SET-listed oil and gas drilling firm PTT Exploration and Production Plc (PTTEP) plans to reap profit from its fledgling new businesses, expecting them to account for 20% of total profit within 10 years.
Some new businesses operated by PTTEP’s wholly-owned AI and Robotics Ventures Co (ARV) began to take shape last year while others, including a plan to co-launch a drone for agricultural purposes and a gas-fired power plant development project in Myanmar, are expected to see significant progress between 2021 and 2022.
Last year, PTTEP recorded a net profit of US$720 million, or around 22 billion baht, a decrease of 54% from the figure recorded for 2019.
PTTEP chief executive and president Phongsthorn Thavisin said ARV managed to launch an inspection-class autonomous underwater vehicle, a robot designed to inspect pipelines under sea, despite some hindrances caused…
