Bowleven plc

Climate Impact & Sustainability Data (2022, 2023)

Adherence to stringent processes as part of the Environmental and Social Impact Assessment (ESIA) certification.
Implementation of robust health and safety management systems aligned to industry best practice.
Prioritization of the sustainability of the Etinde development site, ensuring it is non-polluting and with acceptable risk levels.
Use of natural gas, which is less harmful to the environment than heavy fuel oil.

Development of a social action plan focusing on socio-economic development, education, health and employment within the community.
Contribution to the social investment of Cameroon through corporate social responsibility (CSR) activities.
Support for building schools, providing education programmes and learning materials, and funding public health maintenance.
Commitment to supporting human rights and opposing slavery and human trafficking.

Implementation of policies and procedures to ensure operation to the highest ethical standards, including a zero-tolerance policy towards unethical behaviour.
Proactive, open and responsive communication with stakeholder groups.
Regular communication with members of the government and SNH.
Participation in education programmes to keep abreast of good governance practices and procedures.
Commitment to investing one to two million USD for the training of Cameroonians within a 10-to-20-year period.

Medium-term Goals:

Focus on ways to support Africa’s growing energy demand and reduce the country’s reliance on expensive, carbon intensive fuels and heavy oil consumption through the production of natural gas and condensates.

Delay in Final Investment Decision (FID) due to political and regulatory factors and/or inadequate financial investment return.
Change in Operator (New Age exiting the project).
Political instability risk.
Potential removal of Etinde licence.
LUKOIL financial sanctions risk.
Environmental impact.
Reliance on JO Operator for asset performance.
Insufficient domestic gas demand.
Volatility in hydrocarbon prices.
The Group’s JO partners may fail to fund their share of joint operations.
Development plan delivery.
Geological/reservoir risk.
Regulatory uncertainty.
HSSE risks, including security risk.
ESG risk.
Bribery and corruption risks.
Staff recruitment, development and retention.

Securing additional debt and equity to fund Bowleven's share of the Etinde development.
Discussions with the host government regarding any need to extend the licence.
Political risk insurance.
Strong relationship with SNH and Perenco (new operator).
Open discussions with JO partners to secure a development option that delivers shareholder value.
Best-in-class International Finance Corporation (IFC) Environmental Standards built into the FEED process.
Active engagement with JO partners to build and maintain effective and transparent working relationships.
Monitoring and managing cost and schedule overruns.
Regular review of HSSE policies and procedures.
Implementation of measures to ensure secure IT systems.
Ongoing monitoring of the application and effectiveness of HSSE policies and procedures performed by the Operator of the Etinde JO.
Zero-tolerance attitude towards bribery and corruption.
Anti-bribery and corruption policy and regular training for all Group staff.
Inclusion of anti-bribery and corruption compliance provisions in all contracts with third parties.
Whistleblowing policy.
Equal opportunity policy.
Support for employees' health and personal matters.
Retention of a small executive team and key technical expertise on ad hoc contracts.

Implementing the ARC action logic (Avoid, Reduce, Compensate) in all operations and projects.
Conducting Environmental and Social Impact Assessments (ESIA) prior to major activities.
Implementing recommendations of the environmental and social management plan (ESMP).

Providing quality guidance and support to employees.
Contributing to better healthcare access for communities near the Etinde Permit.
Supporting human rights and opposing slavery, discrimination, and human trafficking.
Engaging with communities to build trust and understand local issues.
Supporting local causes and creating opportunities for local people.

Maintaining compliance with the QCA Code.
Establishing robust compliance policies and methodology, including an anti-corruption policy.
Conducting regular contractor and supplier training on compliance.
Maintaining open and transparent communication with stakeholders.

Medium-term Goals:

Short-term Goals:

Rapidly reducing working capital position.
Delay in Final Investment Decision (FID) due to political, regulatory factors, and/or inadequate financial investment return.
Change in Operator (New Age to Perenco) and associated uncertainties.
Political instability in the region.
Potential removal of Etinde licence.
LUKOIL financial sanctions risk.
Environmental impact concerns.
Reliance on JO Operator for asset performance.
Insufficient domestic gas demand.
Volatility in hydrocarbon prices.
Risk of JO partners failing to fund their share of joint operations.
Development plan delivery challenges.
Geological/reservoir risks.
Regulatory uncertainty.
HSSE risks, including security risk.
ESG risks.
Bribery and corruption risks.
Staff recruitment, development, and retention challenges.

Discussions with major shareholders and potential investors for equity raise.
Directors deferring emoluments.
Major shareholder providing financial support.
Securing additional debt and equity to fund Bowleven if FID is delayed.
Open discussions with JO partners to secure a value-delivering development option.
Political risk insurance.
Collaborative efforts with the Government of Cameroon to formalize the field development plan for Etinde.
Best-in-class IFC Environmental Standards built into the FEED process.
Inherently safe and low-pollution facility and infrastructure design.
Active engagement with JO partners to build effective working relationships.
Contingency built into development budgeting for downside movements in commodity prices.
Provisions in the JOA to mitigate partner funding difficulties.
Investing significant time and resources to validate development options.
Utilizing third-party experts to validate development risks and plans.
Regular review of HSSE policies and procedures.
Implementing measures to ensure IT system security.
Addressing ESG requirements in development plans.
Zero-tolerance attitude towards bribery and corruption; anti-bribery and corruption policy and procedures.
Retaining a small executive team and key technical expertise on ad hoc contracts.
Access to consultants, accounting, and legal firms.

Rigorous vetting process for contractors and suppliers, including background checks and onboarding.
In-country and online training on compliance.

Adverse investor and lender sentiment towards the oil and gas sector and longer-term reduction in demand for oil and gas, resulting in lower oil and gas prices.