Serica cuts flare volumes by 45%

Serica Energy plc continued with its environment, social and governance (ESG) targets as it achieved a reduction of flaring and emissions at its North Sea operations during 2020.

The company said it was intent on building a portfolio of assets which would make a positive contribution to the Net Zero transition and reduce carbon intensity.

ENVIRONMENT

Serica’s environmental performance ambitions intend to follow the United Nations Sustainable Development Goals (UNSDG) of Life Below Water, Climate Action, and Responsible Consumption and Production.

Each material UNSDG is linked to the respective applicable Global Reporting Initiative (GRI) topics of emissions; energy; biodiversity; effluents and waste; water and effluents; environmental compliance; and supplier environmental assessment. 

In its financial results for 2020, Serica reported that active management on flaring resulted in a 45% reduction in flare volumes compared with 2019.

CO_² emissions on Bruce of approximately 214,500 tonnes were more than 10% lower compared with 2019 (241,500t). Reports of emissions have been added to the company’s daily offshore briefings.

Serica said it had added ESG performance metrics to the annual incentive scheme for all group employees and would form part of annual appraisals.

The targets follow key performance indicators covering flaring, carbon intensity, diversity of employees and waste.

Chairman Tony Walker said that Serica placed considerable emphasis on setting the highest standards it can to meet environmental, social and good governance expectations of shareholders, other stakeholders and of society.

“These include diversity where this can be achieved and equal opportunity.

“As a young company we are able to implement good modern practices and involve all of our employees in seeking to achieve and improve on our targets and we endeavour to bring new thinking and business innovation to these efforts as a focal part of our leadership team.

“We will also be publishing a full ESG performance report on our website as part of our annual reporting cycle.”