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RNS Number : 2259C
Energean PLC
17 June 2021
Energean plc
("Energean" or the "Company")
Energean Publishes Third Annual Sustainability Report
London, 17 June 2021. Energean plc (LSE: ENOG, TASE: ,) is
pleased to announce the publication of its 2020 Sustainability
Report, which has been externally assured by Ernst and Young, for
the year ended 31 December 2020 and is available on the Company's
website at www.energean.com.
Progress outlined in this year's Report underscores Energean's
commitment to transparent disclosure; meeting the world's energy
needs in a responsible way that is aligned with the goals of the
Paris Agreement; and putting both social responsibility and strong
corporate governance at the core of operations. Energean's Climate
Change Strategy is integral to this year's Report, setting out a
clear pathway to how the Company is leading the Mediterranean
energy transition to reaching net zero(1) by 2050.
Mathios Rigas, Chief Executive Officer of Energean,
commented:
"2020 was undoubtedly a difficult year for so many across the
globe, yet a great deal of its lessons are worth remembering: the
importance of resolve, resilience and community - and the
responsibility that every business has to provide a benefit to
society as well as a return to investors. With that in mind, now
more than ever, we should abide by our values, the Energean
"Ethos". Despite the challenges, 2020 was a successful year for
Energean, and I am certain that we will have another successful
year in 2021, but more importantly, it will be a better year for
the entire world."
Key highlights from this year's report:
-- Report sets out Energean's Climate Change Strategy for
reaching net zero emissions[1] by 2050 in the short, medium and
long-term. Energean was the first E&P company in the world to
make this commitment.
-- The Company is targeting a 85% reduction in the carbon
emissions intensity of its operations by 2023[2] and is
demonstrating strong progress against this short-term target;
Energean is on track to achieve this after delivering a 67%
year-on-year reduction in 2020.
-- To support this near-term target, Energean has switched to
the sourcing of electricity generated by renewable sources at its
Prinos asset in Greece; its EDINA site in Croatia; and its site in
Israel. A similar roll-out is underway at all Energean operating
sites and premises. The switch at Prinos alone reduced the asset's
scope 1 and scope 2 emissions by 45% in 2020.
-- Feasibility work for the development of a Carbon Capture and
Underground Storage ("CCUS") plant at Prinos continues to progess.
Alongside this, Energean is also evaluating the potential for
developing small-scale eco-hydrogen.
-- Energean has fully aligned with the requirements of the Task
Force on Climate-related Financial Disclosure ("TCFD"), including
incorporating scenario analysis and carbon pricing into the
Company's investment decision-making process. These analyses test
against a range of Paris Agreement-aligned scenarios, supply and
demand pricing fundamentals and other factors that could impact
future market dynamics.
-- During 2020, Energean participated in its first ever Carbon
Disclosure Project submission, which positioned Energean amongst
the best performing third of E&P companies.
-- Energean reached two major safety milestones in 2020 - 2
million man-hours without a Lost Time Injury ("LTI") across its
operations; and 12 million man-hours without an LTI at the
Company's Energean Power FPSO development and construction
project.
-- Spearheading a range of initiatives during 2020, Energean has
worked alongside local communities and NGOs across Greece, Israel,
Egypt and Montenegro to donate food and secure medical supplies
throughout the pandemic.
-- Creation of a dedicated Environment, Safety and Social
Responsibility Committee at Board level during 2020. This Committee
is designed to bring a strategic focus to support the Company's
target of 70% production volumes from gas - a target set by the
Board.
-- Reached 33% female Board representation and increased the
number of independent non-executive directors in 2020.
Enquiries
Investors, Analysts and Media
Kate Sloan, Head of IR, ECM and Communications +44 (0) 7917 608
645
About Energean plc
Established in 2007, Energean is a London Premium Listed FTSE
250 and Tel Aviv 35 Listed E&P company with operations in nine
countries across the Mediterranean and UK North Sea. Since IPO,
Energean has grown to become the leading independent, gas-focused
E&P company in the Eastern Mediterranean, with a strong
production and development growth profile. The Company explores and
invests in new ideas, concepts and solutions to produce and develop
energy efficiently, at low cost and with a low carbon
footprint.
Energean's production comes mainly from the Abu Qir field in
Egypt and fields in Southern Europe. The company's flagship project
is the 3.5 Tcf Karish, Karish North and Tanin development, offshore
Israel, where it intends to use the newbuild fully-owned FPSO
Energean Power, which will be the only FPSO in the Eastern
Mediterranean, to produce first gas, commencing mid-2022. Energean
has signed contracts for 7.4 Bcm/yr of gas sales on plateau into
the Israeli domestic market, which have floor pricing, take-or-pay
and/or exclusivity provisions that largely insulate the project's
revenues against global commodity price fluctuations and underpin
Energean's goal of paying a meaningful and sustainable
dividend.
With a strong track record of growing reserves and resources,
Energean is focused on maximising production from its large-scale
gas-focused portfolio to deliver material free cash flow and
maximise total shareholder return in a sustainable way. ESG and
health and safety are paramount to Energean; it aims to run safe
and reliable operations, whilst targeting carbon-neutrality across
its operations by 2050. These aspirations were significantly
advanced with the completion of the Edison E&P acquisition in
December 2020, which is now being successfully integrated in
Energean's business.
www.energean.com
[1] Scopes 1 and 2
[2] Versus a base year of 2019
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