Climate Change Data

Environmental Metrics

ESG Focus Areas

• Reduction of GHG emissions
• Implementation of strict measures to prevent leaks and protect water resources
• Mitigating impacts on ecosystems during production operations
• Maintaining safety at all of the Partnership’s sites
• Mitigating negative impacts and creating shared value with local communities
• Ensuring ethical and values-driven business conduct in every area of activity
• Proper corporate governance

Environmental Achievements

• Reduced emissions intensity in production (Scopes 1 and 2) significantly below industry average by 2027 (target of 75% reduction compared to the current industry average)

Social Achievements

• 35% of employees are women, 33% of senior management positions are held by women
• Various employee well-being initiatives including company vacations, fitness groups, training programs, and open-door policy

Governance Achievements

• Adopted a securities enforcement plan in 2019 to ensure compliance and fair conduct
• Established a code of ethics and distributed it to employees
• No bribery or corruption events discovered in 2022

Climate Goals & Targets

Environmental Challenges

• Inherent environmental risks in offshore operations, including the risk of oil or natural gas leaking into the ocean
• Managing ESG risks within the oil and natural gas exploration, development, and production business

Mitigation Strategies

• Stringent measures for the prevention of leaks and wastewater discharges
• Spill prevention, control, and countermeasure (SPCC) plans at each operational site
• Membership in HWCG and CGA consortia for mutual assistance in leak situations
• Risk management policy, due diligence processes for investment projects, and internal enforcement plan

Supply Chain Management

Responsible Procurement

• Requiring suppliers to commit to compliance with local legislation and regulation in contractual engagements

Climate-Related Risks & Opportunities

Opportunities

• Expanding its portfolio to include renewable energy products

Reporting Standards

Frameworks Used: GRI Standard

UN Sustainable Development Goals

• SDG 7 (Affordable and Clean Energy)
• SDG 8 (Decent Work and Economic Growth)
• SDG 13 (Climate Action)

Navitas strives to support growing global energy needs, promote renewable energy, minimize GHG emissions, and provide decent work conditions for employees.

Environmental Metrics

ESG Focus Areas

• Greenhouse gas emissions reduction
• Preparing for climate change
• Implementation of stringent measures to prevent spills and to protect water resources
• Mitigation of impacts of production operations on ecosystems
• Diligent maintenance of safety at all Partnership sites
• Mitigation of negative impacts and creation of shared value with local communities
• Ensuring moral and ethical business conduct in the fields of activity
• Proper corporate governance

Environmental Achievements

• Reduced Scope 1 and Scope 2 emissions intensity by more than 50% of the current average industry value by 2026 (goal)
• Reduced Scope 1 and Scope 2 emission intensities by more than 60% of the current average industry value by 2027 (goal)
• Achieved zero routine flare emissions and no produced water discharges to the sea at Sea Lion project (goal)
• Met the goal of disposing all produced formation water underground at onshore assets in 2023

Social Achievements

• 31% of employees are women, 33% of senior management positions are held by women, and 50% of mid-management positions are held by women.
• Implemented a “zero-tolerance” policy towards harassment, bullying, or discrimination.
• Organized various employee wellbeing activities (communal meals, gifts, parties, etc.)
• Supported employees experiencing personal or family crises.
• Provided training programs for employees (engineering, geology, law, accounting, first aid, etc.)
• Encouraged employee volunteering in local communities.

Governance Achievements

• Adopted a Securities Compliance Plan to ensure compliance and fair conduct.
• Updated and approved the Compliance Plan in March 2024.
• Implemented a Code of Ethics and established reporting channels for ethical concerns.
• No bribery or corruption incidents were discovered in 2023.
• Maintained 100% attendance rate at Board of Director committees meetings.

Climate Goals & Targets

Environmental Challenges

• Extreme weather events impacting offshore operations.
• Implementation of carbon taxes or cap and trade systems increasing operational costs.
• Rapid advancement of renewable energy technologies potentially reducing demand for fossil fuels.
• Negative reputation of the fossil fuel industry impacting investor confidence and employee recruitment.
• Climate litigation risks.

Mitigation Strategies

• Cautionary measures to reduce risks posed by extreme weather (ceasing production, evacuating personnel).
• Advancing energy efficiency, reducing production emissions, and monitoring developments in carbon taxation.
• Examining business opportunities in renewable energy and monitoring future energy demand forecasts.
• Promoting and investing in environmental matters, acting transparently, and complying with increasing regulatory burden.
• Operators taking out relevant insurance policies and complying with regulatory requirements.

Supply Chain Management

Responsible Procurement

• Requiring material suppliers to comply with local regulations and legislation.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Rising sea level

Transition Risks

• Carbon taxation
• Advancement in renewable energy technologies
• Technological breakthrough in fossil fuel production
• Market changes
• Duties of disclosure
• Climate litigation
• Reputation

Opportunities

• Developing energy-efficient products
• Entering new markets in renewable energy

Reporting Standards

Frameworks Used: GRI

UN Sustainable Development Goals

• Goal 7
• Goal 8
• Goal 13

Navitas strives to support global energy needs, reduce greenhouse gas emissions, and promote decent work and economic growth.