Africa Oil has announce that it has published its 2022 Sustainability Report outlining the Company’s approach to ESG management and provides an overview of the ESG-related performance for the period 1st January to 31st December 2022.
- Net equity emissions of 117 kilo tonnes carbon dioxide equivalent (ktCO2e) during 2022, representing an 8% decrease compared to 2021.
- Gas flaring at the Company’s Nigerian assets reduced 27% year-over-year.
- More than 20% of emissions offset via purchase of Verra certified carbon credits on road to achieving carbon neutrality in 2025.
- Zero fatalities and Lost Time Injuries in Nigeria.
- Adopted new Diversity, Equity and Inclusion policy, including aspirational diversity targets at the Board and Management level.
- Continue to expand ESG disclosures, with Taskforce on Nature-related Financial Disclosures (“TNFD”) pilot and addition of Global Reporting Initiative (GRI).
Africa Oil Chief Executive Officer, Keith Hill, commented: “To meet our goal of carbon neutrality by 2025, we have actively advocated through our interest in Prime for emissions reduction opportunities at our assets in Nigeria, with a particular focus on flaring and asset optimization. I am delighted these efforts contributed to a 27% year-over-year decrease in flaring in 2022 and contributed to an 8% reduction in overall emissions. Flaring is now half the rate it was in 2019, before we acquired the assets, and we continue to see improvements, with average flaring levels year-to-date in 2023 roughly a third of those in 2022.
We have also continued to strengthen our approach to social and governance matters internally, including the introduction of a new Diversity, Equity and Inclusion Policy, which enshrines our commitment to promoting diversity across the organization. I am also pleased to report that Africa Oil renewed its membership in the Extractive Industries Transparency Initiative (EITI) and the United Nations Global Compact. As such, I am pleased to reaffirm our support for the EITI Principles and the Ten Principles of the UNGC in the areas of Human Rights, Labour, Environment and Anti-Corruption.”