Our path to net zero

Energean has been the first London listed E&P company to commit to becoming a net zero emitter by 2050. In 2020, we managed to decrease carbon emissions intensity by 67% compared with 2019. 


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Our strategy: 


Short-term plan - next 5 years

 

- Got engaged in the Carbon Disclosure Project (CDP) in 2020. Submission resulted in a B rating, putting Energean among the best performing third of companies within the sector.

 

 

-The 2020 annual report and accounts will include enhanced Task Force on Climate-related Disclosures (“TCFD”)-aligned disclosures, further to Energean’s commitment in this area. 

 

 

 - Engage with organizations working on the transition to a low carbon future.

- Support and motivate costumers and contractors to a low carbon utilization future.

- Strengthen our low carbon portfolio by increasing gas production to 80%, following close of the Edison E&P transaction.

-Following completion of the Edison E&P acquisition, we have managed to reduce carbon emissions intensity by 67% on the 2019 position.

-We have set a new target to reduce carbon emissions intensity to approximately 9.5 kg/boe by 2023, which is approximately half the current global average for the oil and gas industry, and represents an 85% reduction on 2019 pro forma carbon emissions intensity, significantly ahead of the previously stated 70% target.  

- Increase the use of low or zero carbon electricity. We have already agreed with Greece's PPC to purchase for the Prinos asset electricity that is generated 100% by renewables. This agreement has driven a 100% reduction in the asset’s Scope 2 carbon emissions and an approximate 45% reduction of Scope 1 & 2.

-Increase the efficiency of production installations by optimizing performance. 

 

Medium-term plan - by 2035

- Blue-hydrogen & Carbon Capture Storage and Utilisation.

- Further increase the use of low carbon energy.

- Asset performance optimisation.

 

Long-term plan - by 2050

-Blue-hydrogen & Carbon Capture Storage and Utilisation. 

-Reforestation, Afforestation and Forests Conservation.