Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Corporate Governance

Environmental Achievements

• Minimising environmental footprint
• Adherence to Nigeria’s Environmental Impact Assessment Act (EIAA)

Social Achievements

• CSR plan focusing on education, economic and social empowerment, and environmental and social sustainability
• Support for WIMBIZ and ENACTUS initiatives
• Support for humanitarian response initiatives in partnership with the Murtala Muhammed Foundation (MMF)
• Improved quality of life for residents in Ikuru and other coastal communities through infrastructure development, scholarships, entrepreneurship support, and community health projects

Governance Achievements

• Formally adopted the Quoted Companies Alliance Corporate Governance Code for Small and Mid-Size Quoted Companies (QCA Code)
• Updated policies in line with the EU Market Abuse Regulation (MAR)
• Implemented internal policies on related party transactions, disclosure and insider trading, share dealing, whistleblowing, anti-bribery, gifts and hospitality, code of ethics, and safety, health, environment, and security

Climate Goals & Targets

Environmental Challenges

• Oil price volatility
• Availability of capital
• Joint Venture partnership and funding
• Legislation and Compliance
• Security and geo-political risk
• Health, safety and environmental risks
• Operational risk due to COVID-19
• Exploration and appraisal risk
• Political risk
• Stakeholder engagement risk
• Bribery and corruption risk
• Fraud risk
• Information security risk
• New business development risk

Mitigation Strategies

• Developing a hedging policy to protect downside oil price risk
• Continued engagement and further develop banking relationships, transparency with shareholders and continue shareholder engagement
• Regular JV engagement, due diligence and checks on all C&P processes, monitoring contractual performance and JV budgets
• Implementing relevant Group policies, maintaining staff awareness of Group policies, timely market information release
• Adequate security for all movements, proactive engagement with host communities, regular monitoring of geo-political landscape
• Strict compliance with SHES policy, positive safety culture, risk management, training, procedures, and a comprehensive oil spill and emergency response plan
• Measures to prevent the spread of COVID-19
• Deployment of experienced team, adequate technical analysis, DST in reservoirs, clearly defined operational procedures, rig containment systems inspection, production test equipment review
• Strict adherence to operating procedures
• Active engagement with the Nigerian government
• Transparent and proactive relationships with regulators and JV partners, working to the highest industry standards
• Annual Anti-Bribery and Corruption training, updated contracting and procurement
• Whistleblowing policy, established finance management system, planning for an upgrade in the current financial system
• Increasing due diligence scope and ensuring greater oversight by the Board for material transactions
• Periodic firewall log reviews, firmware updates, intrusion detection systems, password policy enforcement, robust contingency and disaster recovery plan
• Analysing and reviewing opportunities, executive committee review, legal, finance and tax due diligence

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Code