National Oil Company Profile: PTT
Highlights
- Oil and gas production in Thailand, including PTT’s, has followed a bell-shaped curve, increasing until 2020 and then decreasing. At current production rates and without further discoveries, PTT’s oil reserves will be depleted by 2030, and its gas reserves by 2032.
- PTT’s production costs are moderate, with 73 percent of its production likely to break even in a moderately paced energy transition scenario.
- PTT is a regional and global leader in acknowledging and managing transition risks, reducing emissions and exploring low-carbon diversification strategies. The company operates a diversified group of subsidiaries and has invested heavily in hydrogen, renewable energy and alternatives to conventional plastics.
- Thailand does not substantially rely on the oil and gas sector for its government revenues; however, renewables generate only 16 percent of its electricity. PTT has assessed the impact of climate-related risks on the company and regularly publishes information on the subject.
See the accompanying guide for definitions of all variables and explanations of the terms used. Sources are referenced with a number in parentheses, e.g., (1), and listed at the end of the profile, together with the reference year. An explanation of the energy transition scenarios used is also at the end of the profile, preceding the references.
This profile was last updated in August 2024.
Key statistics
| Potential scope 3 emissions from reserves (proved, 1P) (1) | 128 Mt CO₂e |
| Home country income level (2) | Upper-middle income |
| Equitable phase-out responsibility (11) | By 2033 |
| Company transition risk: share of investment that does not break even in the moderate transition scenario (1, 20) | 27% |
| Government revenues from oil and gas at risk in the moderate transition scenario, as share of current oil and gas government revenue (8) | N/A |
| Current share of total government revenue from oil and gas (8) | N/A |
Company governance
Formerly referred to by its long-form name, Petroleum Authority of Thailand, the company has adopted the acronym PTT as its official legal name since 2001.
PTT is an integrated group engaged in oil and gas exploration, production, refining and transport in addition to petrochemicals, biochemicals, retail activities and other start-up businesses. Among PTT’s major subsidiaries, the company has set up a dedicated subsidiary for exploration and production called PTTEP, one for chemistry called PTTGC, and one for retail activities called PTTOR. The group is majority-owned by the Thai government but partly privatized, and operates production and exploration in Indonesia, Malaysia, Mozambique, Myanmar, Oman, Thailand, Vietnam and the Malaysia–Thailand joint development area.
From May 2024, PTT’s CEO has been Kongkrapan Intarajang. PTT’s Chairman of the corporate governance and sustainability committee is also the director of the Thailand Greenhouse Gas Management Organisation and chairs the board of the Forest Industry Organisation. The company board consists of 15 directors, of whom 12 are independent, appointed by the shareholders. The company does not carry out regulatory functions, which are instead assigned to separate government agencies.
PTT (legally, PTT Public Company Limited) has the structure of a joint stock company and is listed on the Stock Exchange of Thailand. The government owns 51 percent of the shares, while other shareholders own 49 percent of the company.
| Founded (21) | 1978 |
| Partially privatized (5) | 2001 |
| Listed on exchange (5) | Stock Exchange of Thailand (SET) |
| Employment (3) | 30,772 |
| OPEC member country (15) | No |
| International exploration and production operations (1, 5) | Indonesia, Malaysia, Malaysia–Thailand joint development area, Mozambique, Myanmar, Oman, Vietnam |
| Subsidiaries (5) | 167 subsidiaries in 26 countries |
Ownership
| Ministry of Finance (Thailand) | 51.11% |
| Krung Thai Asset Management | 6.08% |
| MFC Asset Management | 6.08% |
| Federation of Savings and Credit Cooperatives of Thailand | 2.06% |
| Social Security Office | 1.74% |
| State Street Europe | 1.47% |
| Others | 31.46% |
Source: (5)
Environmental, social and governance performance
PTT has environmental, social and governance (ESG) indicators well above the regional average for all East Asia–Pacific national oil companies (NOCs) and also above the global average. The company has the highest social and environmental scores out of all NOCs; however, its governance score is below average.
| Company | Country | ESG score (5) | Environmental score (5) | Social score (5) | Governance score (5) | Country Resource Governance Index score (15) |
| PTT | Thailand | 79 | 92 | 90 | 40 | N/A |
| Petronas | Malaysia | 73 | 53 | 87 | 79 | 56 |
| Sinopec | China | 62 | 80 | 40 | 75 | 55 |
| Regional average | 66 | 73 | 65 | 57 | 56 | |
| Global average | 66 | 68 | 66 | 64 | 52 | |
Reserves and production
PTT’s oil and gas production is expected to decline from 2025 onwards. Despite a small reversal in the last three years, Rystad Energy expects the decline in gas to continue, even in the fast transition scenario. PTT’s current oil reserves will last for only six years, and its gas reserves for eight years, at current production rates.
Among PTT’s projects, 63 percent are in gas and the rest in oil, with the vast majority, except two, offshore. PTT’s development capex of USD12.4 billion is substantial.
Sources: (1, 3, NRGI visualization)
| Refining capacity (bpd) (14) | 770,000 |
| Pipeline capacity (bpd) | N/A |
| Oil reserves of NOC (proved, 1P) (million boe) (1) | 382 |
| Oil reserves of NOC as share of country reserves (1) | 123%* |
| Years of oil reserves left at current production (1) | 6 |
| Gas reserves of NOC (million boe) (1) | 1,571 |
| Gas reserves of NOC as share of country reserves (1) | 164%* |
| Years of gas reserves left at current production (1) | 8 |
| NOC share in the country’s total oil production (3) | 76% |
| NOC share in the country’s total gas production (3) | 136%* |
| NOC ownership share of the country’s oil reserves (3) | 123%* |
* A percentage over 100% indicates the NOC owns reserves abroad, in addition to ownership of domestic reserves.
Transition and other economic risks
Thailand’s public finances are minimally reliant on the NOC’s transfers, and the country is a fossil fuel importer. Therefore its exports, and its currency and trade balance, are not dependent on crude oil exports.
Twenty-seven percent of PTT’s investment pipeline does not break even in the moderate energy transition scenario. PTT’s pipeline is less exposed than those of other NOCs in South-East Asia, such as PETRONAS and Pertamina.
As of August 2024, PTT has a return on capital employed below average; it also has high liquidity and moderate indebtedness. PTT and Thailand share the same credit rating.
Economic dependence on fossil fuel revenues and exports
| Indicator | 2013–2017 | 2018–2022 |
| NOC transfers to government as share of total fiscal revenue (3, 1) | 2.8% | 2.8% |
| Crude oil export revenues as share of country’s export revenues (17, 19) | 0% | 0% |
| Gas export revenues as share of country’s export revenues (17, 19) | 0% | 0% |
Government revenues at risk in the transition
| Share of oil and gas revenue in total government revenue (8) | Government revenues from oil and gas in the moderate transition scenario, as share of current oil and gas government revenue (8) | |
| Thailand | N/A | N/A |
| Malaysia | 20% | 51% |
| China | N/A | N/A |
| Regional median | 42% | 52% |
| Global median | 44% | 56% |
Credit ratings
| Fitch (5) | Moody’s (5) | S&P (5) | |
| Thailand | BBB+ | Baa1 | BBB+ |
| PTT | BBB+ | Baa1 | BBB+ |
PTT financial performance
| Company | Country | Liquidity: current ratio (1, 3) | Efficiency and profits: return on capital employed (1, 3) | Indebtedness: leverage (1, 3) |
| PTT | Thailand | 75% | 8.6% | 34% |
| PETRONAS | Malaysia | 199% | 12% | 21% |
| Sinopec | China | N/A | N/A | N/A |
| Regional median | 60% | 13% | 21% | |
| Global median | 33% | 14% | 30% | |
Investment value at risk in different energy transition scenarios
Sources: (1, 20)
PTT is a regional leader and is number two in the international oil and gas sector, behind OMV of Austria, in terms of supplier engagement, a key performance indicator developed by the World Benchmarking Alliance to assess companies’ efforts to decarbonize their supply chain. The company has acknowledged and is managing the financial risks of the global energy transition, according to the World Benchmarking Alliance (22).
In response, the NOC has set targets to reduce its scope 1 and 2 emissions, and invests to increase efficiency, renewable energy, carbon capture and storage (CCS) and other non-oil businesses to achieve its decarbonization targets. It is also investing in reskilling its employees in alternative activities.
PTT group has diversified its portfolio by developing a retail café business with 3,333 locations, well beyond just its retail fuel stations, making it Thailand's largest coffee chain and with the objective to expand globally by 2025. PTTGC has also invested in new materials research and development and is now a major world producer of bioplastics. The company’s largest trading area is based in Thailand’s largest industrial estate, Map Ta Phut, where it is already involved in hydrogen production. The company has disclosed a commitment to engaging in social dialogue with workers and unions, and PTT offers training through its VISTEC university and internal training programs. The company fully divested from its coal business in 2022.
Despite PTT’s high exposure to transition risk in some projects (such as the oil fields in Kikeh and Plamuk), the company has not divested from high-cost upstream assets and continues to expand upstream developments, including through its internationalization strategy.
Sources: (12, 13, 14)
Energy security
Thailand is not self-sufficient in crude oil and gas, and it has only six years left of oil reserves and eight years of gas reserves at current rates of production. Thailand imports 40 percent of its gas supplies, including via seaborne liquified natural gas, as its gas reserves are declining. Thanks to PTT’s refining capacity, the country is autonomous when it comes to refined products. Thailand’s power system relies on renewables for 16 percent of its electricity generation (4) and has substantial further potential in solar and moderate potential in wind. PTT has increased its renewable generation target from 8 GW to 12 GW by 2030, and in 2021 it launched a blockchain renewable electricity trading system (RENEX).
| Refining throughput of NOC as share of final country consumption of oil products (6) | 130% |
| Years of oil reserves left at current production (1) | 6 |
| Years of gas reserves left at current production (1) | 8 |
| Crude oil and refined oil products imports as share of national consumption of oil products (4) | 29% |
| Share of oil and gas in primary energy consumption of country (4) | 63% |
| Gas imports as share of country supply of gas (4) | 40% |
| Share of electricity production of country from renewables (4) | 16% |
Climate impacts and greenhouse gas emissions
PTT regularly reports scope 1, 2 and 3 emissions. The company has low scope 1 and 2 emissions per barrel of oil equivalent, particularly from oil. However, the values were static between 2017 and 2021, which is not in line with the over 4 percent yearly reduction necessary to align with its 1.5°C decarbonization pathway. PTT seeks to reduce its emissions intensity through efficiency measures, renewable energy, CCS and nature-based solutions (including numerous reforestation initiatives). PTTEP has developed a plan to implement CCS technology at the Arthit field by 2027, and implementation of CCS at other fields is under study.
PTT uses an internal shadow carbon price of $20 per ton of CO2 for its new investment decisions; however, the level set is below the IEA’s suggested pricing for reaching net zero by 2050. If PTT were to exploit all its remaining reserves, it could be expected to exceed its 1.5°C carbon budget between 2022 and 2050.
| NOC emissions reduction target, scope 3 emissions | N/A |
| NOC emissions reduction target, scope 1 and 2 emissions (14) | 15% by 2030 |
| Annual scope 1 emissions of NOC (5) | 44.2 Mt CO₂e |
| Annual scope 2 emissions of NOC (5) | 0.6 Mt CO₂e |
| Annual scope 3 emissions of NOC (3, 5, 9) | 132.2 Mt CO₂e |
| Average GHG emitted before combustion per barrel of oil produced by companies in country (9) | 39 kg CO₂e/boe |
| Average GHG emitted before combustion per boe of gas produced by companies in country (9) | 72 kg CO₂e/boe |
| OGDC member company (21) | Yes |
| NOC net zero target, scope 1 and 2 emissions (5, 14) | 2050 |
| Total potential emissions (scope 1–3) from reserves (1, 9) | 128 Mt CO₂e |
| Equitable phase-out responsibility of the country (11) | 2033 |
Energy transition scenarios
We use four energy transition scenarios:
Fast. We based this scenario on the oil and gas demand estimated in the International Energy Agency’s (IEA) Net Zero Emissions by 2050 Scenario, which maps out a transition pathway that would limit global warming to 1.5°C. This assumes large-scale negative emissions enabled by technologies such as carbon capture and storage.
Moderate. We based this scenario on the IEA’s Announced Pledges Scenario, which assumes the full and timely implementation of national energy and climate goals, including net zero emissions targets.
Slow. We based this scenario on the IEA’s Stated Policies Scenario, which assumes governments follow their current set of energy and climate policies.
Expansion. We based this scenario on the Organization of Petroleum Exporting Countries’ (OPEC) scenario, which assumes a continued expansion in demand up to 2045.
Sources
All data are from the latest year available as referenced in the relevant source as of August 2024. For most data this is 2024. Data related to emissions and NOC finances are from 2023 or in some cases 2022. Data on country-level oil and gas reserves and production, the ownership of oil and gas reserves, employment and energy security are from 2022. The Resource Governance Index score is from 2021. If you find an error in this profile, please email noc_profiles@resourcegovernance.org.
- Rystad Energy UCube, 2024 (proprietary data)
- World Bank, 2024
- NOC Database, 2023
- International Energy Agency (IEA), 2024
- S&P Global IQ, 2024 (proprietary data)
- Statistical Review of World Energy, 2024
- Euromonitor, 2023
- Carbon Tracker, 2023
- Fossil Fuel Registry, 2023
- Oil & Gas Decarbonization Charter (OGDC), 2024
- An Equitable Phase Out of Fossil Fuel Extraction (Equity Review), 2023
- Facing the Future (NRGI), 2023
- PTT Annual Report, 2023
- PTT website, 2024
- Resource Governance Index (NRGI), 2021
- OPEC, 2024
- U.N. Comtrade, 2024
- Global Oil & Gas Exit List, 2024
- World Bank, 2024
- Riskier Bets, Smaller Pockets (NRGI), 2023
- Royal Gazette, 2024
- World Benchmarking Alliance, 2023
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