The CEO's blog, 05/23/24

Our 2023 Sustainability Report 


We should all be proud that Energean is, and has always been, an ESG leader and champion in our industry – and this is clear to see on every page of our 2023 Sustainability Report.


We’ve invested significantly because we believe it’s the right way to run a company; it’s the right thing to do and sustainability speaks to our unique company ETHOS. It’s also a commitment to long-term value creation for our shareholders and the communities in which we operate.


There are many highlights in the report that emphasise our successful leadership position, and I’d like to share a number of them with you.


Years ago, Energean made the choice to transform to become a regionally focused natural gas supplier. This meant we turned our focus to provide secure and reliable energy that can take the place of fuels like coal and fuel oil, that create more pollution than gas. 

So, when we signed the Oil and Gas Decarbonization Charter at COP 28 in December last year, we were aligned with the need to implement and accelerate climate action. Energean had already set a foundation for a more sustainable energy value chain much sooner than many of our peers.

We have already made significant progress against Charter’s commitments:

  • Commit to net-zero operations by 2050 at the latest,
  • Ending routine flaring by 2030
  • Near-zero upstream methane emissions
  • Commit to the decarbonisation of the oil and gas value chain and broader industrial landscape 

Both the Oil and Gas Decarbonization Accelerator and the Industrial Transition Accelerator were launched at the event in Dubai, and it’s here that we heard the global policy and industrial elite ratify the role of natural gas as a major fuel driving a just energy transition.

We’re pleased that the world has caught up with our thinking, and we’re proud to be a regional leader for a just transition.

I was happy with our ESG performance for 2023, which was positive and builds on our progress from last year.

  • Energean originally targeted an 85% reduction in carbon intensity from 2019 to 2025. By 2023, we have not only met but exceeded this goal by reducing our carbon emission intensity by 86%, compared to our baseline year – from 66.8 to 9.3 kg CO2/boe.
  • We enhanced our Leak Detection and Repair (LDAR) surveys by conducting four campaigns in Italy, four in Israel, and one in Greece. We reduced methane emissions by 52 tCO2e.
  • Our success has been verified by multiple ESG analysts. We maintained our A- rating for climate change from CDP, which is defined as a ‘Leadership’ grade. Energean was upgraded by MSCI to an AAA rating, in the top 17% of our peer group.
  • We are extremely proud that the European Commission designated Energean’s Prinos Carbon Storage a ’Project of Common Interest’. Alongside this positive policy designation, the EC and the Greek Government has awarded EUR150 million of grants to the project.

We remain committed to positive social impact. We continue to develop positive relationships with the communities that host our operations, securing our licence to operate. Our strategy is based on the United Nations Sustainable Development Goals, with a strong focus on education, community & environment.

Safety – in all senses of the word – is vital in our industry. We are pleased to report that we ended the year with no serious injuries, zero oil spills and zero environmental damage. In 2022, we invested in a new integrated issues and crisis management digital programme and roll it out across the business. This will further ensure best-in-class management of any potential risks.

Our employees are our most valuable asset and we’ve worked hard to create a professional environment where all colleagues can thrive and develop their careers. 2023 saw an increased focus on diversity, equity and inclusion (DEI).

Our figures demonstrate that Energean is embracing DEI – at senior management level, Energean is ahead of the market average, with 15% diversity, which compares to 13% in FTSE 100 companies and 12% in the FTSE 250.

We are proud that we have achieved parity of compensation for women in our organisation, recording a negative gender pay gap in favour of women for 2023.

All of this comes together continuing to be the best version of Energean we can be. We are continuing to provide secure and affordable energy to our communities, with the ambition to drive sustainable development. As we look to the future, which is a positive one, my role is to put our people at the heart of all we do as we position Energean front and centre in driving a just energy transition through secure gas production.

This past year brought positive progress and I have no doubt that this will continue through 2024 and for many years to come.