Block accepted by UN Global Compact network

Block Energy plc has been accepted into a United Nations international platform for businesses and organisations to network and engage in human rights, labour, environment, and anti-corruption.

The Global Compact network is a commitment to the implementation, disclosure and promotion of its ten universal principles.

ENVIRONMENT, SOCIAL AND GOVERNANCE

The 10 principles of the UN Global Compact network include:
Human Rights. Principle 1: businesses should support and respect the protection of internationally proclaimed human rights; and Principle 2: ensure they are not complicit in human rights abuses.

Labour. Principle 3: businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; Principle 4: the elimination of forced and compulsory labour; Principle 5: the abolition of child labour; and Principle 6: elimination of discrimination in respect of employment and occupation.

Environment. Principle 7: businesses should support a precautionary approach to environmental challenges; Principle 8: undertake initiatives to promote greater environmental responsibility; and Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Anti-Corruption. Principle 10: businesses should work against corruption in all its forms, including extortion and bribery.

GEOTHERMAL

Block added it continued its focus on its environmental impact, particularly geothermal opportunities in its portfolio, which could support farmers and power for operations.

“As part of its agreement with Baker Hughes, the partnership is exploring the geothermal energy potential within Block’s acreage in Georgia. 

“Georgia has promising geothermal applications, such as farming and local power demand, and has a considerable resource of middle and high-temperature thermal water (33 – 108°C). 

“Block is currently assessing the potential to convert legacy oil wells within Block’s fields into geothermal wells.

“These wells have a proven water production to surface at approximately 80°C. The wells are in the heartland of Georgia’s vegetable farming industry.

“Management believes the benign hot water produced from legacy wells throughout its fields could provide an efficient solution to both local vegetable farmers and an energy source to power current and future operations.”