Investor Presentation

Morgan Stanley Asia Pacific Summit, Singapore

20-21 November 2019
Disclaimer

Forward-looking Information
The information, statements, forecasts and projections contained herein reflect the Company’s current views with respect to future events and financial performance. These views are based
on assumptions subject to various risks. No assurance is given that these future events will occur, or that the Company’s assumptions are correct. Actual results may differ materially from
those projected.

Petroleum Reserves Information

In this presentation, the Company discloses petroleum reserves that are not included in the Securities Exchange and Commission of Thailand (SEC) Annual Registration Statement Form 56-
1 under “Supplemental Information on Petroleum Exploration and Production Activities”. The reserves data contained in this presentation reflects the Company’s best estimates of its
reserves. While the Company periodically obtains an independent audit of a portion of its proved reserves, no independent qualified reserves evaluator or auditor was involved in the
preparation of reserves data disclosed in this presentation. Unless stated otherwise, reserves are stated at the Company’s gross basis.

This presentation may contain the terms “proved reserves” and “probable reserves”. Unless stated otherwise, the Company adopts similar description as defined by the Society of Petroleum
Engineers.

Proved Reserves - Proved reserves are defined as those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be
commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations.
Probable Reserves - Probable reserves are defined as those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable.

2
 Strategy and Growth

Recent Development

Financial Performance

Five-Year Plan and Aspiration

PTTEP: the E&P Flagship of PTT Group
Plays a pivotal role in Thailand’s oil and gas production

As PTT’s Upstream Flagship Largest oil and gas producer in

Thailand and Myanmar
Government of Thailand Synergy with PTT’s gas value chain through its dominant position in
the regional gas market
63.3%1
Opportunities to expand into regional investments
PTTEP’s operations in SEA
Thailand’s national energy company
65.3%2 99% +99% Reliability of plants
of PTTEP’s total
sales volume and field facilities*

Credit ratings equivalent to parent and country 85% 15

of PTTEP’s sales volume
USD/
BOE
Average regional
S&P Moody’s TRIS FITCH
sold to PTT cash cost
BBB+ Baa1 AAA BBB+ Approx. 20 KBOED Gas- Oil-
weighted weighted * of PTTEP-operated projects in Gulf of Thailand, excl. planned shutdown
of net sales volume All figures are as of 9M2019
Notes:
1. 51.1% is directly held by the Government of Thailand (Ministry of Finance), with the remaining 12.2% held by the state-controlled Vayupak Fund I as of 11 October 2019
2. Ownership as of 9 August 2019

4
PTTEP’s Vision and Strategy

“Energy Partner of Choice”

through Competitive Performance and Innovation for Long-term Value Creation
“Strategic Alliance”
“Coming Home Strategy”

Expand
Partnering with world-class operators

Execute
Major projects by phase
Production
Development
Exploration
Midstream

GRC SVC HPO

Sustainable Development Framework

5
 Strategy and Growth

Recent Development

Financial Performance

Five-Year Plan and Aspiration

Recent Key Achievement
Robust performance
Recent Portfolio Highlights 9M 2019 Performance
“Expand” Achievement
Focus growth in strategic areas : “Coming-Home” and “Strategic Alliance” Resilient average selling price
~ 47 $/BOE
Strong sales volume
Acquired Murphy’s assets Acquired Partex Holding Awarded 2 offshore
336 KBOED
& awarded 2 exploration in the Middle East exploration blocks in UAE
blocks in Malaysia Competitive unit cost
“Execute” ~31 $/BOE
Malaysia Project Partex Holdings G1/61 and G2/61
Transition of operations
Healthy margin and liquidity

The Final Investment Decision (FID) of the Pre-Development projects

$1,185 MM Net income
 Started development in Algeria Hassi Bir Rekaiz Project, March 2019
 Announced FID of Mozambique Area 1 Project on initial 2 trains with
72% EBITDA Margin
capacity of 12.88 MTPA, June 2019
$2,407 MM Operating Cash Flow
The Acceleration of Exploration Projects $2,093 MM Cash on hand
 Gas discovery in SK410B Project, Sarawak, Malaysia, estimated at 2-4
TCF 0.18x Debt to equity ratio

7
Bongkot and Erawan: Thailand Champion in Domestic Gas Supply
Execute Bongkot and Erawan transition plan
To supply 2/3 of domestic gas production starting from 2022 onwards…..

Growing production and reserves profile

• Substantial volume boost for 10 years and beyond
G1/61 (Erawan) • Immediate remarkable reserves addition
60% WI
DCQ 800 MMSCFD • Minimal risk in production profile
Generating strong cash flow
• No heavy upfront investment
G2/61 (Bongkot) • Self funding (positive net cash flow)
100% WI • Achieved target IRR with strong margin despite lower price
DCQ 700 MMSCFD

Concrete transition plan as an operator of G1/61 (Erawan) under PSC

Preliminary Detailed Facilities and
PSC Facility Access Infrastructure Assessment Gas Sales Common Use of Production
Signing Agreement (as input for ATA)* Agreement Facilities Agreement
1st
2019 2020 2021 2022
Gas
2019 2020 2021 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Staff and Job Handover
Agreement
*Asset Transfer Agreement (ATA): To be agreed between current concessionaires and DMF by 2021 (1 year prior concession end)
Source : TOR
8
Malaysian Assets
A new growth platform for PTTEP in South East Asia
• With completion of Murphy's acquisition, PTTEP has
become the 3rd Largest player by resources size in
Malaysia
• Diversified portfolio, with expected contribution around
50 KBOED of sales volume in 2020
• Transition plans are in place to ensure operation synergy
and best practice sharing
Successful Well Test Result:
41.3 MMSCFD and 246 barrel of condensate per
day through 40/64 – inches choke size
LL-1RDL LL-1
(1994) (1994)
Lang Lebah-1RDR2
Water Depth ~90M

450 m*

48 m

252 m
Gas Down To

* Volume stated represents net sale volume

9
Acquisition of Partex
Partnering with experienced operators in the Middle East

• PTTEP acquired 100% shares in Partex, which completed on 4 November 2019

• The major assets are in Oman and UAE which include PDO (Block 6), the largest oil asset in Oman

“Gateway to Future Regional Investment”

Prolific Area
Strong Partnerships The largest oil asset in Oman
(70% of Oman production)
World-Class Assets
Self funded with existing production
• Sales volume +16,000 barrels/day
• 2P Add +65 million barrels

Types of asset Status

Production
Upstream
Pre-development
Note: Volumes stated represent gross volumes (100%) Midstream Midstream

10
Mozambique Area 1
FID, on the path of unlocking value from world class LNG asset

Substantial recoverable resources of approximately 75 tcf

with scalable offshore development expending up to 50 MTPA
Location and Cost Advantage
 Close proximity to shore
 High quality reservoirs
capable of flow up to 200 mmcfd per well
 Access to Asian and European markets

Achievements Way Forward

Legal & Contractual Framework FID in June 2019 Project Finance 1st Cargo
with initial 2 trains of (2/3 Project Financed) expected
Plan of Development Approved 12.88 MTPA capacity 2024
Onshore & Offshore Drilling & Completion
Contractors Awarded Onshore Construction
First Mover for the Marine Facility and Offshore Installation
Operation Readiness
LNG SPAs ~11.1 MTPA LNG Shipping

11
 Industry Trends: IMO2020 Implications
Minor impact to PTTEP’s performance
IMO 2020 Regulations Impact and Mitigations
From January 1st, 2020, New Sulphur regulations will limit Sulphur
emission in all marine fuels Product Mix Sensitivity to gas price :
HSFO/ Dubai spread Gas price in 2020
Sulphur content 30% Liquid
AT PRESENT 2020 +/- Every 10$/BBL +/- 0.2$/MMBTU
<3.5% <0.5% (from normal average spread @-6$/BBL) Or 3% of current gas price

70% Gas Hedging on

spread ~ 50%
Impact
ImpactononHSFO
HSFOPrices
Prices 1/3 linked
to HSFO 23%
Time
lagging
Exposure Volume
Price Effect 8% Expenses 4%*
Demand Lower Price Gas Price Formula Different timing in Net of tax and
Economic Exchange HSFO gas price reset Royalty
(HSFO : High Sulphur Fuel oil ) Indices Rate Price (Effect in Year 1 = 35%)
Industry Rebalancing, expected within 1-2 years Note: *Exposure Volume in 2020 Only

Ships Installing Less HSFO supply from Long term effect :

Scrubbers leading to the Upgraders in Refinery PTTEP’s Gas/Liquid Sales Proportion Forecast
the continued use of Industry Murphy & Partex G1/61 & G2/61 MZ
HFSO New Oil, Gas & LNG Gas delink HSFO LNG
Less heavy oil supply 100%
from Iran Sanction Gas not linked to HSFO
80% Gas Sales Delink from HSFO
HSFO Prices 60% From 70% to 30% of Total Sales
Demand Supply Gas linked to HSFO
expected to rebound: 40% Volume in 2024
20% Oil
Scrubbers: Marine exhaust gas cleaning systems; it 0%
cleans the exhaust from particulates before the Source: FGE, Wood MacKenzie 2019 2020 2021 2022 2023 2024
exhaust is emitted to the air.
12
 Strategy and Growth

Recent Development

Financial Performance

Five-Year Plan and Aspiration

9M 2019 Key Financial Performance
Strong core performance supported by higher volume and gas price
Sale Volumes Average Selling Price
336 9M 2018 9M 2019
300
12% YTD
Gas ($/MMBTU)
Liquid ($/BBL)
6.24
67.85
6.91
60.82
1% YTD
Unit: KOED

Strong gas price

The additional 22.22% Weighted Avg. ($/BOE) 46.25 46.83 leading to higher
interest in Bongkot Project average selling price
And Murphy’s acquisition Avg. Dubai ($/BBL) 70.10 64.02
9M 2018 9M 2019 Volume Mix (Gas : Liquid) 71:29 72:28
Thailand & MTJDA Other SEA Rest of world
Key Financial
Performance
5,000 4,795** Others
Unit : $/BOE 9M 2018 9M 2019 2,887* Repayment of Senior Debt
4,000 Repayment of Hybrid Bonds

Unit: MMUSD
14.64 15.06
1% YTD
Cash cost Debenture Dividend Payment
3,000 Issuance
Non-Cash cost 16.64 15.80 2,000 Business
acquisitions 72%
EBITDA Margin
Remain competitive 1,000
Operating
cash flow
Unit cost 31.28 30.86 unit cost CAPEX Maintain strong
- OCF
Remark: *
Sources Uses
Net of adjustment for the effect of exchange rate changes on cash and cash equivalents
Note: Unit Cost : Exclude costs related to new business which is approximately 0.1$/BOE for each period ** Excludes cash flows for investing in short-term investments (Fixed deposit > 3 months)

Unit Cost 9M Source & Use of Funds

14
Financial Position and Dividends
Capital Structure Dividend Payment History
Healthy balance sheet with low gearing
MMUSD D/E Ratio Policy : No Less Than 30% of Net Income
20,000 19,484 19,837 1.00 THB per share
5,533 5,680 6.00
15,000 0.80 1H 2H
5.00
1,946 2,197 0.60 4.25
10,000 4.00
12,005 11,960 0.40 3.25
3.00 3.25
5,000 2.75 2.25
0.16 0.18 0.20
2.00 2.00 2.50
0 0.00 2.25
FY 2018 Q3 2019 1.50 1.75
Assets
1.00 0.75
Equity (LHS) Interest Bearing Debt (LHS) 0.00
Other Liabilities (LHS) Gearing Ratio D/E (RHS) 2015 2016 2017 2018 2019

US$ US$
Debt Profile 100% 100%
Payout Ratio N/A 98 90 55 35
Weighted Average (% of net income)
Cost of Debt (%) 5.32 5.04
Payout Ratio 47 79 64 51 38
[Fixed : Floating] [100 : 0] [100 : 0] (% of recurring
Average Loan Life net income)
(Years) 8.67 8.36
Remark: Debt profile excludes Hybrid bonds
15
Outlook & Takeaways
2019 Guidance PTTEP’s Priorities
Volumes boost with priorities in business transition for full value realization
FY 2019
Average Ensuring Smooth Business Transition
Sales Volume ~ 345
KBOED
Acceleration of Exploration Activities
Average
Gas Price
USD/MMBTU
~ 6.9
Unit Cost
USD/BOE
~ 31
EBITDA
Margin
% of sales revenues
70-75 %
Note: Included the acquisition of Murphy’s business in Malaysia which was completed in July 2019
Excluded the acquisition of Partex
Based on FY2019 average Dubai oil price at 63 $/BBL

16
 Strategy and Growth

Recent Development

Financial Performance

Five-Year Plan and Aspiration

Revised Five –Year Plan*
Incorporating growth from recent developments : Murphy and Bidding win of BKT & ERW
Unit : KBOED 437
380 409 Rest of World
400 365
345
306 Other SEA
300
Sales Volume
200
Thailand &
100 MTJDA
0
2018 2019 2020 2021 2022 2023

6,000 5,663 5 Years (2019 – 2023)

Acquisitions 5,040
4,373 CAPEX 12,659
2,086 4,064 4,300
4,000 3,463 2,095 OPEX 8,695
Investment Acquisitions 1,592 1,556 1,823 OPEX TOTAL 21,354
1,145 1,629 676 CAPEX (Exclude Acquisition Cost)
658 852 719
2,000 1,265 511 (Dev & Pre-sanction projects***)
34 1,814 1,965 2,269 1,758 CAPEX
1,019 1,437 (Producing projects****)
0
Mozambique LNG
Key Project 2018 2019 2020 2021 2022 2023 Capacity 12 MTPA
(~300KBOED)
Start-up**
Sabah H Algeria HBR (phase l) Southwest Vietnam Contract 4 (Ubon) Algeria HBR
Capacity 270 MMSCFD Capacity 10-13 KBPD Capacity 490 MMSCFD Capacity 25-30 KBPD (Full phase)
Note: * Exclude Partex acquisition (~45 KBOED) (~80 KBOED) Capacity 50 KBPD
** Subject to FID timing
*** Development & Pre-sanction projects include Sabah H, Mozambique LNG, Contract 4 (Ubon), Algeria HBR and Southwest Vietnam
**** Includes exploration and appraisal in all projects and head office CAPEX
18
PTTEP’s Aspired Portfolio in 2030
Target for sustainable growth

2030
5% CAGR on Production Target
≥7 years of R/P Ratio

FID Projects
GRC

HPO
SVC
Sustainable Development Framework
19
Thank you and Q&A
You can reach the Investor Relations team for more information and inquiry through the following channels:

http://www.pttep.com +66 2 537 4000

IR@pttep.com

20
Supplementary information

Q3 2019 Financial Results 22-27

Sustainability Development 28

Industry and Thailand Energy Updates 29-32

Reserves at the Year-end 2018 33

Key Project Highlights by Region 34-43

Project Details 44-48

Organization Structure 49

Ratio and Formula 50

21
Sales Volume & Unit Cost
Upward sales volume after completion of acquisitions with competitive cost

Sales Volume and Price Unit Cost

400,000 $/BOE
BOED 335,696
299,206 305,522 300,338 3,258 31.69*
300,000 7,494 62,265 29.05 31.28* 30.86*
13,331 9,454 30
Rest of World 51,571 52,404 Cash Cost
55,371
Other SEA 200,000 Unit Cost
20 15.11 15.06
13.94 14.64
Thailand 270,173
230,504 246,457 238,480
100,000 10

0 0
2017 2018 9M 2018 9M 2019 2017 2018 9M 2018 9M 2019

Gas ($/MMBTU) 5.59 6.42 6.24 6.91 DD&A 15.11 16.58 16.64 15.80
Liquid ($/BBL) 52.26 67.40 67.85 60.82 Finance Cost 2.07 2.14 2.09 1.88
Weighted Avg. ($/BOE) 39.20 46.66 46.25 46.83
Royalties 3.37 4.21 4.10 4.31
Avg. Dubai ($/BBL) 53.14 69.65 70.10 64.02
Avg. HSFO ($/BBL) 49.64 67.01 65.15 63.81 G&A 2.30 2.57 2.19 2.64
(High Sulphur Fuel Oil) 0.48 0.41 0.45
Exploration Expenses 1.10
Volume Mix (Gas : Liquid) 70 : 30 72 : 28 71 : 29 72 : 28 Operating Expenses 5.72 5.78 5.81 5.13
Revenue Mix (Gas : Liquid) 60 : 40 59 : 41 58 : 42 64 : 36 Lifting Cost 4.19 4.33 4.38 3.88

Note: * Exclude costs related to new business, If include cost for 2018, 9M2018 and 9M2019 will be 31.72 $/BOE, 31.35 $/BOE and 30.96 $/BOE respectively
The formulas for calculating ratios are provided in the supplementary section for your reference

22
Cash Flow Performance
Robust operating cash flow

Cash Flow Performance Source & Use of Funds in 9M 2019

Operating Cashflows (LHS) EBITDA Margin (RHS)

3,276 100 MMUSD

Operating Cash Flow* (MMUSD)

5,000 4,795**
3,000 Others
2,687 90

EBITDA Margin (%)

Repayment of Senior Debt
2,407
4,000 Repayment of Hybrid Bonds
2,000 80
73 72 Dividend payment
70 70 3,000 2,887*
Debenture
1,000 Issuance
60
2,000
Business acquisitions
0 50 Operating
FY 2017 FY 2018 9M 2019 1,000 cash flow

CAPEX
Net Income 594 1,120 1,185
-
Recurring Sources Uses
Net Income*** 836 1,215 1,066

Remark: * Net of adjustment for the effect of exchange rate changes on cash and cash equivalents
** Excludes cash flows for investing in short-term investments (Fixed deposit > 3 months)
*** Excludes Gain/(Loss) on FX, Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/(Loss) from Financial Instruments,
Impairment Loss on Assets, and etc.
23
Financial Performance : Income Statement
Sustained solid EBITDA

Q2 19 Q3 19 Q3 18 9M 19 9M 18
Sales and Revenue from Pipeline Transportation (MMUSD) 1,503 1,524 1,367 4,383 3,870
EBITDA (MMUSD) 1,087 1,054 992 3,166 2,836
Net Income (MMUSD) 433 358 315 1,185 851
Recurring Net Income (MMUSD) 389 303 292 1,066 932
Earning Per Share (USD) 0.10 0.09 0.07 0.29 0.20
Key Financial Ratios
EBITDA Margin (%) 72 69 73 72 73
Return on Equity (%) (LTM) 12 12 10 12 10
Return on Capital Employed (%) (LTM) 11 11 9 11 9
Return on Equity (%) (LTM, Recurring Net Income) 11 11 10 11 10
Return on Capital Employed (%) (LTM, Recurring Net Income) 10 10 9 10 9

Note: The formulas for calculating ratios are provided in the supplementary section for your reference

24
Financial Performance : Balance Sheet
Healthy balance sheet with low gearing ratio

YE 18 Q3 19
Total Assets (MMUSD) 19,484 19,837
- Cash & cash equivalents * (MMUSD) 4,001 2,093
Total Liabilities (MMUSD) 7,479 7,877
- Interest bearing debt (MMUSD) 1,946 2,197
Equity (MMUSD) 12,005 11,960
Key Financial Ratios
Total Debt to Equity (X) 0.16 0.18
Net Debt** to Equity (X) (0.17) 0.01
Total Debt to Capitalization (X) 0.14 0.16
Total Debt to EBITDA (X) 0.63 0.49
EBITDA Interest Coverage (X) 32 42

Credit Ratings : BBB+ (S&P), Baa1 (Moody’s), AAA (TRIS)

Weighted Average Cost of Debt ** : 5.04%
Average Loan Life ** : 8.36 years

Note: * Cash & Cash Equivalents (Cash on hand) include Short-term Investments (Fixed deposit > 3 months)
Net Debt = Total Debt less Cash & Cash Equivalents and Short-term Investments
** Excludes hybrid bonds
The formulas for calculating ratios are provided in the supplementary section for your reference

25
Cash Flows : January – September 2019
Healthy operating cash flow Unit : MMUSD
Operating 2,407 CAPEX & Investment (3,096)
 Income before tax & non-cash 3,340  CAPEX (PP&E, Intangible asset) (927)
adjustment
 Tax payment (841)
+ 

Business acquisitions
Expense related to asset divestment
(2,178)
(20)
 Changes in assets/liabilities* (92)  Others 29

EBITDA 3,166 MMUSD

Finance (1,219)
 Dividend payment (698)
 Subordinated capital debentures (500)
Free Cash Flow
(689)
+ repayment
 Debenture Issuance 480
 Repayment of debentures (418)
 Interest and finance cost paid** (79)
 Others (4)

Beginning Cash &

Cash In (Out) Cash Equivalent*** Ending Balance***

Note: * Net of foreign exchange rate effect

(1,908) + 4,001 = 2,093
** Net of interest received
*** Include Short-term Investment (Fixed deposit > 3 months)

26
Debt Maturity Profile
As of September 2019

800
700
700

600
USD Millions

500 480 490

400
349
300

200

100

-
2019 2020 2021 2022 2023-2028 2029 2030-2041 2042

Note: Excludes Hybrid bonds

Unit: USD Millions or equivalent after cross currency swap

27
Sustainable development
Pursue long-term growth with social and environmental wellness

2019 DJSI Listed Company

PTTEP has been selected as a member of FTSE4Good Emerging Index 2019
the 2019 Dow Jones Sustainability Indices (DJSI) PTTEP becomes a constituent of the FTSE4Good
for the 6th consecutive year and the 2nd time as Emerging Index 2019 for the fourth consecutive year
industry leader in the DJSI World Oil and Gas
Upstream & Integrated Industry

Proven business integrity Exemplary social contributor Green driver to environment

Best CSR Organizer 2019
Asia’s Icon on Corporate Governance 2019 Award BAZNAS of Indonesia
Corporate Governance Asia magazine (The National Zakat Board)
SET Sustainability Award 2018 – Outstanding Thailand's Best Strategic Corporate Social
Category Responsibility (ranked first)
The Stock Exchange of Thailand (SET) Alpha Southeast Asia Magazine 2018
Board of the Year Award 2018 (Silver) Role Model Organization on Human Rights
The Thai Institute of Directors Association (IOD) Department of Rights and Liberties Protection,
Ministry of Justice
The Excellent Level (G-Gold) of the Green Office
Award 2018
The Ministry of Natural Resources and Environment
Green Leadership Category for T.M.S. Underwater
Learning Site Project
The Asia Responsible Enterprise Awards 2018
Water A List Award
Carbon Disclosure Project (CDP)
28
Industry Trends: Oil Market Outlook
Price volatility driven by uncertainty of global economy
US$ / Barrel World Oil Consumption Growth
100 IEA cut demand growth forecast several times following
2019 consensus* 2020 consensus* global economics concerns

Component of Annual Change

90 Q4 Brent 63 US$/BBL FY Brent 62 US$/BBL
2.0 1.8
80
FY Brent 64 US$/BBL Forecast
1.5 1.1 1.2
1.0

Mb/d
70
Analyst Consensus 1.0
60 0.5
50 0.0
2019 9M actual
40 Brent 64.6 US$/BBL 2017 2018 2019 2020
Dubai 63.6 US$/BBL OECD Non-OECD Total
Spread 1.0 US$/BBL
30 Source: IEA, Oil Market Report, October 2019

20
Jan-19 Q1 Apr-19 Q2 Jul-19 Q3 Oct-19 Q4 Jan-20 Q1 Apr-20 Q2 Jul-20 Q3 Oct-20 Q4 OPEC and Non-OPEC Oil Supply
2019 2020 OPEC+ agreed to cut production until March 2020

Component of Annual Change

US-China “No-Deal” Economic Stimulus
Trade War from Brexit Measures

Mb/d
Keys to Watch
OPEC+ Extending Geo-political Tensions US Debottlenecking
Production Cut in the Middle East
Source: IEA, Oil Market Report, October 2019
Remark: * Bloomberg Analyst Consensus (CPFC) as of 1 Nov 2019

29
Thailand Updates
Domestic gas volume suppressed by LNG import; Expected THB appreciation continues

Thailand Energy Overview Exchange Rate Movement

Natural Gas Supply
(THB/USD)
MMSCFD
37
FY 2017 FY 2018 8M 2019

Domestic Myanmar LNG 5,063

35
Slight decline from Myanmar piped gas 32.9
Domestic Myanmar LNG 4,911 imports due to natural decline and 33
31.81
(Highest)

significant growth in LNG import 30.74 30.59 31.0

31 (Average)
Domestic Myanmar LNG 4,979 29.6
29 (Lowest)

0 1,000 2,000 3,000 4,000 5,000 27

10/1/2019 Q41/1/2020Q14/1/2020Q27/1/2020 Q3
1/1/2019 Q14/1/2019 Q27/1/2019 Q3
Natural Gas Consumption Electricity Generation 2018 2019
MMSCFD GWH Consensus on the exchange rate mostly depends on
FY 2017 FY 2018 8M 2019

FY2017 FY2018 8M2019

Electricity Industry GSP NGV 4,806 57% 3% 17% 12% 10% 143,971 o Tendency on FED to lower interest rate
o Trade war between the US and China
Electricity Industry GSP NGV 4,676 57% 4% 18% 13% 9% 204,428 o Uncertainty on Brexit
o BOT’s direction on monetary policy
Electricity Industry GSP NGV 4,682 60% 2% 18% 12% 7% 201,166 o Slow recovery in Tourism growth
0 1,000 2,000 3,000 4,000 5,000 0% 20%
Natural Gas 40% 60% 80% 100%
Hydro Electricity
Source: EPPO Coal & Lignite Imported Source: Bank of Thailand, Bloomberg
Forecast based on Bloomberg Consensus as of 1 November 2019

30
Thailand’s Energy Value Chain
PTTEP contributes almost 1/3 of Thailand’s petroleum production

8M Thailand’s Oil and Gas Demand 8M2019 Thailand Petroleum Production Midstream

% by Petroleum Type and Area Gas: operated by PTT

Crude Oil &
Condensate ~ 1.1m BOE/D Onshore 8%
8% Transmission Pipelines
Imports Gas Gas Separation Plants
71% Offshore
~ 80% 92%
Liquid Oil: PTT participates through
Domestic ~ 20% 29% subsidiaries
by Type by Area
Refineries
% Production by Company
Natural Gas ~ 0.9m BOE/D
Imports ~ 29%
PTTEP Downstream
Domestic 34%
~ 71% Others Petrochemicals
66% Oil and gas marketing

Source: Energy Policy and Planning Office (EPPO) and Department of Mineral Fuels (DMF)

31
Thailand’s Oil and Gas Balance
Oil Balance*** Natural Gas Balance****
Maintains stability supply through adequate refining capacity Main driver of the Thailand economy

Import (82%) Indigenous (18%) Gulf of Thailand (67%) Onshore(2%)

Onshore (2%) Import (31%)
997 KBD 229 KBD
SUPPLY

PTTEP
36% LNG
49% Myanmar
Others 51%
64%

Crude/ Crude/ 3,212 Bypass Gas 691 MMSCFD

Condensate Condensate MMSCFD
916 KBD 206 KBD
Total Refining Capacity in Thailand 6 Gas Separation Plants
PRODUCTION

1,232 KBD Total Capacity 2,870 MMSCFD

Imported @ Actual Heat
Refined Crude 96 1,515
Petroleum Export MMSCFD MMSCFD
Products 23 KBD
81 KBD PTT’s Associated Refineries 770 KBD (TOP, PTTGC, IRPC)
Other Refineries 462 KBD (SPRC, ESSO, BCP) Methane
1,513 MMSCFD
Refined Refined 1,008 MMSCFD
Products Products (21%)
1,102 KBD * 172 KBD
Domestic Export Petrochemical Ethane
Propane
Power (59%)
993 KBD ** 195 KBD Feedstock LPG
(13%) NGL
SALES

Industry (16%)
Industry
Household LPG NGV (4%)
Transportation NGL
(8%)
Source: PTT
Remark: * Refined product from refineries = 1,102 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 106 KBD
** Not included Inventory
*** Information as of 8M19
**** Information as of 9M19
MMSCFD @ Heating Value 1,000 Btu/ft3
32
Reserves at the Year-end 2018
Maintained reserves life with majority of reserves base in SEA

MMBOE Reserves 2018 by Geography

1,500 Life* Domestic International

1,099 1,028
1,031 1,028 8 Years 677 29%
1,000
404 31%
400 351 71%
5 Years 69%
500 P1 P1 + P2
695 631 677
2018 by Product Type
Gas Liquid
0
2016 2017 2018
1,028
Proved (P1) Probable (P2) 25%
677
24%
5-Year Average Proved Reserves Replacement Ratio (RRR) 75%
76%
2016 2017 2018
0.57x 0.58x 0.74x P1 P1 + P2

* Based on total production of natural gas, condensate, and crude oil (including LPG) of 359 KBOED for the year ended December 31, 2018

33
Diversified international portfolio

Thailand
Oil sands
PTTEP’s core production base
• 80% of total sales volume
• Key producing assets include Bongkot,
Arthit, Contract 4 and S1
• The PSCs signing of Bongkot (G2/61) and
Erawan (G1/61) on 25 February 2019
North & South America
Opportunities in an early phase: Piped Gas
Southeast Asia
• Oil Sand project in Alberta Second heartland to PTTEP
• Deepwater exploration in Brazil • 19% of total sales volume mainly from
and Mexico with prominent Malaysia and Myanmar
and prudent operators Deepwater
• 3rd Largest by resources size in Malaysia
Deepwater Gas
(LNG)
Oil LNG with significant gas discovery in Sarawak
SK 410B Project
• Gas production in Myanmar mostly supplied
Book Value of Assets (by region) into Thailand
• Other producing assets in Vietnam (oil) and
Indonesia (gas)
America Africa&ME SE Asia
1.6% 13.8% 30.7%
Australasia Africa Middle East Australasia
1.7% Thailand An area for growth, key projects include: First presence in UAE: Potential gas development
• Production: Algeria’s Bir Seba oil field with • Awarded 2 new offshore • Sizable undeveloped gas
52.2% current flow rate of approximately 18 KBPD exploration blocks in Jan 2019 resources in Timor Sea
• Development : Algeria’s Hassi Bir Rakaiz • Partnered with experienced • Completion of Montara
as of 9M 2019 operator, ENI Divestment
with target phase 1 production in 2021
Total Assets USD 19.8 billion Mozambique Area 1 with target first cargo in
2024
Note : Excluding Partex acquisition

34
Thailand, Myanmar and Malaysia
“Coming Home” to maintain strong foundation with full expertise
Thailand Myanmar
Bongkot (66.6667% WI)
• Average natural gas and condensate sales volume • 3 producing gas fields supplying gas to both Thailand
of 779 MMSCFD and 22 KBPD in 9M2019 and Myanmar: Yadana, Yetagun, and Zawtika
S1 (100% WI) • Operate Zawtika project, brought online in March 2014
with current gas supply of 304 MMSCFD in 9M2019
• The largest onshore crude oil production field in
Thailand with 9M2019 average crude oil sales • Significant exploration acreage in offshore,
volume of 30 KBPD Moattama Basin
Project Status
Arthit (80% WI) • Zawtika (80% WI)
• Average sales volume in 9M2019 was 224 MMSCFD Production • Yadana (25.5% WI)
of natural gas and 11 KBPD of condensates • Yetagun (19.3% WI)
Appraisal • M3 (80% WI)
Contract 4 (60% WI)
Production / Ramp-up Projects • Average sales rate of 411 MMSCFD for natural gas • MOGE 3 (77.5% WI)
and 18 KBPD for condensate in 9M2019 Exploration • M11 (100% WI)
• MD-7 (50% WI)
Malaysia
Development
Production Block H Project* :
Block K Project* : Rotan field (56% WI) Remaining Area (42% WI)
Kikeh(56% WI) , Siakap North-Petai (SNP) (22.4% WI) and • First gas expected in Q3/2020
Gumusut-Kakap (GK) (6.4% WI) • Full capacity at 270 MMSCFD
• Average production volume in Q32019 was 24** KBPD of Exploration
crude oil
Sarawak SK410B Project (42.5% WI)
SK309 and SK311 Project *(59.5% WI) • Multi TCF significant discovery
For East Patricia field (42% WI) • Preparing additional drilling of an appraisal well in 2020
• Average production volume in Q32019 was 240 MMSCFD Other projects
of natural gas and 24 KBPD of condensates and crude. • Evaluating petroleum potentials
• Plan for exploration and appraisal drilling in 2020-2021
*This asset is a part of the acquisition of Murphy’s business in Malaysia which was completed in July 2019 Note: WI – working interest
** Block K gross production is net off unitization
35
Summary of Terms from Bidding Result of Bongkot and Erawan
and PSC Model
Price Formula PSC Model

Sales = 100

10% Royalty
Cost recovery Max 50% = 100*10%=10
1

Cost Recovery Profit Sharing

= 100*50%=50 = 100-10-50=40
2 Profit split 30% 70%

Contractor Government
Terms = 40*30% = 12 = 40*70% = 28

Sales Contractor’s Entitlement 3 Contractor’s Entitlement = 62%

Revenue = 50+12 = 62 62/100

Cost = 50
20%
Tax = (62-50)*20% = 2.4
Government take = 81%
Net to Contractor (10+28+2.4)/(100-50)
= 62-50-2.4 = 9.6

Remark of payment terms: 4 Net to Contractor = 19%

* No later than 10 working days prior to the PSC signing date 9.6/(100-50)
** Each time the cumulative production/sales reaches 100, 200 and 300 MMBOE
*** Equally separate into 3 payments by 24th April of every year from 2022
Source: Press release from Department of Mineral Fuels (13 December 2018) and TOR *Assumption bases on field life, cost can be fully recovered

36
Bongkot and Erawan: Thailand Champion in Domestic Gas Supply
Achievable cost optimization to sustain target return
With new gas price, we can achieve target IRR
Gas price Cost optimization
Under Price Constant of 116 THB/MMBTU, Major processing facilities already in-place. Unit cost
Gas price 130-150 THB/MMBTU (Dubai 60-80 $/BBL) lowered by 22% through cost synergy and optimization
100% -30%
214
+18% 78%
130-150 -10%
Lower DD&A
Mainly from no Royalty Vol. effect
heavy investment effect (net entitlement)
upfront and others
Net entitlement is net of
government’s profit split
Lower gas price and and royalty
change in rate
(Concession: 12.5%
PSC : 10%)

Unit: THB/MMBTU
Enablers of cost synergy and optimization through economy of scale and technology improvement

Wellhead Platform Drilling & Well Logistics Decommissioning

Lean design standardization
Volume bundling &
contracting strategy
Platform topside and facility reuse
Implement factory drilling
Utilize drilling rig with GoT-fitted
specifications
Optimize drilling rig & service
contracts across GoT
Synergy and optimize marine and Innovative solutions /
aviation fleets across GoT technologies
Procurement strategy Economy of Scales

37
Other South East Asia countries
Expanding foothold in the region
Vietnam and Indonesia

Production projects
Pre sanction projects

Vietnam 16-1 (28.5% WI)

• Average sales volume of crude oil was
17 KBPD in 9M2019
Southwest Vietnam • The project is currently drilling an
● Vietnam B & 48/95 (8.5% WI) additional production well to maintain
● Vietnam 52/97 (7% WI) production plateau.

• Field Development Plan was approved by Government

• The project is currently in the negotiation process on Natuna Sea A (11.5% WI)
commercial terms to put forward FID
• First production target by end of 2023, and ramp up to • Average sales volume of natural gas
full capacity of 490 MMSCFD was 188 MMSCFD in 9M2019

38
The Middle East : United Arab Emirates
“Partnering” to JV with prudent operators in prolific low cost area
Project Overview
PTTEP’s Block Abu Dhabi Offshore 1 Abu Dhabi Offshore 2

Location North-west of Abu Dhabi Emirates,

United Arab Emirates
Characteristics Shallow water

Partners ENI 70% (Operator)

(exploration phase) PTTEP 30%
Exploration Strategy • Joined hand with prudent operators
• UAE still has high potential prospective resources with
significant sizeable discoveries

The award of Abu Dhabi Offshore

Exploration Blocks 1 & 2
on 12th January 2019

39
The Middle East : World Class Assets under Partex
Access to the largest oil asset in Oman and mega Midstream Complex
Oman
PDO (Block 6) Mukhaizna (Block 53) Oman LNG

Largest asset covering around 1/3
of the country
PDO (Block 6)
Oman LNG Long-life asset, produced only
15% of reserves in-place
Multi-field oil production: 610,000 BPD
(70% of Oman production)
Mukhaizna Experienced and reputable partners
(Block 53)
Largest single onshore producing field The only LNG facility in Oman
in Oman
Processing capacity 10.4 MTPA
Oil production: 120,000 BPD
(13% of Oman production) Contracted LNG sales to international
buyers: Japan and South Korea
Strong and experienced operator
Operator

Joint Operating Company

Joint Operating
Company

UAE
ADNOC Gas Processing (AGP)
UNITED ARAB EMIRATES One of the largest gas processing complexes
Persian Gulf in the world (total capacity of 8 BCFD)
JV: 3 plants with capacity of 1.2 BCFD
Adnoc: 2 plants with capacity of 6.9 BCFD
Bab Essential to Abu Dhabi and UAE’s economy
Sizeable volumes of Propane, Butane and
Bu Hasa Asab Naphtha offtake
Strong and experienced partners
ADNOC Gas Processing Plant (AGP) :
JV Plants; Asab, Bab and Bu Hasa
Operator

40
America: Mexico, Brazil and Canada
-- Entry into high potential petroleum province at exploration phase --
Gulf of Mexico, Mexico
Canada Oil Sands
Project Overview
• Operates 100% interest of the Thornbury,
Hangingstone and South Leismer (THSL) areas
(exploration and appraisal phase)
• Potential large resource base with over a billion
barrel
• The project is currently under the evaluation for
appropriate development plan

Deep Water Brazil

Barreirinhas Barreirinhas AP1 PTTEP’s Block: Block 12 (20%) and Block 29 (16.67%), as non-operating partner
Basin
• Farm-in 25% from BG Group in 2014 Location: Mexican Ridges Basin for Block 12 and Campeche Basin for Block 29
• Operated by Shell Brasil (65% interest) Characteristic: Deep-water with high petroleum potentials and attractive fiscal regime
BRAZIL • Four offshore exploration blocks: BAR-M-215, BAR-M-217, BAR- Exploration Strategy: Joined hand with prudent operators being Petronas and Repsol
M-252 and BAR-M-254
Espirito BM-ES-23 In 2019, projects received the exploration plan approval from the National
Santo
Basin • Acquired 20% interest from Shell in Q3 2014 Hydrocarbons Commission in Mexico and are currently evaluating the petroleum
• Partnered with Petrobras (65%, operator) and INPEX (15%) potential for further process according to the approved plan
In 2019, Both projects are currently evaluating the petroleum potential

41
LNG Value Chain Investment : MLNG Train 9
First step into midstream LNG business in strategic area of focus MLNG Train 9 – Overview
Location Bintulu, Sarawak, Malaysia
10% Investment in MLNG Train 9 by PTT Global LNG…. Asset Liquefaction Train 9 Tank 7
Phase Commercial: Jan 2017
….continue to look for more LNG opportunities globally
Capacity 3.6MTPA
MLNG Tiga (Train 7-8) Contract Life 20 years
MLNG Satu (Train 1-3) Capacity 7.7MTPA
Capacity 8.4MTPA COD Mar 2003 Petronas 65%
COD Jan 1983 JX Nippon 10%
Partners PTT Global LNG 10%
(subject to closing)
Sarawak State 10%
Sabah State 5%
Investment Rationales
• Venture into midstream LNG as a mean to secure LNG
supply and growth of PTT and PTTEP, as well as capture
value added along with LNG value chain
• Low risk and highly market secured opportunity
- Highly experienced operator
- Already commenced commercial production with
immediate revenue stream
Key activity in 2020
MLNG Train 9 • Keep maximizing LNG production up to plant capacity
Capacity 3.6MTPA • Continue to improve plant reliability & utility rejuvenation
COD Jan 2017 • Get ready for 2021 plant turnaround
MLNG Dua (Train 4-6)
Capacity 9.6MTPA
COD May 1995

42
New Business Opportunities
Expand value chain, create innovation and step towards long-term sustainability

“Integrated Energy Solution” “Cutting Edge Technology

Gas to Power for E&P and more”

UAV
E&P Pipeline Power Plant
Aerial inspection service:
• Flare Tower
• Telecommunication Tower
• Enhance value of existing assets in Myanmar • Tank inspection
e.g. Zawtika, M3
• Support Myanmar pipeline infrastructure
development Non
• Partner with Independent Power Producer (IPP)
AUV E&P
Subsea Inspection & Surveillance: Focused Sectors:
• Pipeline and structural inspection • Agriculture
• Geophysical survey • Environmental
• Gas leak survey • Security

Remark: UAV is Unmanned Aerial Vehicle. AUV is Autonomous Underwater Vehicle.

43
Project information 1/4
PTTEP’s Partners 9M2019 Average Sales Volume **
Project Status* Phase 2019 Key Activities
Share (as Sep 2019) Gas (MMSCFD) Liquid (KBPD)
Thailand and JDA
 Ensure gas deliverability level at DCQ***
Chevron 16%
1 Arthit OP Production 80% 224 11  Install wellhead platforms
MOECO 4%
 Drill development wells
2 B6/27 OP Production 100% - -
Chevron 51.66%
MOECO 16.71%  Drill development wells
3 B8/32 & 9A Production 25% 75 22
KrisEnergy 4.63%  Perform waterflood activities
Palang Sophon 2%
 Maintained production level as planned
4 Bongkot OP Production 66.6667% TOTAL 33.3333% 779 22  Drill development wells
 Awarded as a sole operator under PSC (after concession-end in 2022/2023)

 Drill development wells

Contract 3 (Formerly Chevron 71.25%  Prepare for decommissioning activities
5 Production 5% 625 41
Unocal III) MOECO 23.75%  Awarded as a operator for Erawan field (Contract 1, 2 and 3) under PSC (after
concession-end in 2022)

 Ensure gas deliverability level at DCQ***

Contract 4 (Formerly Chevron 35%
6 Production 60% 411 18  Drill development wells
Pailin) MOECO 5%
 In process of pre-development of Ubon field
7 E5 Production 20% ExxonMobil 80% 8 - Ensure gas deliverability level at DCQ***
Chevron 51%
 Drill development wells
8 G4/43 Production 21.375% MOECO 21.25% 1.5 3
 Perform waterflood activities
Palang Sophon 6.375%
Chevron 71.25%
9 G4/48 Production 5% 3 0.8  Drill development wells
MOECO 23.75%

 Maintain production plateau

10 L53/43 & L54/43 OP Production 100% - 1.8
 Perform reservoir management and waterflood activities

 Maintain production plateau

11 PTTEP1 OP Production 100% - 0.245
 Perform reservoir management and waterflood activities
 Drill development wells
Crude: 30 KBPD
12 S1 OP Production 100% 10  Enhance oil recovery program includes waterflood, hydraulic fracturing and artificial
LPG: 0.2 KMT/D
lift
Apico**** 35% 0.262  Ensure gas deliverability
13 Sinphuhorm OP Production 55% 81  Improve recovery from infill drilling
ExxonMobil 10%
* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship
** Sales volume stated at 100% basis.
*** DCQ = Daily Contractual Quantity
**** PTTEP holds indirectly and directly 80.48% participating interest in Sinphuhorm Project. APICO also holds 100% participating interest in Block L15/43 and Block L27/43.

44
Project information 2/4
PTTEP’s Share Partners 9M2019 Average Sales Volume ** 2019 Key Activities
Project Status* Phase
(as of Sep 2019) Gas (MMSCFD) Liquid (KBPD)
Thailand and JDA
14 L22/43 OP Production 100% - -  Maintain production operation
15 MTJDA JOC Production 50% Petronas-Carigali 50% 335 8.9  Drill exploration and development wells
16 G9/43 OP Exploration 100%
17 G1/61 (Erawan) OP Exploration 60% MP G2 (Thailand) Limited 40%
18 G2/61 (Bongkot) OP Exploration 100%
Others SEA
OP
SK309 and SK311  Transition plan for operation of the newly acquired blocks
(except Production/
6.4-80% SK309 and SK311 24  Sarawak SK410B - Drilled 1 exploration well with multi TCF discovery
1 Malaysia Gumusut- Exploration/
(varied by permits) 240 Block K  Sarawak SK417, SK438- Prepare to drill exploration and appraisal wells
Kakap (GK) Development
24  PM407 and PM415 - Signed PSC with Petronas on 21/03/2019
in Sabah K)
TOTAL 31.24%  Drill infill wells
2 Yadana Production 25.5% Chevron 28.26% 796 -  Perform 3D seismic activities
MOGE 15%  Ensure gas deliverability level at DCQ***
Petronas-Carigali 30.00140%
MOGE 20.4541%  Maintain production level
3 Yetagun Production 19.3178% Nippon Oil 19.3178% 112 2.3  Drill exploration and development wells
PC Myanmar 10.90878%  Perform 3D seismic activities
(Hong Kong)
 Drill 3 exploration wells
Zawtika Myanma Oil and Gas -  Drill development wells
4 OP Production 80% 20% 304
(M9 & a part of M11) Enterprise (MOGE)  Perform 3D seismic activities
 Prepare to Install wellhead platforms
 Negotiate the commercial framework with the Myanmar government
5 Myanmar M3 OP Exploration 80% MOECO 20%  Perform Front End Engineering Design (FEED study)
6 Myanmar M11 OP Exploration 100%  Drill first exploration well to prove up recoverable resources
7 Myanmar MD-7 OP Exploration 50% TOTAL 50%  Drill first exploration well to prove up recoverable resources
Palang Sophon 10%
MOECO 10%  Drill 3 exploration wells
8 Myanmar MOGE 3 OP Exploration 77.5%
WinPreciousResourc 2.5%
es
PetroVietnam 50% 4.2  Maintain production level
9 Vietnam 9-2 JOC Production 25% 14  Perform well intervention program
SOCO 25%
PetroVietnam 41%  Maintain production level
10 Vietnam 16-1 JOC Production 28.5% SOCO 28.5% 7 17  Drill development wells and water injection well
OPECO 2%  Upgrade gas lift system

* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship

** Sales volume stated at 100% basis except Malaysia (Production volume 100% as of Q3/2019)/ For Block K, gross production is net off unitization
*** DCQ = Daily Contractual Quantity

45
Project information 3/5
PTTEP’s Share Partners 9M2019 Average Sales Volume ** 2019 Key Activities
Project Status* Phase
(as of Sep 2019) Gas (MMSCFD) Liquid (KBPD)
Others SEA
PVN 65.88%  Finalize on Commercial agreements
11 Vietnam B & 48/95 Exploration 8.5% MOECO 25.62%  Finalize on Engineering Procurement Construction Installation (EPCI) bidding
process
PVN 73.4%  Finalize on Commercial agreements
12 Vietnam 52/97 Exploration 7% MOECO 19.6%  Finalize on Engineering Procurement Construction Installation (EPCI) bidding
process
Premier Oil 28.67%
KUFPEC 33.33%  Well intervention program to secure Gas Deliverability
13 Natuna Sea A Production 11.5% 188 1.3  Drill development wells
Petronas 15%
Pertamina 11.5%
Middle East

1 Abu Dhabi Offshore 1 Exploration 30% Eni Abu Dhabi 70%  Conduct Seismic

Abu Dhabi Offshore

2 2 Exploration 30% 70%  Conduct Seismic and drill exploration & appraisal wells
Eni Abu Dhabi

Government of
Oman
60%
Shell  A part of Partex acquisition which was completed on 4 November 2019
3 PDO (Block 6) JOC Production 2% 34%
Total
4%
(PDO : Joint
Operating Company)
Occidental 47%
OOCEP 20%  A part of Partex acquisition which was completed on 4 November 2019
4 Mukhaizna JOC Production 1%
Indian Oil 17%
Mubadala 15%

* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship

** Sales volume stated at 100% basis except for Algeria 433a & 416b (Net Entitlement)
*** DCQ = Daily Contractual Quantity

46
Project information 4/5
PTTEP’s Share Partners 9M2019 Average Sales Volume ** 2019 Key Activities
Project Status* Phase
(as of Sep 2019) Gas (MMSCFD) Liquid (KBPD)
Other International

PTTEP Australasia 90%-100% (varied  Completed Montara Field Divestment to Jadestone on 28 Sep 2018
1 OP Exploration  Drill exploration well in AC/P54
(PTTEP AA) by permits)

 Announced FID with the onshore LNG facility of the initial two liquefaction
Total, Mitsui,
26.5%,20% trains, capacity of 12.88 MTPA on 18 June 2019
ENH, ONGC
2 Mozambique Area 1 Development 8.5% 15%, 10%  Successfully secured the long-term LNG sales of 11.1 MTPA with key LNG
Beas Rovuma,
10%, 10% buyers in both Asia and Europe, expected the signing by the end of 2019
Bharat  First Cargo is expected by 2024

Algeria 433a & 416b PetroVietnam 40% 3.3  Drill development wells
3 JOC Production 35% -  Plan for BRS Phase 2 oil field development
(Bir Seba) Sonatrach 25% (net entitlement)

 Started development on Phase 1 since March 2019with the expected first oil
Algeria Hassi Bir CNOOC 24.5% production for the initial phase around 10,000-13,000 barrels per day (BPD) in
4 OP Development 24.5%
Rekaiz Sonatrach 51% 2021 and the second phase production capacity ramping up to around 50,000-
60,000 BPD in 2025

5 Mariana Oil Sands OP Exploration 100%  Assess appropriated development approach

65%
Shell Brasil  Assess petroleum potential
6 Barreirinhas AP1 Exploration 25% 10%
Mitsui E&P Brasil

Petrobras 65%  Assess petroleum potential

7 Brazil BM-ES-23 Exploration 20%
INPEX 15%

PC Carigali Mexico 60%

8 Mexico block 12 (2.4) Exploration 20% Ophir Mexico 20%  G&G study to access petroleum potential

Repsol Mexico 30%

PC Carigali Mexico 28.33%  G&G study to access petroleum potential
9 Mexico block 29 (2.4) Exploration 16.67%
Sierra Nevada 25%

* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship

47
Project information 5/5
PTTEP’s Share Partners 9M2019 Average Sales Volume ** 2019 Key Activities
Project Status* Phase
(as of Sep 2019) Gas (MMSCFD) Liquid (KBPD)
Other International
Total 30%
Sonangol 30%
Pre
10 Block 17/06 JOC 2.5% SSI 27.5%  A part of Partex acquisition which was completed on 4 November 2019
development
Acrep 5%
Falcon Oil 5%

11 Potiguar OP Production 50% Petrobras 50%  A part of Partex acquisition which was completed on 4 November 2019

Total* 60%  A part of Partex acquisition which was completed on 4 November 2019
12 Dunga JOC Production 20%
OOCEP 20%

Midstream Project

Government of
Oman 51%
Shell 30%
Total 5.54%  A part of Partex acquisition which was completed on 4 November 2019
1 Oman LNG JV Midstream 2%
Korea LNG 5%
Mitsubishi 2.77%
Mitsui 2.77%
Itochu 0.92%

ADNOC 68%
ADNOC Gas Midstream
2 JV 2% Shell 15%  A part of Partex acquisition which was completed on 4 November 2019
Processing (AGP)
Total 15%

* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship

48
Organization structure
Ensuring transparency, integrity and good corporate governance

Board of Directors

Nominating Committee

Corporate Governance Committee Remuneration Committee

Audit Committee
Risk Management Committee

Internal Audit President & CEO

Division
Safety, Security, Health,
and Environment Division

Human Resources
Division

Geosciences, Engineering, Production

Strategy and Business and Corporate
Subsurface Development Asset and Finance and
Business Organization Affairs and
and and Supply Chain Accounting
Development Transformation Assurance
Exploration Operations Management Group
Group Group Group
Group Group Group

49
Supplementary Index : Ratio & Formula
Ratio
Lifting Cost ($/BOE)
Cash Cost ($/BOE)
Unit Cost ($/BOE)
Reserves Replacement Ratio
Reserves Life Index (Year)
Success Ratio
Sales Revenue
EBITDA
EBITDA Margin
Return on Equity
Return on Capital Employed
Simple Effective Tax Rate
Total debt
Net debt
Debt to Equity
Net Debt to Equity
Total Debt to Capital
Total Debt to EBITDA
Net Debt to EBITDA
EBITDA Interest Coverage Ratio
Formula
(Operating Exp. – Transportation Cost – Stock Variation – Other expenses not related to lifting) / Production Volume
(Operating Exp. + Exploration Exp. + G&A + Royalties + Finance Cost) / Sales Volume
(Operating Exp. + Exploration Exp. + G&A + Royalties + Finance Cost + DD&A) / Sales Volume
5-Yr Additional Proved Reserves / 5-Yr Production Volume
Proved Reserves / Production Volume
Number of wells with petroleum discovery / Total number of exploration and appraisal wells
Sales + Revenue from pipeline transportation
(Sales + Revenue from pipeline transportation) - (Operating expenses + Exploration expenses + Administrative expenses + Petroleum royalties and remuneration + Management's remuneration)
EBITDA / Sales Revenue
Trailing-12-month net income / Average shareholders' equity between the beginning and the end of the 12-month period
(Trailing-12-month net income + Trailing-12-month Interest Expenses & Amortization of Bond Issuing Cost) / (Average shareholders' equity and average total debt between the beginning and the
end of the 12-month period)
Income tax expenses / Income before income taxes
Short-term loans from financial institution + Current portion of long-term debts + Bonds + Long-term loans from financial institution
Total debt – Liquidity
Total debt / Shareholders' equity
Net debt / Shareholders' equity
Total debt / (Total debt + Shareholders' equity)
Total debt / Trailing-12-month EBITDA
Net debt / Trailing-12-month EBITDA
Trailing-12-month EBITDA / Trailing-12-month Interest Expenses & Amortization of Bond Issuing Cost
50