IOG plc has completed a comprehensive emissions assessment (EA) which commits the company to Scope 1 and 2 net zero status as of 2021.
KEY POINTS
The EA was conducted by IOG’s internal environmental, social and governance (ESG) taskforce in collaboration with energy advisor Genesis.
The EA encompassed the Phase 1 development and corporate activities.
Key points include:
– IOG is expected to have one of the lowest emissions profiles in the industry throughout this decade
– over their economic life, the projected cumulative average intensity of the Phase 1 Blythe and Southwark platforms is just 0.4 kgCO2e/boe
– IOG’s estimated Phase 1 lifetime Scope 1 and 2 average emissions intensity is estimated at 3.97 kgCO2e/boe, compared with the North Sea average of 20.2 kgCO2e/boe¹
– Phase 1 alone could generate a lifetime saving of close to 1 million tonnes of CO2e emissions versus a weighted average of UK gas imports²
– IOG has committed to Scope 1 and 2 net zero status as of 2021, via investment in appropriate accredited voluntary offsets
– IOG creates a new role of head of capital markets and ESG
– IOG has set suitable internal targets for annual actual emissions, to which employee remuneration is linked
– the emissions model will also be used to plan an optimal design of future developments to engineer out emissions at source as far as reasonably possible
EXPONENT
Chief executive Andrew Hockey said IOG’s ambition was to be safe, efficient and low-carbon developer and producer of high-value gas.
“We know how important it is to all our stakeholders that IOG’s contribution to UK gas supply is consistent with a successful UK energy transition and the Paris Accord objectives.
“That is why we have committed to Scope 1 and 2 net zero, not as a future pledge but starting right now in 2021.
“Maximising the value of domestic energy resources with this net zero policy makes IOG a leading exponent of the OGA [Oil and Gas Authority]’s revised strategy, which should be an important differentiator as we look to scale up the business.”
GENESIS
Genesis is owned by Technip Energies and operates independently.
It provides technical and advisory services to the global energy industry during planning and development phases of projects and in the execution of subsea, onshore, and offshore engineering projects.