated depreciation (11,456) (67) - (11,523)
Net book value 1,117 44 470 1,631

For the year ended 31 December 2023

Opening net book value 1,117 44 470 1,631
Additions 257 8 112 377
Disposals and write-off, net (3) - (5) (8)
Reclassification 218 4 (222) -
Depreciation charged (523) (6) - (529)
Closing net book value 1,066 50 355 1,471

As at 31 December 2023
Cost 8,828 122 355 9,305
Less Accumulated depreciation (7,762) (72) - (7,834)
Net book value 1,066 50 355 1,471

PTT Exploration and Production Public Company Limited 143

PTT
Notes Exploration andandProduction
to the Consolidated PublicStatements
Separate Financial Company Limited 483
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
Exploration
and production Assets under
assets Others construction Total

For the year ended 31 December 2024

Opening net book value 1,066 50 355 1,471
Additions 229 6 175 410
Disposals and write-off, net - - - -
Reclassification 138 2 (140) -
Depreciation charged (362) (7) - (369)
Closing net book value 1,071 51 390 1,512

As at 31 December 2024
Cost 8,812 130 390 9,332
Less Accumulated depreciation (7,741) (79) - (7,820)
Net book value 1,071 51 390 1,512

PTT Exploration and Production Public Company144

Limited
484 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million Baht
Exploration
and production Assets under
assets Others construction Total

As at 1 January 2023
Cost 434,566 3,843 16,234 454,643
Less Accumulated depreciation (395,962) (2,308) - (398,270)
Net book value 38,604 1,535 16,234 56,373

For the year ended 31 December 2023

Opening net book value 38,604 1,535 16,234 56,373
Additions 8,949 290 3,889 13,128
Disposals and write-off, net (99) (6) (176) (281)
Reclassification 7,568 145 (7,713) -
Depreciation charged (18,051) (225) - (18,276)
Currency translation differences (494) (18) (96) (608)
Closing net book value 36,477 1,721 12,138 50,336

As at 31 December 2023
Cost 302,134 4,198 12,138 318,470
Less Accumulated depreciation (265,657) (2,477) - (268,134)
Net book value 36,477 1,721 12,138 50,336

PTT Exploration and Production Public Company Limited 145

PTT
Notes Exploration andandProduction
to the Consolidated Public
Separate Financial Company Limited
Statements 485
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million Baht
Exploration
and production Assets under
assets Others construction Total

For the year ended 31 December 2024

Opening net book value 36,477 1,721 12,138 50,336
Additions 8,054 222 6,191 14,467
Disposals and write-off, net (13) (2) - (15)
Reclassification 4,858 72 (4,930) -
Depreciation charged (12,755) (250) - (13,005)
Currency translation differences (239) (13) (129) (381)
Closing net book value 36,382 1,750 13,270 51,402

As at 31 December 2024
Cost 299,500 4,437 13,270 317,207
Less Accumulated depreciation (263,118) (2,687) - (265,805)
Net book value 36,382 1,750 13,270 51,402

During the year ended 31 December 2024, the Group reclassified the petroleum reserves that have been found to
be technically and commercially producible from exploration and evaluation assets (Note 21) to property, plant and
equipment.

As at 31 December 2024 and 2023, the Group has capital expenditure commitments as disclosed in Note 35.1.

As at 31 December 2024, the Group has pledged assets for guarantee of loan agreement in the form of project finance
amounting to US Dollar 895.22 million (Baht 30,426.69 million).

As at 31 December 2024, the Group has cost relating to the Carbon Capture and Storage (CCS) recognised in
property, plant and equipment with the cost of US Dollar 5.92 million (Baht 201.30 million) (2023: US Dollar 5.39
million (Baht 184.40 million)).

PTT Exploration and Production Public Company146

Limited
486 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

19 Right-of-use assets

Consolidated financial statements

Unit: Million US Dollar
Exploration
and production
assets Others Total

As at 1 January 2023
Cost 1,234 61 1,295
Less Accumulated amortisation (298) (22) (320)
Net book value 936 39 975

For the year ended 31 December 2023

Opening net book value 936 39 975
Additions 144 3 147
Decreases (25) (5) (30)
Agreement modification 24 - 24
Amortisation charged (259) (18) (277)
Closing net book value 820 19 839

As at 31 December 2023
Cost 1,292 46 1,338
Less Accumulated amortisation (472) (27) (499)
Net book value 820 19 839

PTT Exploration and Production Public Company Limited 147

Notes to the Consolidated and Separate Financial Statements 487
PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Consolidated financial statements

Unit: Million US Dollar
Exploration
and production
assets Others Total

For the year ended 31 December 2024

Opening net book value 820 19 839
Additions 384 30 414
Agreement modification (14) 1 (13)
Amortisation charged (336) (12) (348)
Closing net book value 854 38 892

As at 31 December 2024
Cost 1,538 51 1,589
Less Accumulated amortisation (684) (13) (697)
Net book value 854 38 892

PTT Exploration and Production Public Company 148

Limited
488 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
Exploration
and production
assets Others Total

As at 1 January 2023
Cost 42,644 2,113 44,757
Less Accumulated amortisation (10,316) (753) (11,069)
Net book value 32,328 1,360 33,688

For the year ended 31 December 2023

Opening net book value 32,328 1,360 33,688
Additions 4,996 91 5,087
Decreases (867) (159) (1,026)
Agreement modification 850 (2) 848
Amortisation charged (9,015) (623) (9,638)
Currency translation differences (247) (1) (248)
Closing net book value 28,045 666 28,711

As at 31 December 2023
Cost 44,200 1,593 45,793
Less Accumulated amortisation (16,155) (927) (17,082)
Net book value 28,045 666 28,711

PTT Exploration and Production Public Company Limited 149

PTT toExploration
Notes andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 489
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
Exploration
and production
assets Others Total

For the year ended 31 December 2024

Opening net book value 28,045 666 28,711
Additions 13,554 1,055 14,609
Agreement modification (495) 8 (487)
Amortisation charged (11,831) (429) (12,260)
Currency translation differences (244) (22) (266)
Closing net book value 29,029 1,278 30,307

As at 31 December 2024
Cost 52,262 1,726 53,988
Less Accumulated amortisation (23,233) (448) (23,681)
Net book value 29,029 1,278 30,307

PTT Exploration and Production Public Company150

Limited
490 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
Exploration
and production
assets Others Total

As at 1 January 2023
Cost 41 50 91
Less Accumulated amortisation (28) (19) (47)
Net book value 13 31 44

For the year ended 31 December 2023

Opening net book value 13 31 44
Additions 42 - 42
Decreases (3) (4) (7)
Agreement modification 4 - 4
Amortisation charged (13) (16) (29)
Closing net book value 43 11 54

As at 31 December 2023
Cost 61 33 94
Less Accumulated amortisation (18) (22) (40)
Net book value 43 11 54

PTT Exploration and Production Public Company Limited 151

PTT Exploration
Notes to andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 491
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
Exploration
and production
assets Others Total

For the year ended 31 December 2024

Opening net book value 43 11 54
Additions 74 24 98
Agreement modification (4) - (4)
Amortisation charged (22) (10) (32)
Closing net book value 91 25 116

As at 31 December 2024
Cost 113 33 146
Less Accumulated amortisation (22) (8) (30)
Net book value 91 25 116

PTT Exploration and Production Public Company152

Limited
492 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million Baht
Exploration
and production
assets Others Total

As at 1 January 2023
Cost 1,445 1,717 3,162
Less Accumulated amortisation (980) (645) (1,625)
Net book value 465 1,072 1,537

For the year ended 31 December 2023

Opening net book value 465 1,072 1,537
Additions 1,452 9 1,461
Decreases (97) (159) (256)
Agreement modification 120 (4) 116
Amortisation charged (468) (540) (1,008)
Currency translation differences (20) 1 (19)
Closing net book value 1,452 379 1,831

As at 31 December 2023
Cost 2,096 1,132 3,228
Less Accumulated amortisation (644) (753) (1,397)
Net book value 1,452 379 1,831

PTT Exploration and Production Public Company Limited 153

PTT Exploration
Notes to andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 493
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million Baht
Exploration
and production
assets Others Total

For the year ended 31 December 2024

Opening net book value 1,452 379 1,831
Additions 2,618 832 3,450
Agreement modification (120) - (120)
Amortisation charged (778) (335) (1,113)
Currency translation differences (75) (20) (95)
Closing net book value 3,097 856 3,953

As at 31 December 2024
Cost 3,860 1,114 4,974
Less Accumulated amortisation (763) (258) (1,021)
Net book value 3,097 856 3,953

PTT Exploration and Production Public Company154

Limited
494 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

20 Goodwill

Consolidated Separate
financial statements financial statements
Unit: Million Unit: Million Unit: Million Unit: Million
US Dollar Baht US Dollar Baht
As at 1 January 2023
Cost 2,014 69,609 75 2,598
Less Provision for impairment (465) (16,085) - -

Net book value 1,549 53,524 75 2,598

For the year ended 31 December 2023

Opening net book value 1,549 53,524 75 2,598
Decrease * (76) (2,623) (75) (2,614)
Allowance for impairment of assets (120) (4,255) - -
Currency translation differences - (335) - 16

Closing net book value 1,353 46,311 - -

As at 31 December 2023
Cost 1,938 66,345 - -
Less Provision for impairment (585) (20,034) - -

Net book value 1,353 46,311 - -

For the year ended 31 December 2024

Opening net book value 1,353 46,311 - -
Currency translation differences - (319) - -
Closing net book value 1,353 45,992 - -

As at 31 December 2024
Cost 1,938 65,888 - -
Less Provision for impairment (585) (19,896) - -
Net book value 1,353 45,992 - -

* The decrease of goodwill was due to the project, which has ended during the year.

PTT Exploration and Production Public Company Limited 155

PTT Exploration
Notes to andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 495
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Goodwill is allocated to the Group’s cash-generating units (CGUs).

Goodwill allocation net from impairment presented by the CGUs as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023
As at 31 December
Exploration and production
Thailand 445 445 15,126 15,230
Other Southeast Asia 454 454 15,434 15,541
Middle East 142 142 4,827 4,861
Africa 251 251 8,524 8,583
Others 44 44 1,490 1,500
Others 17 17 591 596
Total 1,353 1,353 45,992 46,311

Goodwill impairment testing

The Group tested impairment of goodwill from business acquisition annually, or more frequently if events or changes
in circumstances indicate that it might be impaired. The Group compares the carrying amount of the goodwill with
the recoverable amount of each cash-generating units which is the higher of the fair value less cost to sell or value-in-use.

An asset or group of assets described as cash-generating unit (CGU) is the smallest identifiable group of assets that
generates inflows that are largely independent from the cash flows from other CGUs. The Group considers the CGU
at the individual project level assessing the expected future cash flows over the average life of the project with a
growth rate along with the industry’s information.

The measurements of fair value less cost to sell and value-in-use are based on a proved and probable reserve
production profile including other key estimates and assumptions. These include the short-term forward oil price
curve, e.g. Brent and Dubai, and the long-term oil price based on global supply and demand. They also include the
project management teams estimate of the capital expenditure and operating expenditure approved by management
using a constant inflation rate at rate of 2% for periods beyond five years, exchange rates, discount rates, and past
industry performance. These estimates and assumptions were consistent with external information sources. The
weighted average cost of capital of each project in each region is used as the discount rate for financial estimates.
PTT Exploration and Production Public Company156
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496 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

For the consolidated financial statements, the discount rates for the exploration and production segment are:
 Southeast Asia: 7% - 9% per annum (2023: 8% - 10% per annum)
 Africa: 10% - 11% per annum (2023: 10% - 11% per annum)
 Middle East: 7% - 10% per annum (2023: 7% - 12% per annum)
 Others: 10% - 11% per annum (2023: 11% - 12% per annum)

If the discount rate used for goodwill impairment testing of CGUs, which did not recognise any impairment loss in
the current year, increases by approximately 0.01% - 8% per annum, there would still be no allowance for goodwill
impairment recognised in the consolidated financial statements for the year ended 31 December 2024.

21 Exploration and evaluation assets

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht

As at 1 January 2023
Cost 4,312 149,032
Less Accumulated impairment (1,240) (42,871)
Net book value 3,072 106,161

For the year ended 31 December 2023

Opening net book value 3,072 106,161
Additions 159 5,531
Decreases (63) (2,182)
Decrease from disposal of participating interest (189) (6,542)
Reclassification to property, plant and equipment (223) (7,770)
Currency translation differences - (867)
Closing net book value 2,756 94,331

As at 31 December 2023
Cost 2,756 94,331
Less Accumulated impairment * - -
Net book value 2,756 94,331

PTT Exploration and Production Public Company Limited 157

Notes to
PTT the Consolidated
Exploration andandProduction
Separate Financial
PublicStatements
Company Limited 497
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht

For the year ended 31 December 2024

Opening net book value 2,756 94,331
Additions 146 5,148
Decreases (43) (1,523)
Reclassification to property, plant and equipment (141) (4,979)
Reclassification to assets held-for-sale (Note 15) (59) (2,066)
Currency translation differences - (527)
Closing net book value 2,659 90,384

As at 31 December 2024
Cost 2,659 90,384
Less Accumulated impairment - -
Net book value 2,659 90,384

* Terminate and return all of the exploration block of Mariana Oil Sands Project of PTTEP Canada Limited
(PTTEP CA), completed on 1 August 2023.

PTT Exploration and Production Public Company158

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498 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

22 Deferred income taxes

Deferred tax assets and liabilities are comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Deferred tax assets 576 534 19,591 18,274

Deferred tax liabilities (1,468) (1,526) (49,911) (52,238)
Deferred taxes, net (892) (992) (30,320) (33,964)

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Deferred tax assets 260 270 8,830 9,245

Deferred tax liabilities (1) (1) (38) (18)
Deferred taxes, net 259 269 8,792 9,227

PTT Exploration and Production Public Company Limited 159

Notes to
PTT the Consolidated
Exploration andandProduction
Separate Financial
PublicStatements
Company Limited 499
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The movements of deferred tax assets and liabilities during the years are as follows:
Consolidated financial statements
Unit: Million US Dollar
As at
1 January
2024 Statement of As at
as previously Statement comprehensive 31 December
reported of income income Reclassified 2024
Deferred tax assets
Decommissioning costs 915 - - (915) -
Non-current provision for
decommissioning costs - 124 - 1,267 1,391
Non-current provision for
employee benefits 67 1 2 - 70
Property, plant and equipment and
intangible assets 3 6 - - 9
Loss carried forward 35 (8) - - 27
Financial derivatives 16 (16) - - -
Allowance for impairment loss on assets 130 16 - - 146
Lease liabilities 58 26 - 180 264
Cost recovery 24 - - - 24
Others 76 (4) - - 72
1,324 145 2 532 2,003
Tax effect of currency translation
on tax base - - - - -
1,324 145 2 532 2,003
Deferred tax liabilities
Property, plant and equipment and
intangible assets 2,271 21 - 357 2,649
Right-of-use assets - 25 - 181 206
Financial derivatives 2 - 8 - 10
Others 18 (1) - (6) 11
2,291 45 8 532 2,876
Tax effect of currency translation on
tax base 25 (6) - - 19
2,316 39 8 532 2,895
Deferred taxes, net (992) 106 (6) - (892)

PTT Exploration and Production Public Company160

Limited
500 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Consolidated financial statements

Unit: Million US Dollar
As at Statement of As at
1 January Statement comprehensive 31 December
2023 of income income Reclassified 2023
Deferred tax assets
Decommissioning costs 994 (79) - (915) -
Non-current provision for
decommissioning costs - - - 1,267 1,267
Non-current provision for
employee benefits 63 1 3 - 67
Property, plant and equipment and
intangible assets 6 (3) - - 3
Loss carried forward 116 (81) - - 35
Financial derivatives 9 2 5 - 16
Allowance for impairment loss on assets 134 (4) - - 130
Lease liabilities 16 42 - 180 238
Cost recovery 26 (2) - - 24
Others 116 (40) - - 76
1,480 (164) 8 532 1,856
Tax effect of currency translation on
tax base - - - - -
1,480 (164) 8 532 1,856
Deferred tax liabilities
Property, plant and equipment and
intangible assets 2,031 240 - 357 2,628
Right-of-use assets - - - 181 181
Financial derivatives 2 6 (6) - 2
Others 76 (58) - (6) 12
2,109 188 (6) 532 2,823
Tax effect of currency translation on
tax base 17 8 - - 25
2,126 196 (6) 532 2,848
Deferred taxes, net (646) (360) 14 - (992)

PTT Exploration and Production Public Company Limited 161

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 501
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
As at
1 January
2024 Statement of Currency As at
as previously Statement comprehensive translation 31 December
reported of income income Reclassified differences 2024
Deferred tax assets
Decommissioning costs 31,330 - - (31,330) - -
Non-current provision for
decommissioning costs - 4,317 - 43,371 (392) 47,296
Non-current provision for
employee benefits 2,236 54 89 - (11) 2,368
Property, plant and equipment
and intangible assets 112 233 - - (37) 308
Loss carried forward 1,206 (294) - - 11 923
Financial derivatives 563 (513) - - (48) 2
Allowance for impairment loss
on assets 4,473 526 - - (26) 4,973
Lease liabilities 1,991 681 - 5,646 624 8,942
Cost recovery 824 (17) - - (2) 805
Others 2,575 (113) - - (11) 2,451
45,310 4,874 89 17,687 108 68,068
Tax effect of currency translation
on tax base - - - - - -
45,310 4,874 89 17,687 108 68,068
Deferred tax liabilities
Property, plant and equipment
and intangible assets 77,716 616 - 12,212 (504) 90,040
Right-of-use assets - 647 - 5,699 636 6,982
Financial derivatives 64 2 274 - (10) 330
Others 643 (60) - (224) 27 386
78,423 1,205 274 17,687 149 97,738
Tax effect of currency translation
on tax base 851 (211) - - 10 650
79,274 994 274 17,687 159 98,388
Deferred taxes, net (33,964) 3,880 (185) - (51) (30,320)

PTT Exploration and Production Public Company162

Limited
502 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Consolidated financial statements

Unit: Million Baht
As at Statement of Currency As at
1 January Statement comprehensive translation 31 December
2023 of income income Reclassified differences 2023

Deferred tax assets

Decommissioning costs 34,386 (3,058) - (31,330) 2 -
Non-current provision for
decommissioning costs - - - 43,371 - 43,371
Non-current provision for
employee benefits 2,134 32 96 - (26) 2,236
Property, plant and equipment
and intangible assets 202 (89) - - (1) 112
Loss carried forward 4,014 (2,797) - - (11) 1,206
Financial derivatives 335 49 173 - 6 563
Allowance for impairment loss
on assets 4,649 (279) - - 103 4,473
Lease liabilities 545 1,483 - 5,646 (37) 7,637
Cost recovery 904 (71) - - (9) 824
Others 3,968 (1,411) - - 18 2,575
51,137 (6,141) 269 17,687 45 62,997
Tax effect of currency translation
on tax base - - - - - -
51,137 (6,141) 269 17,687 45 62,997
Deferred tax liabilities
Property, plant and equipment
and intangible assets 70,218 7,767 - 12,212 (269) 89,928
Right-of-use assets - - - 5,699 - 5,699
Financial derivatives 54 228 (219) - 1 64
Others 2,626 (1,969) - (224) (14) 419
72,898 6,026 (219) 17,687 (282) 96,110
Tax effect of currency translation
on tax base 563 304 - - (16) 851
73,461 6,330 (219) 17,687 (298) 96,961
Deferred taxes, net (22,324) (12,471) 488 - 343 (33,964)

PTT Exploration and Production Public Company Limited 163

PTT
Notes Exploration andandProduction
to the Consolidated PublicStatements
Separate Financial Company Limited 503
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
As at
1 January
2024 Statement of As at
as previously Statement comprehensive 31 December
reported of income income Reclassified 2024
Deferred tax assets
Decommissioning costs 419 - - (419) -
Non-current provision for
decommissioning costs - 29 - 463 492
Non-current provision for
employee benefits 61 1 3 - 65
Lease liabilities - 30 - 28 58
Loss carried forward - - - - -
Others 11 (11) - - -
491 49 3 72 615
Deferred tax liabilities
Property, plant and equipment and
intangible assets 219 28 - 44 291
Right-of-use assets - 29 - 29 58
Others 3 - 5 (1) 7
222 57 5 72 356
Deferred taxes, net 269 (8) (2) - 259

PTT Exploration and Production Public Company164

Limited
504 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar
As at Statement of As at
1 January Statement comprehensive 31 December
2023 of income income Reclassified 2023
Deferred tax assets
Decommissioning costs 531 (112) - (419) -
Non-current provision for
decommissioning costs - - - 463 463
Non-current provision for
employee benefits 58 1 2 - 61
Lease liabilities - - - 28 28
Loss carried forward 52 (52) - - -
Others 12 (5) 4 - 11
653 (168) 6 72 563
Deferred tax liabilities
Property, plant and equipment and
intangible assets 57 162 - 44 263
Right-of-use assets - - - 29 29
Others 47 (41) (3) (1) 2
104 121 (3) 72 294
Deferred taxes, net 549 (289) 9 - 269

PTT Exploration and Production Public Company Limited 165

PTT Exploration
Notes to andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 505
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million Baht
As at
1 January
2024 Statement of Currency As at
as previously Statement comprehensive translation 31 December
reported of income income Reclassified differences 2024
Deferred tax assets
Decommissioning costs 14,312 - - (14,312) - -
Non-current provision for
decommissioning costs - 846 - 15,839 43 16,728
Non-current provision for -
employee benefits 2,120 21 97 (9) 2,229
Lease liabilities - 858 - 971 147 1,976
Loss carried forward - - - - - -
Others 402 (321) - (8) (61) 12
16,834 1,404 97 2,490 120 20,945
Deferred tax liabilities
Property, plant and equipment
and intangible assets 7,493 790 - 1,527 79 9,889
Right-of-use assets - 851 - 982 146 1,979
Others 114 (2) 192 (19) - 285
7,607 1,639 192 2,490 225 12,153
Deferred taxes, net 9,227 (235) (95) - (105) 8,792

PTT Exploration and Production Public Company166

Limited
506 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million Baht
As at Statement of Currency As at
1 January Statement comprehensive translation 31 December
2023 of income income Reclassified differences 2023
Deferred tax assets
Decommissioning costs 18,347 (3,893) - (14,312) (142) -
Non-current provision for
decommissioning costs - - - 15,839 - 15,839
Non-current provision for
employee benefits 1,999 53 91 - (23) 2,120
Lease liabilities - - - 971 - 971
Loss carried forward 1,798 (1,798) - - - -
Others 419 (151) 138 (8) (4) 394
22,563 (5,789) 229 2,490 (169) 19,324
Deferred tax liabilities
Property, plant and equipment
and intangible assets 1,958 5,609 - 1,527 (74) 9,020
Right-of-use assets - - - 982 - 982
Others 1,647 (1,434) (99) (19) - 95
3,605 4,175 (99) 2,490 (74) 10,097
Deferred taxes, net 18,958 (9,964) 328 - (95) 9,227

During the year end 31 December 2024, the Group reclassified the deferred tax related to assets and liabilities
arising from a single transaction, which comprises leases and non-current provision for decommissioning costs to
better reflect the future tax impact of these transactions.

Deferred income tax assets are recognised for tax loss and carried forwards only to the extent that realisation of the
related tax benefit through the future taxable profits is probable. The Group does not recognise deferred tax asset
from tax losses of US Dollar 950 million (2023: US Dollar 919 million) to carry forward against future taxable income.
Some portions of tax losses could be carried forward against future taxable income without expiration invalid and
some portions will be expired during 2025 to 2044.

PTT Exploration and Production Public Company Limited 167

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 507
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

23 Other non-current assets

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Pension scheme investments from

joint operation 82 69 2,798 2,372
Contingent consideration from disposal of
participating interests 65 61 2,196 2,083
Advance payment * 36 36 1,219 1,227
Prepaid expenses 11 13 378 437
Others 45 51 1,518 1,748
239 230 8,109 7,867

* This represents tax prepayment assessed by the Republic of the Union of Myanmar Revenue Department from the
privilege of tax exemptions in case of the reinvestment and the transfer of participating interest to the investors for
the projects in Republic of the Union of Myanmar. The Group is in process of preparing to appeal the tax assessment
case to the Supreme Court’s consideration.

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Prepaid expenses 4 5 127 159

Deferred remuneration under agreement 3 4 85 146
Others 8 17 286 600
15 26 498 905

PTT Exploration and Production Public Company 168

Limited
508 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

24 Trade and other payable

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Trade payable 347 185 11,787 6,329

Working capital to co-ventures 27 12 930 414
Account payable - related parties 42 28 1.417 976
Accrued expenses 1,343 1,200 45,653 41,048
Accrued interest expense 38 19 1,302 645
1,797 1,444 61,089 49,412

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Trade payable 16 18 535 628

Account payable - related parties 23 9 769 307
Accrued expenses 305 276 10,380 9,434
Accrued interest expense 6 7 203 227
350 310 11,887 10,596

PTT Exploration and Production Public Company Limited 169

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 509
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

25 Debentures and lease liabilities

Debentures and lease liabilities are comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Current portion
Current portion of lease liabilities 390 281 13,254 9,612
390 281 13,254 9,612
Non-current portion
Debentures 2,795 2,785 95,009 95,320
Lease liabilities 576 588 19,572 20,107
3,371 3,373 114,581 115,427
Total debentures and lease liabilities 3,761 3,654 127,835 125,039

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Current portion
Current portion of lease liabilities 54 34 1,840 1,169
54 34 1,840 1,169
Non-current portion
Debentures 512 508 17,392 17,390
Lease liabilities 75 32 2,533 1,105
587 540 19,925 18,495
Total debentures and lease liabilities 641 574 21,765 19,664

PTT Exploration and Production Public Company 170

Limited
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

510
For the year ended 31 December 2024

a) Debentures
PTT Exploration and Production Public Company Limited

The carrying value of unsecured and unsubordinated debentures is comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
Effective
Interest rates interest rates 31 December 31 December 31 December 31 December
(% per annum) (% per annum) Maturity date 2024 2023 2024 2023

Maturity date over 1 years

but not exceeding 3 years
- Debentures of Baht 1,500 million 2.51 2.576 10 May 2026 44 44 1,499 1,498
- Debentures of Baht 6,000 million 2.00 - 2.75 2.284 5 November 2026 177 175 5,996 5,995
- Debentures of Baht 5,000 million 2.09 2.121 5 April 2027 147 146 4,998 4,997
- Debentures of US Dollar 500 million 2.587 2.637 10 June 2027 499 499 16,973 17,081
Maturity date over 3 years

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

but not exceeding 5 years
- Debentures of Baht 1,000 million 2.69 2.725 5 April 2029 29 29 999 999
- Debentures of Baht 11,400 million 4.82 4.89 6 June 2029 335 333 11,396 11,395

171
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Notes to the Consolidated and Separate Financial Statements

Consolidated financial statements
Unit: Million US Dollar Unit: Million Baht
Effective
Interest rates interest rates 31 December 31 December 31 December 31 December
(% per annum) (% per annum) Maturity date 2024 2023 2024 2023

Maturity date over 5 years

- Debentures of US Dollar 350 million 2.993 3.064 15 January 2030 332 328 11,279 11,242
- Debentures of Baht 6,000 million 3.05 3.084 5 April 2032 176 175 5,996 5,995
- Debentures of US Dollar 458.11 million 6.35 6.467 12 June 2042 458 458 15,552 15,658
- Debentures of US Dollar 600 million 3.903 3.959 6 December 2059 598 598 20,321 20,460
Total carrying value 2,795 2,785 95,009 95,320
PTT Exploration and Production Public Company Limited

172

511
 PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements

512
PTT Exploration and Production Public Company Limited For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
Effective
Interest rates interest rates 31 December 31 December 31 December 31 December
(% per annum) (% per annum) Maturity date 2024 2023 2024 2023

Maturity date over 1 years

but not exceeding 3 years
- Debentures of Baht 6,000 million 2.00 - 2.75 2.284 5 November 2026 177 175 5,996 5,995

Maturity date over 3 years

but not exceeding 5 years
- Debentures of Baht 11,400 million 4.82 4.89 6 June 2029 335 333 11,396 11,395
Total carrying value 512 508 17,392 17,390

The fair values of debentures as at 31 December 2024 and 2023 are disclosed in Note 10.2.3.

56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

173
 Notes to the Consolidated
PTT Exploration and Separate
and Production Financial
Public Statements
Company Limited 513
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The movements of debentures for the years ended 31 December are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Opening net book value 2,785 2,809 95,320 97,095

Cash flows:
Increase - 45 - 1,549
Repayment of debentures - (82) - (2,848)
Deferred finance cost - (1) - (22)
Non-cash movement:
Amortisation of deferred finance cost 4 6 137 218
Foreign exchange differences 6 8 220 267
Currency translation differences - - (668) (939)
Closing net book value 2,795 2,785 95,009 95,320

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Opening net book value 508 503 17,390 17,387

Non-cash movement:
Amortisation of deferred finance cost - - 3 3
Foreign exchange differences 4 5 124 173
Currency translation differences - - (125) (173)
Closing net book value 512 508 17,392 17,390

174 Limited
PTT Exploration and Production Public Company
514 PTT Exploration and Production Public Company Limited
56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

b) Lease liabilities

The movements of lease liabilities for the years ended 31 December are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Opening net book value 869 1,024 29,719 35,384

Cash flows:
Repayment of lease liabilities (354) (283) (12,465) (9,859)
Non-cash movements:
Deferred finance cost 29 21 1,017 741
Increase of lease liabilities 436 190 15,370 6,621
Decrease of lease liabilities - (102) - (3,545)
Agreement modification (14) 18 (486) 620
Foreign exchange differences - 1 (6) 18
Currency translation differences - - (323) (261)
Lease liabilities 966 869 32,826 29,719
Less Current portion (390) (281) (13,254) (9,612)
Closing net book value 576 588 19,572 20,107

PTT Exploration and Production Public Company Limited 175

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 515
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Opening net book value 66 50 2,274 1,748

Cash flows:
Repayment of lease liabilities (34) (16) (1,209) (562)
Non-cash movements:
Deferred finance cost 3 1 91 33
Additions of lease liabilities 98 42 3,450 1,461
Decreases of lease liabilities - (14) - (501)
Agreement modification (3) 3 (120) 115
Foreign exchange differences (1) - (19) 6
Currency translation differences - - (94) (26)
Lease liabilities 129 66 4,373 2,274
Less Current portion (54) (34) (1,840) (1,169)
Closing net book value 75 32 2,533 1,105

Related leases transaction recognised in the statement of income for the years ended 31 December are as
follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Expenses related to short-term lease 26 15 931 533

Expenses related to low-value assets lease 4 4 150 129
Expenses related to variable lease payment,
which does not include in lease liabilities - - 13 7

PTT Exploration and Production Public Company176

Limited
516 PTT Exploration and Production Public Company Limited
56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Expenses related to short-term lease 4 2 131 63

Expenses related to low-value assets lease 3 3 105 109
Expenses related to variable lease payment,
which does not include in lease liabilities - - - 1

26 Non-current provision for decommissioning costs

Non-current provision for decommissioning costs are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Non-current provision for decommissioning costs 4,367 3,912 148,426 133,898

Less Current portion (100) (60) (3,395) (2,078)
Non-current portion of provision for
decommissioning costs 4,267 3,852 145,031 131,820

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Non-current provision for decommissioning costs 1,003 942 34,101 32,250

Less Current portion (28) (16) (967) (560)
Non-current portion of provision for
decommissioning costs 975 926 33,134 31,690

PTT Exploration and Production Public Company Limited 177

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 517
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

The movements of non-current provision for decommissioning costs during the years as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Balance as at 1 January 3,912 3,114 133,898 107,623

Additional provision 449 942 15,830 32,762
Provision used during the year (84) (300) (2,985) (10,440)
Finance costs 187 152 6,618 5,297
Reversal of provision (97) (1) (3,432) (29)
Foreign exchange differences - 5 - 187
Currency translation differences - - (1,503) (1,502)

Balance as at 31 December 4,367 3,912 148,426 133,898

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Balance as at 1 January 942 1,080 32,250 37,336

Additional provision 81 108 2,860 3,755
Provision used during the year (12) (190) (436) (6,609)
Finance costs 48 43 1,710 1,496
Reversal of provision (56) (104) (1,981) (3,626)
Foreign exchange differences - 5 - 187
Currency translation differences - - (302) (289)

Balance as at 31 December 1,003 942 34,101 32,250

PTT Exploration and Production Public Company178

Limited
518 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

The Group recognised non-current provision for decommissioning costs of production projects under production
sharing contracts. The recognition is in accordance with the related laws and there is a probable possibility of
the present obligation. In addition, the Company has paid the decommissioning costs for a portion of the project that
had come to the end of concession, resulting in the decrease in non-current provision for decommissioning costs.
Approximately 78% and 58% of non-current portion of non-current provision for decommissioning costs in the
consolidated and separate financial statements, respectively, will be settled over 5 years.

The Group records a non-current provision for decommissioning costs whenever it is probable that there would be
an obligation as a result of a past event and the amount of that obligation is reliably estimated by the Group’s
engineers and management’s judgment. The Group recognises non-current provision for decommissioning costs as
part of oil and gas properties, using the discounted present value before tax based on the estimated eventual costs
that relate to the removal of the production facilities and amortised based on the unit of production of the proved
reserve or the proved developed reserve. The Group recognises an increase that reflects the passage of time from
the unwinding discount in each period, as a finance cost in the statements of income.

The provisions are based on the current situation such as regulations, technologies and prices. The actual results
could differ from these estimates as future confirming events occur.

27 Non-current provision for remuneration for production bonus and the renewal of petroleum production

Non-current provision for remuneration for production bonus and the renewal of petroleum production is as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Provision for remuneration for production bonus

and the renewal of petroleum production 187 202 6,364 6,923
Less Current portion (54) (43) (1,842) (1,482)
Non-current provision for remuneration for
production bonus and the renewal of
petroleum production 133 159 4,522 5,441

PTT Exploration and Production Public Company Limited 179

Notes to
PTT the Consolidated
Exploration andandProduction
Separate Financial
PublicStatements
Company Limited 519
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Provision for remuneration for the renewal

of petroleum production 23 24 790 824
Less Current portion (7) (6) (260) (195)
Non-current provision for remuneration for
production bonus and the renewal of
petroleum production 16 18 530 629

The movements of provision for remuneration for production bonus and the renewal of petroleum production during
the years are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Balance as at 1 January 202 237 6,923 8,202

Additional provision 17 6 596 202
Provision used during the year (43) (45) (1,518) (1,578)
Finance costs 9 (1) 308 (26)
Reversal of provision 2 4 60 147
Foreign exchange differences - 1 24 35
Currency translation differences - - (29) (59)
Balance as at 31 December 187 202 6,364 6,923

PTT Exploration and Production Public Company180

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520 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Balance as at 1 January 24 44 824 1,531

Additional provision 4 1 142 47
Provision used during the year (6) (27) (221) (963)
Finance costs 1 1 37 36
Reversal of provision - 5 12 177
Currency translation differences - - (4) (4)
Balance as at 31 December 23 24 790 824

The Group recognised provision for remuneration for production bonus and the renewal of petroleum production
which has to pay remuneration fee to the Ministry of Energy by using the discounted cash flows based on the
significant assumptions, such as sales volume data, accumulate volume of total petroleum production, oil price and
discounted rate, etc.

28 Non-current provision for employee benefits

Non-current provision for employee benefits is as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023
Statement of financial position
Retirement benefits 214 195 7,272 6,660
Other long-term benefits 19 12 659 415
Liabilities in the statements of financial position 233 207 7,931 7,075

Statement of income
Retirement benefits 23 21 792 737
Other long-term benefits 9 3 309 83
32 24 1,101 820

PTT Exploration and Production Public Company Limited 181

Notes to
PTT the Consolidated
Exploration andandProduction
Separate Financial
PublicStatements
Company Limited 521
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023
Statement of financial position
Retirement benefits 115 109 3,901 3,719
Other long-term benefits 12 11 403 396
Liabilities in the statements of financial position 127 120 4,304 4,115

Statement of income
Retirement benefits 9 9 322 292
Other long-term benefits 1 2 27 80
10 11 349 372

The movements of provision for retirement benefits during the years are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

As at 1 January 195 181 6,660 6,246

Current service cost 14 13 489 462
Interest expense 9 8 303 275
218 202 7,452 6,983

Loss from actuarial assumptions 3 12 108 434

Benefits paid (13) (7) (451) (250)
Foreign exchange differences 6 (12) 215 (441)
Currency translation differences - - (52) (66)
(4) (7) (180) (323)
As at 31 December 214 195 7,272 6,660

PTT Exploration and Production Public Company182

Limited
522 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

As at 1 January 109 97 3,719 3,362

Current service cost 6 6 201 183
Interest expense 3 3 121 109
118 106 4,041 3,654

Loss from actuarial assumptions 6 5 193 183

Benefits paid (10) (3) (339) (115)
Foreign exchange differences 1 1 27 40
Currency translation differences - - (21) (43)
(3) 3 (140) 65
As at 31 December 115 109 3,901 3,719

Expenses recognised in the statements of income for the years are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Current service cost 14 13 489 462

Interest expense 9 8 303 275
Total 23 21 792 737
Other long-term benefits 9 3 309 83
Expenses recognised in statement of income 32 24 1,101 820

PTT Exploration and Production Public Company Limited 183

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 523
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Current service cost 6 6 201 183

Interest expense 3 3 121 109
Total 9 9 322 292
Other long-term benefits 1 2 27 80
Expenses recognised in statement of income 10 11 349 372

(Gain) loss from actuarial assumptions recognised in the statements of comprehensive income are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Change in financial assumptions 25 3 839 132

Change in demographic assumptions (2) 1 (69) 19
Experience adjustment (20) 8 (662) 283
Total 3 12 108 434

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Change in financial assumptions 19 3 623 124

Change in demographic assumptions (2) - (71) -
Experience adjustment (11) 2 (359) 59
Total 6 5 193 183

PTT Exploration and Production Public Company184

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524 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

The significant actuarial assumptions used were as follows:

% per annum
2024 2023

Discount rate 2.60 - 6.65 2.46 - 6.85

Inflation rate 2.00 - 2.50 2.00
Turnover rate 0.00 - 15.00 0.00 - 15.00

Sensitivity analysis for each significant assumption used is as follows:

Increase (Decrease) in impact

on defined retirement benefit obligation
Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023
Discount rate
Increase 1% (17) (13) (583) (434)
Decrease 1% 20 15 696 529

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating
the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method has been
applied as when calculating the retirement benefits recognised in the statement of financial position.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the
previous year.

As at 31 December 2024, the weighted average duration of the defined retirement benefit obligation is 22.4 years
(2023: 22.1 years).

PTT Exploration and Production Public Company Limited 185

Notes
PTT toExploration
the Consolidated
andandProduction
Separate Financial
PublicStatements
Company Limited 525
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Maturity analysis of undiscounted retirement benefits are as follows:

Consolidated Separate
financial statements financial statements
Unit: Million Unit: Million Unit: Million Unit: Million
US Dollar Baht US Dollar Baht
As at 31 December 2024
Not later than 1 year 8 284 7 238
Over 1 to 5 years 34 1,154 27 914
Over 5 to 10 years 65 2,221 50 1,716
Over than 10 years 363 12,328 243 8,249
470 15,987 327 11,117

29 Share capital

The total number of authorised ordinary shares is 3,969.98 million shares (2023: 3,969.98 million shares) with a par
value of Baht 1 each (2023: a par value of Baht 1 each). All authorised ordinary shares are fully paid.

30 Legal reserves

Under the Public Companies Act., B.E. 2535, the Company is required to set aside as a legal reserve at least 5% of
its net profit for the year until the reserve is not less than 10% of the authorised ordinary shares capital. The legal
reserve is not available for dividend distribution. The Company has already set aside full legal reserve at 10% of the
authorised ordinary shares capital.

PTT Exploration and Production Public Company186

Limited
526 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

31 Dividends

On 1 April 2024, at the Annual General Meeting of the Shareholder approved the payment of a dividend for the year
2023 at the rate of Baht 9.50 per share. The Company made an interim dividend payment for the first half-year
operations of 2023 at the rate of Baht 4.25 per share on 29 August 2023, and for the second half-year operations of
2023 at the rate of Baht 5.25 per share which was paid to the shareholders on 22 April 2024.

On 30 January 2025, the Company’s Board of Directors endorsed the proposal of dividend payment for the year
2024 at the rate of Baht 9.625 per share. The Company made an interim dividend payment for the first half-year
operations of 2024 at the rate of Baht 4.50 per share on 28 August 2024. The remaining is for the second half-year
operations of 2024 at the rate of Baht 5.125 per share, which will be paid after receiving approval from the Annual
General Meeting of the Shareholders.

32 Expense by nature

Significant expenses by nature of the Group which comprise the expenses based on its participating interest in each
project for the years are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Salary, wages and employees’ benefits 279 283 9,828 9,840

Repair and maintenance 394 319 13,895 11,079
Exploration well and projects write-off 96 59 3,362 2,070
Geological and geophysical expenses 5 20 187 688
Logistics 424 337 14,956 11,744
Utility and information technology 100 93 3,524 3,248
Rental expenses 30 19 1,094 669

187
PTT Exploration and Production Public Company Limited
Notes to
PTT the Consolidated
Exploration andandProduction
Separate Financial
PublicStatements
Company Limited 527
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Salary, wages and employees’ benefits 259 266 9,122 9,273

Repair and maintenance 60 45 2,098 1,572
Exploration well and projects write-off - 1 - 36
Geological and geophysical expenses - - 1 1
Logistics 46 29 1,606 1,014
Utility and information technology 68 69 2,399 2,401
Rental expenses 7 5 236 173

33 Income tax expense

Income tax rates for the year ended 31 December 2024 are as follows:
Tax Rate (%)
Income tax in Thailand
- Corporate income tax under Revenue Code Exempt*, 3, 20
- Petroleum income tax on petroleum businesses in Thailand
pursuant to Petroleum Income Tax Act, B.E. 2514 and 2532 50
- Petroleum income tax on petroleum business in Thailand
pursuant to Petroleum Income Tax Act, B.E. 2560 20
Income tax from the Petroleum business in the Thailand - Malaysia
Joint Development Area under the Petroleum Income Tax Act (No.5), B.E. 2541 and
Petroleum Income tax in Malaysia
- From the first to the eighth accounting period Exempt
- From the ninth to the fifteenth accounting period 10
- From the sixteenth accounting period onwards 20
Income tax in Malaysia
- Corporate income tax 24
- Petroleum income tax 25, 38
Corporate income tax in the Republic of the Union of Myanmar 25
Corporate income tax in the Socialist Republic of Vietnam 20, 50
Corporate income tax in the Republic of Indonesia
- Corporate income tax 22
- Income tax from the profit distribution 20

PTT Exploration and Production Public Company188

Limited
528 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

Tax Rate (%)

Corporate income tax in the Republic of Singapore 17
Corporate income tax in Hong Kong Special Administrative Region of the People's Republic of China 16.5
Corporate income tax in the United Kingdom of Great Britain and Northern Ireland 25
Corporate income tax in the Kingdom of the Netherlands 19, 25.8
Corporate income tax in the Republic of Cyprus 12.5
Corporate income tax in the Commonwealth of Australia
- Corporate income tax 30
- Petroleum resource rent tax in the Commonwealth of Australia 40
Corporate income tax in Canada 23
Corporate income tax in the United Mexican States 30
Corporate income tax in the Republic of Panama 25
Corporate income tax in the People's Democratic Republic of Algeria
- Corporate income tax 38, 19 - 80
- Petroleum income tax 20 - 70
Income tax in Sultanate of Oman
- Corporate income tax 15
- Petroleum income tax 55, 80
Corporate income tax in the United Arab Emirates
- Corporate income tax 9
- Petroleum income tax in Abu Dhabi Emirate 25 - 78
- Petroleum income tax in Sharjah Emirate 50
Corporate income tax in the Republic of Kazakhstan
- Corporate income tax 30
- Income tax from the profit distribution 15
Corporate income tax in the Republic of Mozambique 32
Petroleum income tax in the Republic of Angola 50

* FutureTech Solar (Thailand) Co., Ltd. (FST), a subsidiary of the Group, has received promotional privileges from
the Office of the Board of Investment (BOI) for its solar power business. Under these privileges, FST has received
exemptions from certain taxes and duties as detailed in the certificate.

PTT Exploration and Production Public Company Limited 189

Notes to the Consolidated and Separate Financial Statements
PTT Exploration and Production Public Company Limited 529
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Income tax expenses for the years ended 31 December are comprised:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Current income tax 1,727 1,470 61,094 51,233

Deferred income tax (106) 361 (3,880) 12,471
Total income tax expenses 1,621 1,831 57,214 63,704

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Current income tax 431 293 15,269 10,201

Deferred income tax 8 288 235 9,964
Total income tax expenses 439 581 15,504 20,165

PTT Exploration and Production Public Company190

Limited
530 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

The income tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the
basic tax rate of the home country of the Company are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Profit before income tax 3,848 4,039 136,031 140,408

Tax calculated at a tax rate of 50% 1,924 2,020 68,016 70,204
Tax effect of:
Loss of the entities not subject to tax 22 78 782 2,707
Expenses not deductible for tax purpose 295 300 10,411 10,447
Adjustment in respect of prior year (18) (17) (703) (582)
Results of operations of associates
and joint ventures, net of tax (19) (21) (658) (738)
Tax credit on petroleum royalty (336) (389) (11,891) (13,514)
Tax credit on foreign corporate income tax (81) (9) (2,847) (330)
Deferred tax on functional currency (6) 9 (211) 304
Deferred tax related to changes in tax rates 7 - 241 -
Foreign income tax 114 78 4,020 2,723
Difference in tax rate of the Group’s
operating countries (279) (216) (9,852) (7,494)
Others (2) (2) (94) (23)
Tax charge 1,621 1,831 57,214 63,704

PTT Exploration and Production Public Company Limited 191

PTT Exploration
Notes to andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 531
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
2024 2023 2024 2023

Profit before income tax 1,501 1,685 53,009 58,515

Tax calculated at a tax rate of 50% 751 843 26,505 29,257
Tax effect of:
Gain from the entities not subject to tax (27) (15) (969) (516)
Expenses not deductible for tax purpose 132 146 4,662 5,083
Adjustment in respect of prior year (4) 21 (216) 729
Tax credit on petroleum royalty (225) (283) (7,927) (9,806)
Tax credit on foreign corporate income tax (37) - (1,298) -
Foreign income tax 60 31 2,134 1,079
Tax rate difference impact on profits
before tax (211) (162) (7,451) (5,629)
Others - - 64 (32)
Tax charge 439 581 15,504 20,165

The Group falls within the scope of the Pillar Two model rules published by the Organisation for Economic
Cooperation and Development or OECD), which require large multinational enterprises to pay a Pillar Two income
tax if their average effective tax rate is below 15% in any jurisdiction in which they operate. The Group has applied
the exception for recognising and disclosing information about deferred tax assets and liabilities related to the Pillar
Two income taxes as provided in TAS 12.

The Group operates in jurisdictions where these legislations become effective on 1 January 2024, consisting of the
Commonwealth of Australia, Canada, the Republic of Cyprus, the Kingdom of the Netherlands, the United Kingdom
of Great Britain and Northern Ireland and the Socialist Republic of Vietnam. Based on management’s assessment,
the Group will benefit from the “Transitional Safe Harbour” for most of jurisdictions which Pillar Two legislation was
effective, and the remaining jurisdictions had an effective tax rate above 15%. As a result, the Group did not
recognise the Pillar Two income tax in the financial statements for the year ended 31 December 2024.

In addition, on 26 December 2024, Thailand’s Global Minimum Tax legislation, including the Pillar Two rules, is
enacted and will come into effect on 1 January 2025 onwards. The management of the Group is currently assessing
the potential impact that Pillar Two income tax may have on the financial statements.

PTT Exploration and Production Public Company192

Limited
532 PTT Exploration and Production Public Company Limited 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Notes to the Consolidated and Separate Financial Statements

For the year ended 31 December 2024

34 Earnings per share

Basic earnings per share for the years ended 31 December are as follows:

Consolidated financial statements

Unit: US Dollar Unit: Baht
2024 2023 2024 2023

Profit attributable to equity holders of parent

(unit: million) 2,227 2,208 78,824 76,706
Adjustment
Foreign exchange difference from repayment of
subordinated perpetual loan (unit: million) - (49) - (1,725)

Profit used to determine basic earnings

per share (unit: million) 2,227 2,159 78,824 74,981
Weighted average number of ordinary shares
outstanding during the year (million shares) 3,970 3,970 3,970 3,970
Basic earnings per share 0.56 0.54 19.86 18.89

Separate financial statements

Unit: US Dollar Unit: Baht
2024 2023 2024 2023

Profit used to determine basic earnings

per share (unit: million) 1,062 1,104 37,505 38,350
Weighted average number of ordinary shares
outstanding during the year (million shares) 3,970 3,970 3,970 3,970
Basic earnings per share 0.27 0.28 9.45 9.66

PTT Exploration and Production Public Company Limited 193

PTT toExploration
Notes andandProduction
the Consolidated Public
Separate Financial Company Limited
Statements 533
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

35 Commitments and contingent liabilities

35.1 Contractual commitments

As at 31 December 2024 and 2023, significant contractual commitments contracted but not recognised as
liabilities are as follows:

Consolidated financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Capital commitments 1,678 1,778 57,021 60,837

Other commitments 569 80 19,351 2,729
Total 2,247 1,858 76,372 63,566

Separate financial statements

Unit: Million US Dollar Unit: Million Baht
31 December 31 December 31 December 31 December
2024 2023 2024 2023

Capital commitments 255 223 8,660 7,632

Other commitments 54 9 1,833 300
Total 309 232 10,493 7,932

35.2 Contingent liabilities

As at 31 December 2024, the Company had contingent liabilities in the form of letters of guarantee with an amount
equivalent to US Dollar 344.34 million (Baht 11,703.34 million) for the consolidated financial statements (2023: US
Dollar 496.18 million (Baht 16,980.96 million)) and with an amount equivalent to US Dollar 149.95 million (Baht
5,096.42 million) for the separate financial statements (2023: US Dollar 273.60 million (Baht 9,363.35 million)).

194
PTT Exploration and Production Public Company Limited
534 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated
PTT Exploration and Production Public Company Limited
Notes to the Consolidated and Separate Financial Statements
For the year ended 31 December 2024

35.3 Commitments

Commitment from the guarantee of debentures and loans of subsidiaries

As at 31 December 2024, the Company has commitment to guarantee unsecured and unsubordinated capital
debenture of US Dollar 1,908.11 million (2023: US Dollar 1,908.11 million) and the senior guaranteed
debentures with a bondholders’ representative of Baht 13,500 million (2023: Baht 13,500 million) for PTTEP
Treasury Center Company Limited (PTTEP TC), a subsidiary of the Company.

As at 31 December 2024 and 2023, the Company has a commitment to of a guarantee cross currency swap
transactions for PTTEP TC to swap Baht debenture to US Dollar with a guaranteed amount of US Dollar 348.66 million
and to swap the Pound Sterling loan to a related party from Pound Sterling to US Dollar (Cross Currency Swap) with
a guaranteed amount of US Dollar 287.05 million.

As at 31 December 2024 and 2023, the Company has commitment to the guarantee senior debt financing
agreements in the form of project finance for a subsidiary of MOZ LNG1 Holding Company Ltd (MOZ LNG1
Holding) with a US Dollar 14,900 million facility, which is guaranteed by the Company based on the Group’s
participating interest in MOZ LNG1 Holding of 8.5%, which is equivalent to US Dollar 1,266.50 million.

The Company has commitment to guarantee PTTEP TC’s US Dollar loan agreement for revolving credit
facilities with a financial institution. The total loan facility is in amount of US Dollar 400 million. As at
31 December 2024 and 2023, there is unused credit facilities of US Dollar 400 million.

36 Events occurring after the reporting date

On 1 January 2025, PTTEP Australia Timor Sea Pty Ltd (PTTEP AT), a subsidiary of the Group, completed the
dissolution.

On 11 January 2025, Abu Dhabi Offshore 1, in which PTTEP MENA Limited (PTTEP MENA), a subsidiary of the Group,
holds a 30% participating interest, ended its first exploration phase. The operator and PTTEP MENA agreed to not
enter the second exploration phase and returned the block to the Government of United Arab Emirates.

PTT Exploration and Production Public Company Limited 195

Supplemental Information on Petroleum Exploration and Production Activities (Unaudited) 535
Form 56-1 One Report Year 2024

Attachment: Supplemental Information on Petroleum Exploration and Production Activities (Unaudited)

Supplemental Information on Petroleum
(A) PTTEP and Our Subsidiaries’ Petroleum Reserves Report as of December 31, 2024
Exploration and Production Activities
The total Proved Reserves of PTTEP and our subsidiaries as of December 31, 2024 are shown in the attached table.

(Unaudited)
The Proved Reserves are reviewed annually by Company’s earth scientists and reservoir engineers to ensure rigorous
Form 56-1 One Report Year 2024
professional standards. The Proved Reserves are reported on a gross basis, which includes the Company’s net working interest
and related host country’s interest.
Attachment: Supplemental Information on Petroleum Exploration and Production Activities (Unaudited)
Furthermore, in order to improve efficiency, check and balance of the Reserves estimation, reporting and disclosure,
(the
A) company
PTTEPmaintains
and Our aSuReserves
bsidiariesCommittee
’ Petroleumwhich
ResehasrvestheRefollowing
port as oroles
f Decand
embresponsibilities:
er 31, 2024
The• total Proved
ReviewReserves
and endorseof PTTEP and our subsidiaries
the Company’s as of December 31, 2024 are shown in the attached table.
Annual Reserves
The Proved Reserves are reviewed annually by Company’s earth scientists and reservoir engineers to ensure rigorous
• Review and approve Major Changes of Reserves, and Reserves for Newly-Acquired Project
professional standards. The Proved Reserves are reported on a gross basis, which includes the Company’s net working interest
and related• host country’s
Ensure that all activities that related to reserves estimation and disclosure of reserves information conform to
interest.
regulatory and legal requirements as well as to corporate and international standards
Furthermore, in order to improve efficiency, check and balance of the Reserves estimation, reporting and disclosure,
the company• maintains Appoint ReservesCommittee
a Reserves Auditor andwhichapprove
has the Reserves Auditand
following roles Results to ensure compliance with Company’s
responsibilities:
framework and continual process improvement
• Review and endorse the Company’s Annual Reserves
As of December 31, 2024, the total amount of Proved Reserves of PTTEP Group’s projects 1 was 488 million stock-tank
• Review and approve Major Changes of Reserves, and Reserves for Newly-Acquired Project
barrels (MMSTB) of crude oil and condensate2 and 6,999 billion standard cubic feet (BSCF) of natural gas or 1,149 million
barrels of•oil equivalent
Ensure that all activities
(MMBOE). The totalthat related
amount to reserves
of Proved estimation
Reserves andofdisclosure
in terms of reserves
oil equivalent information
was therefore 1,637conform
MMBOE. to
regulatory and legal requirements as well as to corporate and international standards
In 2024, the total production of PTTEP Group 1 was 255 MMBOE, consisting of 61 MMSTB of crude oil and condensate 2
and 1,209• BSCF (194 Appoint Reserves
MMBOE) Auditor
of natural gas.and
Thisapprove ReservestoAudit
was equivalent Results production
the average to ensure rate
compliance withbarrels
of 696,257 Company’s
of oil
framework and continual process improvement
equivalent per day (BOED) which was approximately 57,938 BOED or 9 percent increase from the previous year. The increase
in production mainly comes
As of December fromthe
31, 2024, G1/61
total Project
amountproduction ramp-up ofto PTTEP
of Proved Reserves 800 MMSCFD since March
Group’s projects 1
was 20,
4882024.
millionInstock-tank
addition,
production
barrels of Yadana
(MMSTB) project
of crude oil increase according
and condensate 2 to additional working interest of 25.8788% transferred from Unocal Myanmar
and 6,999 billion standard cubic feet (BSCF) of natural gas or 1,149 million
Offshore
barrels ofCompany Limited
oil equivalent since April
(MMBOE). The1,total
2024.
amount of Proved Reserves in terms of oil equivalent was therefore 1,637 MMBOE.
In 2024, the total production of PTTEP Group 1 was 255 MMBOE, consisting of 61 MMSTB of crude oil and condensate 2
and 1,209 BSCF (194 MMBOE) of natural gas. This was equivalent to the average production rate of 696,257 barrels of oil
equivalent per day (BOED) which was approximately 57,938 BOED or 9 percent increase from the previous year. The increase
in production mainly comes from G1/61 Project production ramp-up to 800 MMSCFD since March 20, 2024. In addition,
production of Yadana project increase according to additional working interest of 25.8788% transferred from Unocal Myanmar
Offshore Company Limited since April 1, 2024.

1
Include APICO Joint Venture project
2
Include Natural Gas Liquids (NGL)

PTT Exploration and Production Public Company Limited

536 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Form 56-1 One Report Year 2024

PTT Exploration and Production Public Company Limited

Crude Oil and Condensate and Natural Gas Proved Reserves(1)

Crude Oil and Condensate (2) Natural Gas Barrel of Oil Equivalent
(Million Barrels) (Billion Cubic Feet) (Million Barrels)
Domestic Foreign Total Domestic Foreign Total Domestic Foreign Total
Company’s share of proved
reserves of consolidated companies
As of December 31, 2022 133 232 365 3,491 2,981 6,472 704 730 1,434
1) Revision of previous estimates 32 1 33 617 (1) 616 123 1 124
2) Improved recovery 3 0 3 2 - 2 3 0 3
3) Extensions and discoveries 10 3 13 273 278 551 55 46 101
4) Purchases/Sales of Petroleum in - (1) (1) - - - - (1) (1)
place
5) Production (35) (25) (60) (686) (379) (1,065) (146) (86) (232)
As of December 31, 2023 143 210 353 3,697 2,879 6,576 739 690 1,429
Company’s share of proved
reserves of consolidated companies
As of December 31, 2023 143 210 353 3,697 2,879 6,576 739 690 1,429
1) Revision of previous estimates 33 30 63 435 64 499 103 43 146
2) Improved recovery 3 0 3 3 3 6 4 1 5
3) Extensions and discoveries 16 10 26 353 117 470 72 29 101
4) Purchases/Sales of Petroleum in - 104 104 - 604 604 - 202 202
place
5) Production (37) (24) (61) (809) (390) (1,199) (167) (86) (253)
As of December 31, 2024 158 330 488 3,679 3,277 6,956 751 879 1,630

(1)
The Proved Reserves are reported on a gross basis which includes the Company's net working interest and the related host country’s interest.
(2)
Include Natural Gas Liquids (NGL)

PTT Exploration and Production Public Company Limited

Supplemental Information on Petroleum Exploration and Production Activities (Unaudited) 537

Form 56-1 One Report Year 2024

PTT Exploration and Production Public Company Limited

Crude Oil and Condensate and Natural Gas Proved Reserves(1)

Crude Oil and Condensate(2) Natural Gas Barrel of Oil Equivalent

(Million Barrels) (Billion Cubic Feet) (Million Barrels)
Domestic Foreign Total Domestic Foreign Total Domestic Foreign Total
Company’s share of proved
reserves of equity companies(3)
As of December 31, 2022 0 - 0 51 - 51 8 - 8
1) Revision of previous estimates (0) - (0) 1 - 1 0 - 0
2) Improved recovery - - - - - - - - -
3) Extensions and discoveries - - - - - - - - -
4) Purchases/Sales of Petroleum in - - - - - - - - -
place
5) Production (0) - (0) (8) - (8) (1) - (1)
As of December 31, 2023 0 - 0 44 - 44 7 - 7
Company’s share of proved
reserves of equity companies(3)
As of December 31, 2023 0 - 0 44 - 44 7 - 7
1) Revision of previous estimates 0 - - 9 - 9 2 - 2
2) Improved recovery - - - - - - - - -
3) Extensions and discoveries - - - - - - - - -
4) Purchases/Sales of Petroleum in - - - - - - - - -
place
5) Production (0) - (0) (10) - (10) (2) - (2)
As of December 31, 2024 0 - 0 43 - 43 7 - 7
Total Proved Reserves
As of December 31, 2024 158 330 488 3,722 3,277 6,999 758 879 1,637

(1)
The Proved Reserves are reported on a gross basis which includes the Company's net working interest and the related host country’s interest.
(2)
Include Natural Gas Liquids (NGL)
(3)
Reserves from APICO Joint Venture project

PTT Exploration and Production Public Company Limited

538 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Form 56-1 One Report Year 2024

(B) Capitalized Costs Relating to Oil and Gas Producing Activities

Capitalized costs represent cumulative expenditures for proved and unproved properties together with
related accumulated depreciation, depletion, amortization, and allowance for impairment loss on assets.
Proved properties include exploration wells, development wells, transportation pipelines, producing facilities,
right-of-use assets and decommissioning costs. Unproved properties represent amounts associated with capitalized
cost of projects which have not yet found proved reserves.
(Unit: Million US Dollar) 2024 2023
Proved properties 40,151 36,238
Unproved properties 2,659 2,756
Gross capitalized costs 42,810 38,994
Accumulated depreciation, depletion, amortization, and allowance for impairment (25,003) (22,676)
Net capitalized costs 17,807 16,318

(C) Costs Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities
Costs incurred in oil and gas property acquisition, exploration and development activities represent amounts
both capitalized and charged to expense during the year.
Property acquisition costs include costs to purchase proved and unproved properties.
Exploration costs include geological and geophysical expenses, exploratory drilling cost as well as
reservation fee for exploration blocks.
Development costs include costs associated with drilling and equipping development wells, improved
recovery systems, facilities for extraction, treating, gathering and storage, producing facilities for existing developed
reserves, and costs associated with transportation pipeline.

2024 2023
(Unit: Million US Dollar)
Domestic Foreign Total Domestic Foreign Total
Acquisition of properties
- Proved 5 534 539 8 - 8
- Unproved - - - 6 - 6
Exploration costs 89 82 171 59 150 209
Development costs 2,135 847 2,982 1,694 605 2,299
Total 2,229 1,463 3,692 1,767 755 2,522

PTT Exploration and Production Public Company Limited

Supplemental Information on Petroleum Exploration and Production Activities (Unaudited) 539

Form 56-1 One Report Year 2024

(D) Results of Operations for Producing Activities

Results of operations from oil and gas producing activities for the year 2024 and 2023 are shown in the
following table.
Operating expenses include lifting costs incurred to operate and maintain productive wells and related
equipment.
Exploration expenses consist of geological and geophysical costs, and exploratory well including project
cost write off expenses.
Administrative expenses are expenses directly related to oil and gas producing activities.
Depreciation, depletion, and amortization expenses relate to capitalized costs incurred in acquisition,
exploration and development activities, transportation pipeline, including amortized decommissioning costs.
Other expenses (income) mainly include impairment loss on assets and goodwill, foreign exchange gains and
losses directly related to oil and gas producing activities, gain on disposal of participating interests and other income.
Income tax expenses are based on the results of operations from petroleum producing activities.
General corporate overhead and finance costs are excluded from the results of operations for petroleum
producing activities.
2024 2023
(Unit: Million US Dollar)
Domestic Foreign Total Domestic Foreign Total
Revenues
Revenues from sales – Related parties 5,059 1,965 7,024 4,890 1,869 6,759
Revenues from sales – Third parties 340 1,778 2,118 302 1,866 2,168
Total revenues from sales 5,399 3,743 9,142 5,192 3,735 8,927
Expenses
Operating expenses 876 834 1,710 802 757 1,559
Exploration expenses 11 114 125 5 89 94
Administrative expenses 102 105 207 71 94 165
Petroleum royalties 352 44 396 397 53 450
Depreciation, depletion and amortization 1,694 948 2,642 1,412 873 2,285
Other (income) / expenses (65) (67) (132) (97) 3 (94)
Total expenses 2,970 1,978 4,948 2,590 1,869 4,459
Results before income taxes 2,429 1,765 4,194 2,602 1,866 4,468
Income tax expenses 731 885 1,616 866 945 1,811
Net results of operations 1,698 880 2,578 1,736 921 2,657

PTT Exploration and Production Public Company Limited

540 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Form 56-1 One Report Year 2024

(E) Standardized Measure of Discounted Future Net Cash Flows (SMDCF) Relating to the Proved Oil and Gas Reserves
The standardized measure of discounted future net cash flows related to the above proved oil and gas
reserves, is computed by applying 12-month average prices* (with consideration of price changes only to the extent
provided by contractual arrangements), to the estimated future production of year-end remaining proved oil and gas
reserves less estimated future expenditures (based on year-end costs) to be incurred in developing and producing the
proved reserves.
Future income taxes are calculated by applying the appropriate year-end statutory tax rates to the future pre-
tax net cash flows and deducted by applicable tax deductions or tax credits.
Net Cash flows are discounted using a rate of 10% per year to reflect the estimated timing of the future cash
flows.
The estimation of discounted future net cash flow shown below is not intended to represent the fair value of
oil and gas properties. The fair value should take into account of several factors, such as probable and possible reserves
which may turn into proved reserves in the future, anticipated future oil and gas prices, interest rates, changes in
development and production costs and risks associated with future production. Therefore, the fair value will subject to
the view and perception of analyst.
* Twelve-month average prices are calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month.

Standardized Measure of Discounted Future Net Cash Flows Relating to Prove Oil and Gas Reserves
Domestic Foreign Total
(Unit: Million US Dollar)
2024 2023 2024 2023 2024 2023
Future cash inflows 20,390 19,515 34,389 27,091 54,779 46,606
Future production costs (7,544) (7,012) (7,517) (6,128) (15,061) (13,140)
Future development costs (6,268) (6,165) (5,613) (4,588) (11,881) (10,753)
Future income tax expenses (1,985) (852) (6,097) (4,579) (8,082) (5,431)
Future net cash flows 4,593 5,486 15,162 11,796 19,755 17,282
10% annual discount (1,065) (1,321) (9,189) (6,070) (10,254) (7,391)
Standardized measure of discounted future net 3,528 4,165 5,973 5,726 9,501 9,891
cash flows (SMDCF) of consolidated companies
SMDCF of equity companies (1) 194 173 - - 194 173
Total SMDCF 3,722 4,338 5,973 5,726 9,695 10,064
(1)
included investment in APICO Joint Venture project

PTT Exploration and Production Public Company Limited

Supplemental Information on Petroleum Exploration and Production Activities (Unaudited) 541

Form 56-1 One Report Year 2024

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
(Unit: Million US Dollar) 2024 2023
Present value at beginning of year of consolidated companies 9,891 12,003
Sales and transfers of oil and gas produced, net of production costs during period (6,512) (7,087)
Development costs incurred during the period 2,954 2,541
Net changes in prices and production costs (415) (4,497)
Net changes in development costs (231) (208)
Extensions, discoveries and improved recovery 1,275 1,661
Revisions of previous quantity estimates 2,823 1,243
Purchases / sales of petroleum in place 5,230 0
Accretions of discount (2,863) 1,878
Net changes in income taxes (2,651) 2,357
Present value at the year end of consolidated companies 9,501 9,891
Present value at the year end of equity company (1) 194 173
Total Present value at the year end 9,695 10,064
(1)
included investment in APICO Joint Venture project

(F) Other Information

Producing Oil and Gas Wells
The numbers of producing wells(1) as of December 31, 2024 were as follows:
Oil Gas
Thailand 1,845 2,776
Overseas:
Southeast Asia 114 294
Others 15,212 154
Total 17,171 3,224
Definition of producing wells:
- Producing wells: wells which are either currently producing or temporarily closed but exclude water disposal wells or wells which have
been plugged & abandoned.
- Producing Oil wells: wells which primarily produce oil, with or without associated gas.
- Producing Gas wells: wells which primarily produce natural gas, with or without associated liquids.

(1)
Total number of wells reported at 100% (Gross), not only PTTEP’s participating interest

P aCompany
PTT Exploration and Production Public g e 8 | Limited
12
542 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

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Southeast SoutheastAsia Asia 3 3 - -
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Development Development Development 42 42 1 1
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Thailand ThailandThailand 580
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1111 11 11
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Overseas: Overseas: Overseas: ProductiveProductive
Well Well Dry WellDry Well
Southeast
SoutheastAsia
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Development Asia Asia 2525 25 2511 1 1
Others
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848 848
580 580 84811 1
11 111
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Overseas: Total
Overseas: 1,453
1,453 1,453 1,453 1313 13 13
Southeast SoutheastAsia Asia 25 25 1 1
Others Others 848 848 1 1
(1)(1)
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Totalnumber
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PTTEP’s participating interest. 13 13

PTT Exploration and Production Public Company Limited

(1)
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reported
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at 100%not
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not onlyparticipating
PTTEP’s participating
interest. interest.
Supplemental Information on Petroleum Exploration and Production Activities (Unaudited) 543

Form 56-1 One Report Year 2024

Quarterly information in 2024 and 2023 for the consolidated financial statements are as follows:
Unit: Thousand US Dollar
Year 2024 Q4 Q3 Q2 Q1
Revenues
Revenue from sales 2,214,099 2,133,415 2,257,467 2,093,482
Revenue from pipeline transportation 33,496 40,044 40,881 29,417
Other income
Gain on foreign exchange rates - 22,741 799 -
Gain on remeasuring of financial instruments 39,993 - 13,964 -
Interest income 55,395 59,846 66,399 56,700
Other income 62,004 50,930 32,171 29,487
Total revenues 2,404,987 2,306,976 2,411,681 2,209,086
Expenses
Operating expenses 424,494 367,986 309,718 299,610
Exploration expenses 6,057 45,837 26,601 46,299
Administrative expenses 169,746 129,436 111,533 105,356
Petroleum royalties 94,730 93,523 104,226 103,908
Depreciation, depletion and amortisation 626,913 722,533 716,250 623,245
Other expenses
Loss on foreign exchange rates 14,987 - - 2,063
Loss on remeasuring of financial instruments - 31,036 - 11,832
Finance costs 77,604 84,507 87,501 84,854
Total expenses 1,414,531 1,474,858 1,355,829 1,277,167
Share of profit of associates and joint ventures 21,077 1,019 5,475 10,181
Profit before income taxes 1,011,533 833,137 1,061,327 942,100
Income taxes (472,651) (321,662) (408,277) (418,589)
Profit for the period 538,882 511,475 653,050 523,511

Profit (loss) attributable to:

Owners of the parent 538,854 511,576 653,145 523,548
Non-controlling interests 28 (101) (95) (37)
538,882 511,475 653,050 523,511
Unit: US Dollar
Q4 Q3 Q2 Q1
Earnings per share
Basic earnings per share 0.13 0.13 0.17 0.13

PTT Exploration and Production Public Company Limited

544 56-1 One Report / Annual Report 2024 – Sustainability Report Incorporated

Form 56-1 One Report Year 2024

Unit: Thousand US Dollar

Year 2023 Q4 Q3 Q2 Q1
Revenues
Revenue from sales 2,201,548 2,192,607 1,923,876 2,193,048
Revenue from pipeline transportation 29,490 30,801 33,595 34,181
Other income
Gain on foreign exchange rates 25,270 - 8,798 18,966
Gain on remeasuring of financial instruments - - 28,538 -
Gain on disposal of participating interests 73,239 - - -
Interest income 43,247 36,906 37,334 34,787
Other income 38,242 31,442 41,488 33,373
Total revenues 2,411,036 2,291,756 2,073,629 2,314,355
Expenses
Operating expenses 280,302 337,237 247,249 360,053
Exploration expenses 62,151 15,426 5,625 10,842
Administrative expenses 167,774 113,153 105,718 100,293
Petroleum royalties 109,240 106,837 93,562 140,516
Depreciation, depletion and amortisation 653,927 629,444 559,716 491,624
Other expenses
Loss on foreign exchange rates - 4,905 - -
Loss on remeasuring of financial instruments 22,457 19,904 - 41,765
Impairment loss on assets and goodwill 120,000 - - -
Finance costs 66,244 75,458 75,596 77,159
Total expenses 1,482,095 1,302,364 1,087,466 1,222,252
Share of profit of associates and joint ventures 11,417 9,096 9,623 12,420
Profit before income taxes 940,358 998,488 995,786 1,104,523
Income taxes (426,247) (484,442) (385,423) (535,276)
Profit for the period 514,111 514,046 610,363 569,247

Profit (loss) attributable to:

Owners of the parent 514,016 514,102 610,461 569,247
Non-controlling interests 95 (56) (98) -
514,111 514,046 610,363 569,247
Unit: US Dollar
Q4 Q3 Q2 Q1
Earnings per share
Basic earnings per share 0.13 0.13 0.14 0.14

P a g e 11 | 12
PTT Exploration and Production Public Company Limited
Supplemental Information on Petroleum Exploration and Production Activities (Unaudited) 545

Form 56-1 One Report Year 2024

Petroleum Sales Volume and Average Unit Prices

2024 2023
Net sales of petroleum (BOED) 488,794 462,007
Average petroleum unit prices
Average unit prices of crude oil and condensate (USD/BBL) 77.20 79.09
Average unit prices of natural gas (USD/MMBTU) 5.87 6.00
Average unit prices of petroleum (USD/BOE) 46.78 48.21

Lifting cost (USD/BOE) 4.84 4.69

PTT Exploration and Production Public Company Limited

PTT Exploration and Production Public Company Limited www.pttep.com
Energy Complex Building A, Floors 19–36 PTTEP
555/1 Vibhavadi Rangsit Road, Chatuchak, Bangkok 10900, Thailand
Tel.: +66 (0) 2537 4000 | Fax: +66 (0) 2537 4444