Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health, Safety, and Environment
• Carbon Footprint Reduction
• Hydrogen Energy
• Geothermal Energy

Environmental Achievements

• Installed a more efficient enclosed gas flare with lower carbon emissions at Horse Hill.
• Successfully completed Phase 1 and Phase 2 seismic acquisition in Turkey with zero safety or environmental incidents.

Social Achievements

• No lost time injuries or environmental incidents on any of UKOG’s sites during the reporting period.
• Maintained open communication with local communities near operating sites.

Governance Achievements

• Restructured the Board of Directors on January 1, 2022.
• Adopted the QCA Code of Practice for corporate governance.
• Implemented a rolling program of anti-bribery and corruption training for all relevant employees.

Climate Goals & Targets

Environmental Challenges

• Challenges in obtaining permits for operations in the UK.
• Fluctuating oil and gas prices.
• Exploration risk of unsuccessful wells.
• Political risks in international operations (Turkey).

Mitigation Strategies

• Diversification of investments outside the UK.
• Cost reduction strategies.
• Risk-sharing arrangements.
• Engagement with government and regulatory organizations.
• Active monitoring of cash flow and securing short-to-medium term cash flows.

Supply Chain Management

Responsible Procurement

• Utilizing service companies committed to UKOG's HSE standards.

Climate-Related Risks & Opportunities

Opportunities

• Development of hydrogen energy and geothermal energy projects.

Reporting Standards

Frameworks Used: SPE Petroleum Resources Management Reporting System (PRMS)

Certifications: ISO 14001 (for printing of the report)

Third-party Assurance: PKF Littlejohn LLP

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)

Initiatives in hydrogen and geothermal energy contribute to these goals.

Environmental Metrics

ESG Focus Areas

• Climate Change
• Economic Growth
• Energy Security
• Job Creation

Environmental Achievements

• Confirmed support for 11 successful Hydrogen Allocation Round 1 projects, totaling 125MW capacity.
• Announced up to £21.7 billion of funding available to launch the UK’s new carbon capture, utilisation and storage industry.
• Published hydrogen to power consultation response confirming the aim to establish a new business model.

Social Achievements

• Estimated that the UK hydrogen economy could support 29,000 direct jobs and 64,500 indirect jobs by 2030.
• Launched the National Energy System Operator, National Wealth Fund and Great British Energy to support hydrogen economy growth and job creation.
• Hosted the International Investment Summit, resulting in £63 billion of private investment committed, including over £24 billion across energy and net-zero sectors.

Governance Achievements

• Development of the Low Carbon Hydrogen Standard and Certification Scheme to verify emissions intensity of hydrogen production.
• Implementation of the Hydrogen Production Business Model to incentivize investment in low-carbon hydrogen production.
• Establishment of the Hydrogen Delivery Council to facilitate collaboration between government and industry.

Climate Goals & Targets

Environmental Challenges

• Need for long-duration flexible generation to support a renewables-led power system.
• Decarbonization of hard-to-abate industrial sectors.
• Development of hydrogen transport and storage infrastructure.
• Regulatory framework for hydrogen.
• Skills gap in the hydrogen sector.

Mitigation Strategies

• Net Zero Hydrogen Fund providing up to £240 million to support new low-carbon hydrogen production plants.
• Hydrogen Production Business Model providing revenue support to incentivize investment.
• Hydrogen Allocation Rounds allocating revenue support to non-carbon capture, utilisation and storage-enabled hydrogen production.
• Carbon Capture, Utilisation and Storage Cluster Sequencing Process allocating revenue support to carbon capture, utilisation and storage-enabled hydrogen production.
• Development of hydrogen transport and storage business models.
• Work to clarify and implement a market framework for hydrogen conveyance through pipes.
• Proactive approach to identify and address regulatory challenges.
• Skills England and Office for Clean Energy Jobs to address skills gap.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• National Wealth Fund to support companies in the hydrogen supply chain.
• Great British Energy to support domestic energy supply chains.
• Industrial Strategy to support UK supply chains for clean energy sectors.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Development of low-carbon hydrogen production technologies.
• Decarbonization of hard-to-abate sectors.

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 9 (Industry, Innovation, and Infrastructure)
• Goal 13 (Climate Action)

The hydrogen strategy contributes to these goals by promoting the development and deployment of low-carbon hydrogen technologies, supporting economic growth and job creation, and reducing greenhouse gas emissions.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed