i3 Energy plc has published its first annual environment, social and governance (ESG) report for its oil and gas operations in the UK North Sea and Alberta, Canada.
EMISSIONS
A total of 82% of i3’s production is gas and natural gas liquids.
i3 said it was committed to being net zero for Scope 1 and Scope 2 emissions for its operated assets by 2050.
The company is considering decarbonisation options including “operational efficiency and nature-based solutions”.
i3 added it was currently focused on initiatives to reduce methane emissions having decreased emissions by 28,101 tCO2e3 in 2021, equivalent to 34% of total 2020 GHG [greenhouse gases] emissions.
The company has also started to reduce fuel usage by electrification of operating sites, evaluation of projects for rich-burn to low-burn compressor engines, and installation of effluent lines to reduce flaring and trucking.
I3 added that its GHG Scope 1 and Scope 2 total emissions intensity for 2020 was 36.4 KgCO2e/boe, “considerably below the average for Canadian conventional oil production and gas production and processing of 48.14 kgCO2e/bbl and 42.04 kgCO2e/boe, respectively”.
ENVIRONMENT
The company said it used minimal fresh water in operations during 2020, with most water used being produced water.
During 2020 and 2021, 30 wells were abandoned and six pipelines and one facility were decommissioned.
The company had seven reportable spills in 2021 all of which it said were rapidly cleaned up and remediated.
SOCIAL
i3 said it recorded one lost time injury in 2021.
A total of 47% of the company’s employees are women.
i3 added it made charitable donations to the communities where it operated.
GOVERNANCE
The company formed a health, safety, environment and security board committee to oversee responsibilities for environment and social issues.
i3 will establish a corporate ESG committee composed of key executives and operational level employees to drive ESG improvements throughout the company.
The company said it was also establishing ESG-linked KPIs and management incentives.
TRANSITION
Chief executive Majid Shafiq added that i3 had obtained and consolidated emissions data for its portfolio of operated well, pipeline and processing facilities acquired during 2020 and 2021.
“We have now established baselines for the assets acquired from Toscana Energy and Gain Energy [and late this year for assets acquired from Cenovus] from which we can measure and drive efficiency and emissions reductions initiatives on a go-forward basis.
“i3 is well positioned to play a part in supplying the world’s growing energy needs as we transition to a low carbon economy, given our gas-weighted portfolio and the jurisdictions in which we operate.”