PTT Exploration and Production Plc (PTTEP) is allocating US$300 million to develop Thailand's first carbon capture and storage (CCS) facility at a petroleum production field in a bid to support the country's commitment to reducing carbon dioxide emissions.
The CCS plant, slated for the Arthit gas block in the Gulf of Thailand, will pave the way for the company to achieve its net zero goal by 2050, said Montri Rawanchaikul, chief executive of PTTEP.
Net zero is a target set as part of global campaigns to reduce greenhouse gases, which are blamed for causing global warming. The net zero refers to a balance between greenhouse gas emissions and absorption.
