Thailand’s national upstream oil and gas company has announced plans to achieve net zero greenhouse gas emissions by 2050.
New projects with an emphasis on natural gas and greenhouse gas intensity will be factored into PTTEP’s investment decision-making in the “EP Net Zero 2050” concept.
The company said on Tuesday that it would pursue the development of technology to reduce greenhouse gas emissions from the production process in particular via carbon capture and storage (CCS) and zero routine flaring initiatives for new projects.
It will also focus on emissions offsetting, planting trees in forests and mangroves to increase natural carbon sinks.
PTTEP revealed its green ambitions at its 2022 AGM on 28 March, when it unveiled its new business plan.
The AGM also approved a dividend for 2021 of 5 baht ($0.15) per share.
PTTEP noted that the meeting strictly implemented measures against Covid-19, and minimised its environmental impact by reducing the printing of documents and managing waste segregation.