Enwell Energy plc
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
ESG Focus Areas
- Safety
- Environmental protection
- Community engagement
- Humanitarian aid
- Ethical business practices
Environmental Achievements
- Significant reduction of gas flaring, gas losses and air emissions
- Expansion of pollution controls
- Development of an enclosed gas measuring system on a well
- Stricter observance of environmental laws and safety regulations
- Installation of a new condensate stabilisation unit (CSU) improving MSS’s environmental performance
- Installation of facilities to produce LPG, a relatively environmentally friendly hydrocarbon fuel
- Upgrade of the LPG extraction circuit, increased flow capacity, and significantly increased liquids tank storage capacity at MEX-GOL and SV fields, reducing environmental emissions
Social Achievements
- 397,997 man-hours of staff and contractor time recorded without a Lost Time Incident
- Total safe man-hours exceeding 5 million without a Lost Time Incident
- No environmental incidents recorded
- Contribution to humanitarian aid initiatives in Ukraine, including medical equipment and supplies
- Support for local schools (materials for repair works and funding of school meals) and youth sports, as well as road and local infrastructure repair (prior to war)
Governance Achievements
- Adherence to the QCA Code and institutional shareholder body guidance
- Implementation of an Anti-Bribery and Corruption Policy
- Introduction of a Near Miss reporting system to improve occupational health and safety
- Implementation of a crisis management committee and emergency/contingency plans in anticipation of and during the war in Ukraine
Climate Goals & Targets
Environmental Challenges
- Russian invasion of Ukraine and ongoing conflict significantly impacting business and operations
- Suspension of VAS production licence and SC exploration licence by Ukrainian authorities
- Lower production rates and gas prices
- Regulatory actions by Ukrainian authorities
- Disruption to fiscal and economic environment in Ukraine
- Divergence between domestic and European gas pricing
- Risks relating to key personnel due to the war
- Potential risks related to registration of ultimate beneficial owners under new Ukrainian legislation
Mitigation Strategies
- Maintaining a substantial proportion of cash outside Ukraine
- Funding development programme from existing cash resources and operational cash flow
- Continuing some development activities at MEX-GOL and SV fields
- Implementing strict QHSE policies and procedures
- Diversifying banking arrangements
- Implementing remote working capabilities for staff
- Maintaining minimum hydrocarbon inventories at operational sites
- Vigorously pursuing legal initiatives to protect assets and restore licences
- Tightly managing costs to preserve cash resources