PTTEP Joins Net-Zero 2050 Club

PTTEP Joins Net-Zero 2050 Club
PTTEP has joined a number of companies that have set a target to achieve net-zero greenhouse gas emissions by 2050.

Thailand’s oil and gas giant PTT Exploration and Production (PTTEP) has joined a number of companies that have set a target to achieve net-zero greenhouse gas emissions by 2050.

PTTEP said that it would hit that goal using technology, carbon capture and storage (CCS), zero routine flaring, and renewables to forge a sustainable asset portfolio and curb emissions. The Net-Zero 2050 target was announced at the 2022 Annual General Shareholders’ Meeting (AGM) on Tuesday.

The company added that it would achieve net-zero for Scope 1 and Scope 2 greenhouse gas (GHG) emissions across its operations by 2050 with the EP Net-Zero 2050 concept, while new projects will have an emphasis on natural gas and greenhouse gas intensity.

PTTEP intends to “pursue the development of technology to reduce greenhouse gas emissions from the production process.” The focus will be on CCS and zero routine flaring initiatives for new projects as well as emissions offsetting through the planting of trees in forests and mangroves to increase the natural carbon sink.

PTTEP also explained that, within its diversification strategy for the energy transition toward a lower-carbon future, elaborated that it planned to build superior growth for AI and Robotics Ventures (ARV) by accelerating Go-to-Market activities while seeking opportunities in gas to power, LNG to power, and renewable energy business.

The Thai giant will also be exploring new business opportunities from in-house technology commercialization and building a green future energy portfolio focused on CCUS and hydrogen.

The firm is concentrating its efforts on greenhouse gas management to minimize the impacts of global warming and climate change. To this end, the firm set a target to reduce greenhouse gas emissions intensity by at least 30 percent by 2030 and 50 percent by 2040 from the 2020 base year.

Also, PTTEP strictly implemented the preventative measures against Covid-19 and continually conducted the sustainable event to optimize the use of resources and minimize the environmental impacts including reducing print documents and non-compostable wastes and managing waste segregation. This aimed to conserve the environment as well as enhance the sustainability of natural resources.

As for PTTEP’s recent doings, it decided to take over the operatorship of the Yadana gas field offshore Myanmar after TotalEnergies and Chevron decided to exit the field.

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