Page 9 - AsianOil Week 13 2022
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PTTEP unveils net-zero goal
ENERGY THAILAND’S state-owned PTT Exploration emissions – respectively direct emissions from
TRANSITION and Production (PTTEP) has joined the ranks of its operations and indirect emissions from the
oil and gas companies that have adopted a long- power generated to run its operations. PTTEP
term goal of net-zero greenhouse gas (GHG) has also set itself interim targets of cutting emis-
emissions. The company unveiled the goal at its sions by 30% by 2030 and 50% by 2040 from a
annual general meeting (AGM) for sharehold- base year of 2020.
ers on March 28, setting a deadline of 2050 for The new targets represent a stepping up of
reaching net zero. the Thai company’s ongoing efforts to manage
PTTEP said that initially projects with an its GHG emissions and diversify its production
PTTEP said that emphasis on natural gas and GHG intensity mix. PTTEP had previously been aiming to cut
initially projects with would be factored into its decision-making pro- its emissions by at least 25% from a base year of
an emphasis on natural cess under its plan for achieving net zero. At the 2012 by 2030 through several initiatives.
gas and GHG intensity same time, it will pursue the development of PTTEP’s CEO, Montri Rawanchaikul, who
would be factored into new technologies to reduce emissions from its took over in October 2021, said at the time that
its decision-making production. In particular, the company high- he intended to strengthen the company’s core
process under its net- lighted carbon capture and storage (CCS), and upstream business in Southeast Asia while seek-
zero plan. its Zero Routine Flare initiative for new projects. ing to diversify into new energy opportunities.
It also said it would pursue emissions offsetting Montri said exploration activities in Southeast
through the planting of trees in forests and man- Asia would be accelerated with a focus on natu-
groves to increase the natural carbon sink. ral gas fields, and the latest announcements are
The 2050 target involves Scope 1 and 2 in line with this.
EAST ASIA
Sinopec plans biggest capex
budget in its history
INVESTMENT CHINA’S Sinopec is targeting the largest capital (COVID-19). This has weighed on international
expenditure budget in its history for 2022. This crude prices in recent days – though they still
comes after the state-owned company recorded remain above $100 per barrel – and Sinopec will
its highest profit in a decade, and is in line with be watching the situation closely to see how it
Beijing’s call for energy companies to ramp up will affect its plans for this year.
production. Currently, it is intending to produce
According to a company statement filed with 281.2mn barrels of oil and 12.57 trillion cubic
the Shanghai Stock Exchange on March 27, Sin- feet (355.90bn cubic metres) of gas in 2022, up
opec is planning to invest CNY198bn ($31.1bn) from 279.76mn barrels and 1.20 tcf (33.96 bcm)
this year, up 18% on 2021 and exceeding the pre- in 2021.
vious record of CNY181.7bn ($28.5bn) spent Sinopec warned that oil price volatility and
in 2013. Around CNY81.5bn ($12.8bn) of the geopolitical challenges could have an impact
company’s capex budget for this year has been on overseas investments and operations. It
allocated to the upstream sector. did not mention specific projects that could
“Looking ahead in 2022, the market demand be affected, but this comes days after Reuters
for refined oil will continued to recover, and reported that Sinopec had suspended talks on
demand for natural gas and petrochemical two major potential investments in Russia – a
products will keep growing,” Sinopec said in the petrochemical project and a gas marketing ven-
statement. ture – that are estimated as being worth up to
The company’s net earnings for 2021 reached $500mn combined. Beijing wants to maintain
CNY71.21bn ($11.22bn), bolstered by rising its economic relations with Russia, but reports
oil prices and recovering oil demand. How- of Sinopec suspending talks indicate that Chi-
ever, there are now worries that demand could nese companies are nonetheless proceeding
take a hit owing to new lockdowns in China in cautiously in order not to fall foul of interna-
response to further outbreaks of the coronavirus tional sanctions.
Week 13 01•April•2022 www. NEWSBASE .com P9
