Climate Change Data

ITHACA ENERGY PLC

Climate Impact & Sustainability Data (2020, 2021-01 to 2021-06, 2022, 2023)

Reporting Period: 2020

Environmental Metrics

Total Carbon Emissions:140 ktCO2e (2019)

ESG Focus Areas

  • Emission reduction
  • Health and safety
  • Gender diversity
  • Social investment
  • Governance & transparency
  • Inclusion and diversity

Environmental Achievements

  • Reduced TRIF by 8% (2020 vs 2019)
  • Reduced incidents by 10% (2020 vs 2019)
  • Reduced carbon intensity by 7% vs 2019
  • Reduced flaring intensity by 16% vs 2019
  • 25% CO2e reduction trajectory by 2025 with 8 initiatives underway

Social Achievements

  • Zero work-related injuries
  • Significant investment in staff and communities
  • Target for gender diversity across the entire organisation

Governance Achievements

  • Executive pay linked to HSE
  • Proportion of men/women receiving bonus: 97%/96% (Apr 2020)
  • ISO 14001:2015 certification
  • Strategy linked to UN SDGs
  • Integrity and transparency at the core of the business

Climate Goals & Targets

Short-term Goals:
  • Reduce emissions by 25% by 2025

Environmental Challenges

  • COVID-19 impact on offshore operations and production
Mitigation Strategies
  • Developed relevant policies and rules aimed at maximizing health and safety of employees
  • Prudent multi-layered approach to protect workforce and maintain safe production operations
  • Scenario planning clarified operating modes for installations and helped ensure breadth and depth of critical offshore roles
  • Re-distribution of key personnel across installation teams whilst maintaining appropriate onshore support including an on-call Emergency Management Team

Supply Chain Management

Responsible Procurement
  • Ensuring responsible operations across the supply chain

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN SDGs

Certifications: ISO 14001:2015

Reporting Period: 2021-01 to 2021-06

Environmental Metrics

Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Emission management
  • Water, spills and waste
  • Social investment
  • Health and safety
  • Governance & transparency
  • Inclusion and diversity

Environmental Achievements

  • Carbon intensity down 7% vs. 2019
  • Flaring intensity down 16% vs. 2019
  • ISO 14001:2015 certification
  • Trajectory to reduce emissions by 25% by 2025

Social Achievements

  • TRIF 2020 1.38 vs. 2019 1.51, down 8%
  • Incidents 2020 152 vs. 2019 168, down 10%
  • Executive pay linked to HSE
  • Proportion of men/women receiving bonus: 97%/96% (Apr 2020)
  • Significant investment in staff and communities

Governance Achievements

  • Strategy linked to UN SDGs
  • Integrity and transparency at the core of the business
  • Ensuring responsible operations across the supply chain

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • reduce emissions by 25% by 2025

Environmental Challenges

  • H1 2021 production impacted by Forties Pipeline shutdown and increase in planned maintenance activity across most fields
Mitigation Strategies
  • Continuing to reduce portfolio and field development cost base through various cost reduction initiatives

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Ensuring responsible operations across the supply chain

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: UN SDGs

Certifications: ISO 14001:2015

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:483,325 tCO2e/year
Scope 1 Emissions:482,647 tCO2e/year
Scope 2 Emissions:678 tCO2e/year
Total Energy Consumption:1,879,541 MWh/year
Water Consumption:17,799,594 m3/year (re-injected)
Waste Generated:3,020 tons/year
Carbon Intensity:23.8 kgCO2e/boe

ESG Focus Areas

  • Climate Change
  • Safety
  • Community Investment
  • Diversity & Inclusion
  • Governance

Environmental Achievements

  • Reduced Scope 1 and 2 CO2 and CO2e emissions by 15% from 2019 baseline by year-end 2022.
  • Achieved first oil from the Abigail subsea tieback to FPF-1 in October 2022, only ten months after development consent.
  • Reached a milestone of ten million barrels recovered from Phase I of the Captain Enhanced Oil Recovery (EOR) development.

Social Achievements

  • Entered a three-year corporate partnership with VSA, donating £150,000 to fund a mental wellbeing facility renovation and committing to further fundraising and volunteering.
  • Launched a managers and supervisors training matrix and extended e-learning platform.
  • Employed eight interns and six apprentices.

Governance Achievements

  • Established a new Board of Directors in October 2022.
  • Established the Audit and Risk Committee, Nomination and Governance Committee, Remuneration Committee, Health, Safety, Environment and Security Committee, and Disclosure Committee.
  • Entered into a Relationship Agreement with Delek Group Limited upon listing on the London Stock Exchange.

Climate Goals & Targets

Long-term Goals:
  • Achieve Net Zero by 2040 (on a Scope 1 and 2 net equity basis).
Medium-term Goals:
  • Shift to lower-emission intensity assets.
  • Achieve a 50% reduction in Scope 1 and 2 emissions by 2030 (on a net equity interest basis versus 2018 baseline).
  • Zero routine flaring by 2030.
Short-term Goals:
  • Reduce Scope 1 and 2 CO2 and CO2e emissions from operated assets by 25% by 2025 (against a 2019 baseline).
  • Achieve 0.20% methane intensity by 2025.
  • Production target of 68-74 kboe/d in 2023.

Environmental Challenges

  • Increased occupational safety events due to increased activity levels and an expanded workforce.
  • Impact of the Energy Profit Levy on financing capacity, JV partner alignment, and free cash flow generation.
  • Challenges in onsite management engagement during the COVID-19 pandemic.
  • Increased spills reported in 2022 linked to increased activity levels.
Mitigation Strategies
  • Focus on reducing the administrative burden faced by work-site leaders to provide more time for field verification of safety critical tasks.
  • Constructive engagement with the UK government regarding future fiscal policy.
  • Implementation of an environmental improvement plan including increased awareness of environmental compliance, review of risk processes, control of work and work-site risk controls, and check assurance.
  • Disciplined cost management approach across the portfolio.

Supply Chain Management

Responsible Procurement
  • Strategic partnerships with key suppliers.
  • Adherence to NSTA principles in supply chain operations.

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
Transition Risks
  • Policy and legal risks relating to product and carbon pricing.
  • Market risks relating to access to capital and investor preferences.
  • Reputational risks relating to investor appetite and stakeholder pressures.
  • Technology risks relating to the deployment of new technologies.
Opportunities
  • Market opportunities relating to developing a positive ESG reputation.
  • Opportunities from higher than expected product prices.
  • Opportunities from climate regulation and commitments.

Reporting Standards

Frameworks Used: TCFD, UN Global Compact, UN Sustainable Development Goals

Certifications: ISO 14001:2015

UN Sustainable Development Goals

  • Goal 3: Good Health and Well-being
  • Goal 4: Quality Education
  • Goal 5: Gender Equality
  • Goal 7: Affordable and Clean Energy
  • Goal 8: Decent Work and Economic Growth
  • Goal 9: Industry, Innovation and Infrastructure
  • Goal 10: Reduced Inequalities
  • Goal 12: Responsible Consumption and Production
  • Goal 13: Climate Action
  • Goal 14: Life Below Water
  • Goal 16: Peace, Justice and Strong Institutions

Ithaca Energy's initiatives contribute to these goals through various programs and commitments.

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:435,522 tCO2e/year
Scope 1 Emissions:435,522 tCO2e/year
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:19.2 million tonnes/year
Waste Generated:6,990 tons/year
Carbon Intensity:25 kgCO2e/boe

ESG Focus Areas

  • Climate Change
  • Environmental Performance
  • Emissions Reduction

Environmental Achievements

  • Reduced Carbon Intensity vs. 2019 baseline by an unspecified amount.
  • Reduced methane intensity.
  • Upgraded FPF-1 seawater lift pumps, reducing emissions from power generation by 3,500 tCO2e/year.
  • Replaced both Solar gas turbines on Captain, reducing emissions by 9,800 tCO2e/year.
  • Progressed with the Front-End Engineering and Design of the Captain Electrification project (potential to reduce emissions by 110,000 tCO2e/year).
  • Completed FPF-1 seawater lift pump upgrades, reducing emissions from power generation by 3,500 tCO2e/year.
  • Restored flare gas recovery on FPF-1 (saving 14,700 tCO2e/year).
  • Moved to single Gas Turbine Generator (GTG) operation on FPF-1 (saving 11,500 tCO2e/year).
  • Compression and controls optimisation on Alba, reducing routine flaring (saving 28,000 tCO2e/year).
  • Replaced a solar turbine on Captain BLP with a larger unit, generating more power from fuel gas than diesel.
  • Completed the second Solar gas turbine upgrade on Captain, reducing emissions by 9,800 tCO2e/year.
  • Reused 1,088 tonnes of concrete mattresses as part of decommissioning activities.

Social Achievements

  • Not disclosed

Governance Achievements

  • Not disclosed

Climate Goals & Targets

Long-term Goals:
  • Net Zero by 2040 (Scope 1 and 2 on a net equity basis).
Medium-term Goals:
  • Zero Routine Flaring by 2030.
Short-term Goals:
  • Reduce all Scope 1 and 2 CO2 and CO2 equivalent emissions of operated assets by 25% from 2019 levels in 2025.
  • Meet the North Sea Transition Deal targets for Scope 1 and 2 emissions on a net equity basis, with 10% by 2025, 25% by 2027 and 50% by 2030 from 2018 levels.
  • Achieve 0.20% methane intensity by 2025.

Environmental Challenges

  • Rising volume of water co-produced with oil at the Alba field.
  • Unplanned releases from offshore installations (24 in 2023).
Mitigation Strategies
  • Processes in place to minimise the concentrations of oil in water before fluids are either re-injected into the reservoir or discharged to sea.
  • Investigations of incidents are conducted to gain any learnings or actions to prevent recurrence.
  • Work was carried out to optimise OIW levels, through adjustments to the number of hydrocyclone liners and routing.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: OSPAR Recommendation 2003/05, GHG Protocol Corporate Accounting and Reporting Standard, Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting Guidance March 2019, TCFD

Certifications: ISO 14001:2015

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed