Genel Energy Publishes Sustainability Report

Genel Energy has published its first comprehensive Sustainability Report, prepared in accordance with the Global Reporting Initiative ('GRI') Standards core option.

Bill Higgs, Chief Executive of Genel, said:

"Genel has had a longstanding commitment to positively impact the communities in which we operate. This has focused on three core areas - economic development, education, and health, and I am delighted to detail our activities in these areas in our first comprehensive Sustainability Report. Having a positive impact on the local community is just one part of our responsibility however, and we continue our journey to meet head on the challenges associated with the energy transition. Stepping up to these challenges is vital to our business, and this is reflected in ESG metrics being incorporated into our corporate key performance indicators and remuneration evaluations. The publication of today's Sustainability Report is a further indication of our commitment to this area.

"We are aware that we have a long way to go in a rapidly changing landscape. Nevertheless, we have the talent, skill sets, and commitment at the highest levels of the Company to meet the challenges ahead. In my view, Genel has the right low-cost and low-carbon assets, in the right locations, and with the right footprint, to thrive in a future of fewer and better natural resources projects."

"The Sustainability Report is a complement to our Annual Report, and will be issued annually, publicly detailing our ESG activities as we strive to be a socially responsible contributor to the global energy mix.

"Genel has a low-cost and low-carbon asset portfolio, with the recent commissioning of the enhanced oil recovery project at the Tawke PSC having materially reduced flaring, reducing the carbon intensity of our portfolio to 7kg CO2e/bbl of scope 1 and 2 emissions.

"It has been a long-stated aim of Genel to have a positive impact both by contributing to economic development and directly supporting local communities through improved infrastructure and the provision of opportunities for improved health, development and employment.

"Since 2006, Genel has invested almost $60 million in social projects. 245 social investment and community projects have been funded and successfully delivered, and each year up to 550 local community patients receive free treatment from the TTOPCO medical team. Supporting the development of the local economy is also crucial, and Genel has spent over $36 million on contracts with local companies. Currently, almost 250 local people are employed at TTOPCO, and 23 local community-centred companies are providing services to Genel's operations across the KRI, with our operations indirectly supporting a further 350 local people through such contracts.

"As well as looking to have a wider societal benefit, our commitment to having a beneficial impact begins with operational excellence and the taking care of our workforce. For the last four years, Genel has achieved zero lost time injuries with more than 12 million working hours since the last incident. This has been achieved through the promotion of a strong HSE culture and extensive workforce training and engagement at all levels.

"Our focus on sustainability has not been lessened by the ongoing COVID-19 pandemic, and the Report illustrates the key values that drive our decision making and support the delivery of our strategic goals."

Click here to download the full report.

(Source: Genel Energy)

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