Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental management
• GHG emissions reduction
• Energy efficiency
• Occupational health and safety
• Workplace diversity
• Community engagement
• Asset integrity
• Process safety
• Regulatory management
• Business ethics
• Transparency

Environmental Achievements

• Reduced emissions, discharges & waste
• Maximising use of existing infrastructure to reduce industry footprint

Social Achievements

• Promoting workplace diversity
• Engaged, supported and diverse workforce
• Improving our understanding of our impact on communities
• Growing engagement and investment in our communities

Governance Achievements

• Demonstrating strong leadership
• Prioritising asset integrity and process safety
• Critical incident risk management
• Exceptional regulatory management
• Excellence in business ethics and transparency

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

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: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environmental Stewardship
• Social Responsibility
• High Governance Standards
• Climate Change
• Sustainability

Environmental Achievements

• Reduced overall greenhouse gas emissions by 15%, led by a 40% reduction in flaring
• Eliminated an estimated 90,000 t of CO2-e of emissions through increased unprocessed gas reinjection at Montara

Social Achievements

• Maintained safe operations at all assets, with no significant recordable personnel or environmental incidents, and no disruptions to offshore operations due to the COVID-19 pandemic

Governance Achievements

• Adopted the Quoted Companies Alliance corporate governance code

Climate Goals & Targets

Environmental Challenges

• Lower oil prices associated with the impact of COVID-19
• Slightly lower liftings
• COVID-19 restrictions on moving people and equipment
• Relinquishment of Philippines service contract 56 (SC56)

Mitigation Strategies

• Well-timed hedging gains
• Rapid adjustments to spending plans
• Cost base reduction through Project Clover (resulting in US$33 million savings)
• Deferred approximately US$160 million of spending intended for organic growth projects

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Emerging policy, regulation and a shift to renewable energy

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: TCFD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

ESG Framework evolved to align with Sustainable Development Goals (SDGs)

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Energy transition
• Responsible operator
• Benefitting stakeholders
• Corporate governance

Environmental Achievements

• Year-on-year reduction in absolute Scope 1 and 2 GHG emissions in 2022
• No significant environmental impact incidents nor environmental HiPo incidents were recorded across operated facilities in 2022
• Circa 11% less flaring at the East Piatu site as a result of combined efforts to increase gas throughput for sales, increase gas handling capacities and divert gas to reinjection. An estimated 3,000 tonnes of CO2-e have been avoided through these measures.
• Solar power piloted at the Akatara site, replacing diesel generators, leading to an estimated 50 tonnes of CO2-e avoided per year.

Social Achievements

• Improved health and safety performance in 2022 with the total recordable injury rate at 2.86, working over 1.7 million work hours without any life-altering injuries
• 94% local nationals employed
• 30% increase in community engagement budget
• Implemented a community activity according to socio-economic development priority, targeting 20% increase in spending year-on-year

Governance Achievements

• Zero violations of anti-bribery and anti-corruption laws
• Business ethics policies strengthened
• Board diversity female representation increased

Climate Goals & Targets

Environmental Challenges

• Operational challenges, particularly in relation to Montara (small leak leading to an extensive review of asset integrity and regulatory enforcement notice)
• Unprecedented geopolitical developments, inflationary environment and the climate challenge

Mitigation Strategies

• Extensive review of asset integrity completed at Montara, with all work completed to a very high standard, as certified by an external audit. Further internal improvements established as lessons learnt.
• Continued taking the pulse of key stakeholders when reviewing ESG priority areas
• Streamlined report to reflect redefined strategic ESG pillars
• Proactive engagement with regulators in all jurisdictions

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Over 20 contracts awarded to local suppliers for Akatara project

Climate-Related Risks & Opportunities

Physical Risks

• Cyclones, extreme heat, flooding

Transition Risks

• Stakeholder and reputational risks
• Policy and regulatory risks

Opportunities

• Acquiring assets divested by majors/peers

Reporting Standards

Frameworks Used: GRI 11: Oil and Gas Sector Standard (2021), IPIECA, API, IOGP sustainability reporting guidance (2020), TCFD recommendations

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

ESG framework was refreshed in 2022 to reflect themes that intersect with Jadestone’s business and where the Group believes it can make the greatest contribution. The framework was developed in a consultative manner and included consideration of the United Nations Sustainable Development Goals (“UN SDGs”) and the IPIECA SDG Roadmap for the Oil and Gas Sector.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Energy transition
• Responsible operator
• Benefitting stakeholders

Environmental Achievements

• No material environmental incidents recorded during the year.
• 5,967 thousand m3 of treated produced water discharged from all offshore operations (compared to 6,008 thousand m3 in 2022). OIW load for the Group of 48 tonnes (2022: 55 tonnes).

Social Achievements

• Total recordable injury rate (TRIR) of 0.86 (on par with 2022 IOGP average of 0.90). Zero lost time injuries (LTIs).
• Employee engagement score of 61% achieved with participation in the survey at 86% in 2023 (2022: 46%).
• Community needs-driven activity implemented in each region. Akatara gas development project in Indonesia created employment opportunities and supported community initiatives such as canal revitalisation and clean water programmes.

Governance Achievements

• Zero violations of anti-bribery and anti-corruption laws.
• No material regulatory enforcement notices during the reporting year.

Climate Goals & Targets

Environmental Challenges

• Managing the GHG trajectory of mature assets where emissions during the decline phase are typically significantly higher than during normalised midlife operations.
• Limited cost-effective GHG reduction measures for late-life assets due to site design, structural integrity and space.
• Increasing climate action and reporting obligations – UK.
• Stakeholder consultation requirements in Australia were clarified following the Federal Court appeal decision of Santos NA Barossa Pty Ltd v Tipakalippa in December 2022.

Mitigation Strategies

• Pragmatic operational efficiency and flaring-reduction measures.
• Net Zero plan focusing on operational efficiencies and/or measures that have robust economics; continued pivot towards gas, with new, optimised developments.
• Progressive enhancement of climate disclosures in anticipation of more stringent regulations applying to Jadestone.
• Contracted consultants with experience in stakeholder consultation in the Australian petroleum industry to prepare a complete list of relevant persons and engage with them.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• All organisations within Jadestone’s supply chain are contractually required to meet the standards of the Code of Conduct.
• In Australia, a dedicated contractor management platform (ISN) was fully implemented, including ESG-related questions.

Climate-Related Risks & Opportunities

Physical Risks

• Heat waves
• Floods
• Drought
• Tropical storms

Transition Risks

• Access to finance
• Shareholder action
• Carbon pricing
• Increasing climate action and reporting obligations
• Limited cost-effective GHG reduction measures
• Low carbon solutions and new technologies

Opportunities

• Opportunity to serve major Asian growth markets from existing mid-life assets

Reporting Standards

Frameworks Used: GRI 11: Oil and Gas Sector Standard (2021), GRI Universal Standards (2021), IPIECA, API, IOGP sustainability reporting guidance, TCFD recommendations, CDP Climate Change Reporting Guidance (2023)

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

The ESG framework includes consideration of the United Nations Sustainable Development Goals (“UN SDGs”) and the IPIECA SDG Roadmap for the oil and gas sector.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed