5. PTTEP and its Subsidiaries’ Assets

Property, Plant and Equipment 

5.1.1 Oil and Gas Properties⁶ 

PTTEP and its subsidiaries’ properties mainly are jointly controlled oil
and gas properties in each project. Oil and Gas properties, which
located at each project, comprise land, buildings and construction,
machine and equipments including transportation pipeline, capitalized
exploratory and production drilling costs, property acquisition costs of
concession right which shall incur when PTTEP and its subsidiaries
acquire the concession right and decommissioning costs which have been
determined based on reviews and estimates by the Group’s own engineers
and managerial judgment.

As at December 31, 2006, PTTEP and its subsidiaries’ oil and gas
properties are represented as share of the joint ventures’ individual
assets for each project as follows:-

  ---------- --------------------------------------- -------------------------
  PTTEP’s                                            Company's interest
  joint                                              
  ventures                                           

  1.         Unocal III                              5

  2.         E 5                                     20

  3.         Phu Horm (E 5-North)                    20

  4.         S 1                                     25

  5.         Bongkot (Block B15, B16, B17)           44.4445

  6.         Pailin                                  45

  7.         Arthit (Block B14A, B15A, B16A)         80
  ---------- --------------------------------------- -------------------------

+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| I’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| ve  |   |                                       |                       |
| ntu |   |                                       |                       |
| res |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 8.  | Y |                                       | 19.3178               |
|     | e |                                       |                       |
|     | t |                                       |                       |
|     | a |                                       |                       |
|     | g |                                       |                       |
|     | u |                                       |                       |
|     | n |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 9.  | Y |                                       | 25.50                 |
|     | a |                                       |                       |
|     | d |                                       |                       |
|     | a |                                       |                       |
|     | n |                                       |                       |
|     | a |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 5.  | B |                                       | 44.4445               |
|     | o |                                       |                       |
|     | n |                                       |                       |
|     | g |                                       |                       |
|     | k |                                       |                       |
|     | o |                                       |                       |
|     | t |                                       |                       |
|     | ( |                                       |                       |
|     | B |                                       |                       |
|     | l |                                       |                       |
|     | o |                                       |                       |
|     | c |                                       |                       |
|     | k |                                       |                       |
|     | B |                                       |                       |
|     | 1 |                                       |                       |
|     | 3 |                                       |                       |
|     | / |                                       |                       |
|     | 3 |                                       |                       |
|     | 8 |                                       |                       |
|     | ) |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 10. | M |                                       | 50                    |
|     | T |                                       |                       |
|     | J |                                       |                       |
|     | D |                                       |                       |
|     | A |                                       |                       |
|     |   |                                       |                       |
|     | - |                                       |                       |
|     | B |                                       |                       |
|     | 1 |                                       |                       |
|     | 7 |                                       |                       |
|     | ( |                                       |                       |
|     | B |                                       |                       |
|     | l |                                       |                       |
|     | o |                                       |                       |
|     | c |                                       |                       |
|     | k |                                       |                       |
|     | B |                                       |                       |
|     | - |                                       |                       |
|     | 1 |                                       |                       |
|     | 7 |                                       |                       |
|     | a |                                       |                       |
|     | n |                                       |                       |
|     | d |                                       |                       |
|     | B |                                       |                       |
|     | - |                                       |                       |
|     | 1 |                                       |                       |
|     | 7 |                                       |                       |
|     | - |                                       |                       |
|     | 0 |                                       |                       |
|     | 1 |                                       |                       |
|     | ) |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 11. | C |                                       | 30                    |
|     | a |                                       |                       |
|     | m |                                       |                       |
|     | b |                                       |                       |
|     | o |                                       |                       |
|     | d |                                       |                       |
|     | i |                                       |                       |
|     | a |                                       |                       |
|     | B |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 12. | G |                                       | 15                    |
|     | 4 |                                       |                       |
|     | / |                                       | 15                    |
|     | 4 |                                       |                       |
|     | 3 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 13. | P |                                       | 100                   |
|     | T |                                       |                       |
|     | T |                                       |                       |
|     | E |                                       |                       |
|     | P |                                       |                       |
|     | 1 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 14. | G |                                       | 100                   |
|     | 9 |                                       |                       |
|     | / |                                       |                       |
|     | 4 |                                       |                       |
|     | 3 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 15. | L |                                       | 100                   |
|     | 2 |                                       |                       |
|     | 2 |                                       |                       |
|     | / |                                       |                       |
|     | 4 |                                       |                       |
|     | 3 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
|     |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
|     |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
|     |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| ⁶   |   |                                       |                       |
| See |   |                                       |                       |
| m   |   |                                       |                       |
| ore |   |                                       |                       |
| det |   |                                       |                       |
| ail |   |                                       |                       |
| in  |   |                                       |                       |
| A   |   |                                       |                       |
| tta |   |                                       |                       |
| chm |   |                                       |                       |
| ent |   |                                       |                       |
| 3 - |   |                                       |                       |
| FA  |   |                                       |                       |
| S69 |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| I’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| ve  |   |                                       |                       |
| ntu |   |                                       |                       |
| res |   |                                       |                       |
| (C  |   |                                       |                       |
| ont |   |                                       |                       |
| inu |   |                                       |                       |
| ed) |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 16. | M |                                       | 100                   |
|     | y |                                       |                       |
|     | a |                                       |                       |
|     | n |                                       |                       |
|     | m |                                       |                       |
|     | a |                                       |                       |
|     | r |                                       |                       |
|     | M |                                       |                       |
|     | 7 |                                       |                       |
|     | & |                                       |                       |
|     | M |                                       |                       |
|     | 9 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 17. | M |                                       | 100                   |
|     | y |                                       |                       |
|     | a |                                       |                       |
|     | n |                                       |                       |
|     | m |                                       |                       |
|     | a |                                       |                       |
|     | r |                                       |                       |
|     | M |                                       |                       |
|     | 3 |                                       |                       |
|     | & |                                       |                       |
|     | M |                                       |                       |
|     | 4 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 18. | M |                                       | 100                   |
|     | y |                                       |                       |
|     | a |                                       |                       |
|     | n |                                       |                       |
|     | m |                                       |                       |
|     | a |                                       |                       |
|     | r |                                       |                       |
|     | M |                                       |                       |
|     | 1 |                                       |                       |
|     | 1 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| O’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 19. |   | B8/32 & 9A ⁷                          | 25.0010               |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| S   |   |                                       |                       |
| V’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 20. | V |                                       | 7                     |
|     | i |                                       |                       |
|     | e |                                       |                       |
|     | t |                                       |                       |
|     | n |                                       |                       |
|     | a |                                       |                       |
|     | m |                                       |                       |
|     | 5 |                                       |                       |
|     | 2 |                                       |                       |
|     | / |                                       |                       |
|     | 9 |                                       |                       |
|     | 7 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| K   |   |                                       |                       |
| V’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 21. | V |                                       | 8.5                   |
|     | i |                                       |                       |
|     | e |                                       |                       |
|     | t |                                       |                       |
|     | n |                                       |                       |
|     | a |                                       |                       |
|     | m |                                       |                       |
|     | B |                                       |                       |
|     | & |                                       |                       |
|     | 4 |                                       |                       |
|     | 8 |                                       |                       |
|     | / |                                       |                       |
|     | 9 |                                       |                       |
|     | 5 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| H   |   |                                       |                       |
| L’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 22. | V |                                       | 28.5                  |
|     | i |                                       |                       |
|     | e |                                       |                       |
|     | t |                                       |                       |
|     | n |                                       |                       |
|     | a |                                       |                       |
|     | m |                                       |                       |
|     | 1 |                                       |                       |
|     | 6 |                                       |                       |
|     | - |                                       |                       |
|     | 1 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| H   |   |                                       |                       |
| V’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 23. | V |                                       | 25                    |
|     | i |                                       |                       |
|     | e |                                       |                       |
|     | t |                                       |                       |
|     | n |                                       |                       |
|     | a |                                       |                       |
|     | m |                                       |                       |
|     | 9 |                                       |                       |
|     | - |                                       |                       |
|     | 2 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| A   |   |                                       |                       |
| G’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 24. |   | Algeria 433a & 416b                   | 35                    |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| T’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 5.  |   | Bongkot (Block G12/48)                | 44.4445               |
+-----+---+---------------------------------------+-----------------------+
| 7.  |   | Arthit (Block G9/48)                  | 84                    |
+-----+---+---------------------------------------+-----------------------+
| 25. |   | L53/43 & 54/43                        | 100                   |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| S’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 3.  |   | Phu Horm (EU-1)                       | 20                    |
+-----+---+---------------------------------------+-----------------------+
| 4.  |   | S1                                    | 75                    |
+-----+---+---------------------------------------+-----------------------+
| 26. |   | Nang Nuan (B6/27)                     | 100                   |
+-----+---+---------------------------------------+-----------------------+
| 27. |   | L21, 28 & 29/48                       | 100                   |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| M’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 28. |   | Indonesia Merangin-1⁸                 | 39                    |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| B’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 29. |   | Indonesia Bengara-1                   | 40                    |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| O   |   |                                       |                       |
| M’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 30. | O |                                       | 100                   |
|     | m |                                       |                       |
|     | a |                                       |                       |
|     | n |                                       |                       |
|     | 4 |                                       |                       |
|     | 4 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 31. | O |                                       | 100                   |
|     | m |                                       |                       |
|     | a |                                       |                       |
|     | n |                                       |                       |
|     | 5 |                                       |                       |
|     | 8 |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| PT  |   |                                       | Company's interest    |
| TEP |   |                                       |                       |
| I   |   |                                       |                       |
| R’s |   |                                       |                       |
| jo  |   |                                       |                       |
| int |   |                                       |                       |
| v   |   |                                       |                       |
| ent |   |                                       |                       |
| ure |   |                                       |                       |
+-----+---+---------------------------------------+-----------------------+
| 32. |   | Iran Saveh                            | 100                   |
+-----+---+---------------------------------------+-----------------------+

⁷ PTTEPO has shareholding in Orange Energy Limited and B8/32 Partners
Limited, which hold project’s concessions.

⁸ PTTEPO has transferred all participation interest in the project to
PTTEP Merangin Company Limited.

  As at December 31, 2006, details of properties’ net book value are as
  follows:-

[]

5.2 Investments 

As at December 31, 2006, PTTEP has 19⁹ subsidiaries and 6¹⁰ associated
companies. PTTEP and its subsidiaries’ investment lists are presented as
follows:

  -------------- ------------ ---------- ---------- ---------- ------------ -------------
  Company        Type of      Paid-in    %          Cost       Equity       Major
                 Business     Capital               Method     Method       

                              (Million   Percent of (Million   (Million     shareholder
                              Baht)      interest   Baht)      Baht)        

  Subsidiaries                                                               
  company                                                                   

  PTTEPI         Petroleum    20,000     100        20,000     30,567.57    PTTEP 100%
                 E&P                                                        

  PTTEPO         Commerce     0.17       75         0.13       11,211.77    PTTEP 75%

                                         25         0.04       3,737.33     PTTEPI 25 %

  PTTEP SV       Petroleum    2.03       100        2.03       (170.30)     PTTEPO 100%
                 E&P                                                        

  PTTEP KV       Petroleum    2.03       100        2.03       (284.19)     PTTEPO 100%
                 E&P                                                        

  PTTEP HL       Petroleum    2.12       100        2.12       (1,917.94)   PTTEPO 100%
                 E&P                                                        

  PTTEP HV       Petroleum    2.16       100        2.16       (1,758.65)   PTTEPO 100%
                 E&P                                                        

  PTTEP OM       Petroleum    2.16       100        2.16       (866.66)     PTTEPO 100%
                 E&P                                                        

  PTTEP AG       Petroleum    2.10       100        2.10       (685.64)     PTTEPO 100%
                 E&P                                                        

  PTTEPT         Petroleum    100.00     51         51.00      (23.63)      PTTEPI 51%
                 E&P                                                        

                                         49         49.00      (22.70)      PTTEP OM 49%

  PTTEP Services Services     1.00       25         0.25       12.54        PTTEP 25%

                                         75         0.75       37.60        PTTEPT 75%

  PTTEPS         Petroleum    100.00     49         3,719.03   3,400.34     PTTEP 49%
                 E&P                                                        

                                         51         3,864.89   3,535.34     PTTEPO 51%

  PTTEP IR       Petroleum    1.91       100        1.91       (265.62)     PTTEP OM 100%
                 E&P                                                        

  DPC            Petroleum    2.05       100        2.05       1.52         PTTEPO 100%
                 E&P                                                        

    PTTEPM        Petroleum    2.05      100        2.05       (55.33)      PTTEPO 100%
                 E&P                                                        

  PTTEP BH        Petroleum   1.90       100        1.90       1.64         PTTEP OM 100%
                 E&P                                                        

  PTTEPH          Petroleum   1.88       100        1.88       1.11         PTTEPO 100%
                 E&P                                                        

  PTTEP ID        Petroleum   1.88       100        1.88       1.27         PTTEPH 100%
                 E&P                                                        

  PTTEPB          Petroleum   1.88       100        1.88       1.42         PTTEP ID 100%
                 E&P                                                        
  -------------- ------------ ---------- ---------- ---------- ------------ -------------

+---------+-----------+--------+------+--------+--------+------------+
| Company | Type of   | P      | %    | Cost   | Equity | Major      |
|         | Business  | aid-in |      | Method | Method | s          |
|         |           | C      |      |        |        | hareholder |
|         |           | apital |      |        |        |            |
+---------+-----------+--------+------+--------+--------+------------+
|         |           | (M     | Per  | (M     | (M     |            |
|         |           | illion | cent | illion | illion |            |
|         |           | Baht)  | of.  | Baht)  | Baht)  |            |
|         |           |        |      |        |        |            |
|         |           |        | inte |        |        |            |
|         |           |        | rest |        |        |            |
+---------+-----------+--------+------+--------+--------+------------+
| Ass     |           |        |      |        |        |            |
| ociated |           |        |      |        |        |            |
| Company |           |        |      |        |        |            |
+---------+-----------+--------+------+--------+--------+------------+
| EnCo    | Commerce  | 800.00 | 50   | 400.00 | 389.04 | PTTEP 50%  |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | PTT 50%    |
+---------+-----------+--------+------+--------+--------+------------+
| PTT ICT | Services  | 150.00 | 20   | 30.00  | 29.66  | PTTEP 20%  |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | PTT 20%    |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | ATC 20%    |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | PTTCH 20%  |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | TOP 20%    |
+---------+-----------+--------+------+--------+--------+------------+
| Jointly |           |        |      |        |        |            |
| con     |           |        |      |        |        |            |
| trolled |           |        |      |        |        |            |
| E       |           |        |      |        |        |            |
| ntities |           |        |      |        |        |            |
+---------+-----------+--------+------+--------+--------+------------+
| CPOC    | Petroleum | 2.21   | 50   | 1.11   | 1.02   | PTTEPI 50  |
|         | E&P       |        |      |        |        | %          |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | CARIGALI   |
|         |           |        |      |        |        | 50%        |
+---------+-----------+--------+------+--------+--------+------------+
| MGTC    | Natural   | 0.76   | 25.5 | 0.19   | 1,     | PTTEPO     |
|         | gas       |        |      |        | 646.30 | 25.50%     |
|         | pi        |        |      |        |        |            |
|         | pelines - |        |      |        |        |            |
|         | overseas  |        |      |        |        |            |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | UNOCAL     |
|         |           |        |      |        |        | 28.2625%   |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | TOTAL      |
|         |           |        |      |        |        | 31.2375%   |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | MOGE 15.0% |
+---------+-----------+--------+------+--------+--------+------------+
| TPC     | Natural   | 2.62   | 19.  | 0.57   | 1,     | PTTEPO     |
|         | gas       |        | 3178 |        | 681.35 | 19.3178%   |
|         | pi        |        |      |        |        |            |
|         | pelines - |        |      |        |        |            |
|         | overseas  |        |      |        |        |            |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | PETRONAS   |
|         |           |        |      |        |        | 40.9102%   |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | NIPPON     |
|         |           |        |      |        |        | 19.3178%   |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | MOGE       |
|         |           |        |      |        |        | 20.4542%   |
+---------+-----------+--------+------+--------+--------+------------+
| Orange  | Petroleum | 100.00 | 53.  | 13,    | 10,    | PTTEPO     |
|         | E&P       |        | 9496 | 567.69 | 542.64 | 53.9496%   |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | MOECOI     |
|         |           |        |      |        |        | 36.0504%   |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | PSI 10%    |
+---------+-----------+--------+------+--------+--------+------------+
| B8/32   | Petroleum | 110.00 | 25.  | 4,     | 3,     | PTTEPO     |
| P       | E&P       |        | 0009 | 523.69 | 632.87 | 25.0009%   |
| artners |           |        |      |        |        |            |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | MOECOI     |
|         |           |        |      |        |        | 16.7064%   |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | PSI        |
|         |           |        |      |        |        | 4.6346%    |
+---------+-----------+--------+------+--------+--------+------------+
|         |           |        |      |        |        | Chevron    |
|         |           |        |      |        |        | 53.6583%   |
+---------+-----------+--------+------+--------+--------+------------+

5.3 Net Book Value

As at December 31, 2006, PTTEP’s net book value amounted to Baht 88,524 million or 

Baht 26.94 per share. 

5.4 Investment and Management Policy of the Subsidiary Companies and
Associated Companies

PTTEP has always stressed the importance of prudent investments in
petroleum exploration and production that are in accordance with
company’s strategy. Therefore, most of PTTEP’s subsidiaries and
associated companies are involved in the petroleum exploration and
production business or related businesses.

For all subsidiary companies of PTTEP to be inline with the corporate
strategy, PTTEP sets the policy for subsidiary companies which PTTEP
holds 100 percent to be operated by PTTEP’s employees and takes direct
policies from PTTEP’s Board of Director. As for the associated company,
PTTEP set the policies by nominating representatives at the management
and operating levels and involving in the setting of the policies,
Corporate Governance principles.