TIDMI3E
RNS Number : 5864Y
i3 Energy PLC
04 January 2024
4 January 2024
i3 Energy plc
("i3", "i3 Energy", or the "Company")
Publication of 2022 ESG Report
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas
company with assets and operations in the UK and Canada, is pleased
to announce the publication of its 2022 ESG report on its website
(www.i3.energy).
Highlights of 2022 Environment, Social and Governance (ESG)
Report
Emissions Reduction Initiatives
-- i3 is committed to being net zero for Scope 1(1) and Scope
2(2) emissions for its operated assets by 2050, with accelerated
targets to be set following additional pathways analysis.
-- Since 2021, during which period the scope and scale of i3's
operations grew significantly and production by 23%, the Company
managed to achieve a 4% reduction in its Scope 1 and Scope 2
emissions.
-- Continued the successful efforts to reduce methane emissions
- completed the replacement of the Company's entire inventory of
hi-bleed pneumatic controllers with low bleed or instrument air and
commenced the replacement of 400 pneumatic pumps on the assets
acquired from Cenovus with solar powered electric pumps; once
complete these initiatives in aggregate will reduce annual methane
emissions by an estimated 64,600 tCO2e(3) , which is equivalent to
circa 28% of the Company's total CO2e emissions in 2022.
-- Commenced electrification of well pumpjacks, completing 30
conversions in 2022 at the Company's Carmangay and Retlaw
properties, reducing emissions by 6,366 tCO2e annually.
-- Reduced emissions from the Company's extensive fleet of
compressor engines by installing air-to-fuel gas gauges to optimise
fuel efficiency and engine performance and converting rich burn
engines to lean burn engines.
Emissions Reporting
-- GHG Scope 1 and Scope 2 total emissions intensity for 2022
was 41 KgCO2e/boe, a 4% reduction on the 2021 level and below the
average for Canadian conventional oil production and gas production
and processing of 48.1(4) kgCO2e/bbl and 42.0(4) kgCO2e/boe,
respectively.
-- In 2022 commenced an alternative Fugitive Emissions
Management Programme (launched in 2023), which uses a crewed
aircraft equipped with laser technology to image methane emissions
from the air, allowing more rapid and efficient repair operations,
which could reduce fugitive methane leakage by more than 10% across
our operations.
-- Invested in software to optimise field process data
acquisition to proactively detect and repair leaks, track fugitive
emissions, and enhance reporting. When fully implemented across the
Company's portfolio the software will assist in further reducing
emissions.
Environment
-- i3 operates in jurisdictions with environmentally responsible
operating contexts and world class regulations for all aspects of
ESG, with currently circa 77% of its production being gas and
natural gas liquids.
-- Abandonment and reclamation are ongoing activities, and in
2022, 70 wells were abandoned, 37 well sites were decommissioned
and 9 reclamation certificates were received.
-- The Company had 4 reportable spills in 2022 (a 53% reduction
from 2021), all of which were rapidly cleaned up and
remediated.
Social
-- Safety is a top priority for i3; there were no employee loss
time injuries and only 2 contractor loss time injuries in 2022.
-- The Company is proud of its gender diversity with 26% of employees being women.
-- i3 has an ongoing program of support, via charitable
donations, to the communities in which it operates.
Governance
-- Established i3 Energy's ESG committee which reports to the
CEO and comprises a multidisciplinary team of senior leadership and
subject matter experts across the organisation, tasked with
assessing and recommending policies, programs and practices that
promote the Company's ESG goals and long-term sustainability
strategy.
-- Established ESG-linked Key Performance Indicators (KPIs) as
well as monitoring leading and lagging indicators of safety.
Majid Shafiq, CEO of i3 Energy plc, commented:
"Since 2021, during which period the scope and scale of our
operations grew significantly and our production by over 23%, we
are very proud to say that multiple initiatives and Company-wide
efforts have managed to reduce our Scope 1 and 2 emissions
intensity by 4%, and our emissions intensity remains below the
average of our peers operating in Alberta on a CO2e/boe basis. This
achievement is down to the strong oversight of our ESG Committee,
and especially to the skill, ingenuity, dedication and hard work of
all our employees and the daily efforts of our operations teams in
the office and at the field level. We look forward to the future
with optimism, as we continue to responsibly grow a sustainable
energy business serving the needs of the communities and countries
in which we operate."
Footnotes:
1. Scope 1 - direct greenhouse gas emissions that occur from
sources that are controlled or owned by an organisation (e.g.,
emissions associated with fuel combustion in boilers, furnaces, and
vehicles).
2. Scope 2 - indirect greenhouse gas emissions associated with
the purchase of electricity, steam, heat or cooling.
3. tCO2e is tons of CO2 equivalent per year.
4. Source: Canada's Greenhouse Gas and Air Pollutant Emissions
Projections 2021. Published by Environment and Climate Change
Canada,
ENDS
Enquiries:
i3 Energy plc c/o Camarco
Majid Shafiq (CEO) Tel: +44 (0) 203 781 8331
WH Ireland Limited (Nomad and
Joint Broker) Tel: +44 (0) 207 220 1666
James Joyce, Darshan Patel
Tennyson Securities (Joint Broker)
Peter Krens Tel: +44 (0) 207 186 9030
Stifel Nicolaus Europe Limited
(Joint Broker) Tel: +44 (0) 20 7710 7600
Ashton Clanfield, Callum Stewart
Camarco
Andrew Turner, Violet Wilson, Tel: +44 (0) 203 757 4980
Sam Morris
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost,
diversified, growing production base in Canada's most prolific
hydrocarbon region, the Western Canadian Sedimentary Basin and
appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through
the optimisation of its existing 100% owned asset base and the
acquisition of long life, low decline conventional production
assets.
i3 is dedicated to responsible corporate practices and the
environment, and places high value on adhering to strong
Environmental, Social and Governance (" ESG ") practices. i3 is
proud of its performance to date as a responsible steward of the
environment, people , and capital management. The Company is
committed to maintaining an ESG strategy, which has broader
implications to long-term value creation, as these benefits extend
beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock
Exchange under the symbol I3E and on the Toronto Stock Exchange
under the symbol ITE. For further information on i3 Energy please
visit https://i3.energy
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END
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