Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health, Safety, Security and Environment (HSSE)
• Sustainability
• Emissions Reduction
• Energy Transition
• Community Engagement

Environmental Achievements

• Reduced carbon emissions through focused logistics and managing field operations remotely via wellsite automation and SCADA.
• Significant improvement in Total Petroleum Hydrocarbons (TPH) and Total Oil and Grease (TOG) metrics.
• Developed a Waste Inventory Template using FZ-2 Field as a pilot location.

Social Achievements

• Received honorable mention in AMCHAM T&T's Business Continuity and Surviving the Pandemic 2020 awards.
• Delivered food parcels to local communities, provided school supplies to 75 students in the Galeota community, and sponsored local school programs.
• Maintained a strong HSSE culture with zero fatalities.

Governance Achievements

• Adopted the QCA Corporate Governance Code.
• Maintained transparent and effective communications with shareholders and stakeholders.
• Implemented a whistleblowing policy.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic and its impact on global oil prices.
• Volatile oil prices.
• Regressive nature of the T&T fiscal regime (specifically SPT).
• Supply chain disruptions.

Mitigation Strategies

• Implemented COVID-19 response protocols, including WFH practices and travel restrictions.
• Reduced operating break-even to USD 20.1/bbl.
• Implemented a hedging strategy to protect future cash flows.
• Successfully lobbied for SPT reforms.
• Focused on cost reductions and preserving strong operating margins.

Supply Chain Management

Responsible Procurement

• Regular engagement with suppliers to ensure safety and performance.

Climate-Related Risks & Opportunities

Physical Risks

• Hydro-meteorological events (changing precipitation patterns, tropical storms)
• Geological phenomena (earthquakes, mud volcanoes)

Transition Risks

• Uncertainties in energy transition, including pace of transition, new technologies, stricter climate change policies, and new entrants.

Opportunities

• Development of energy-efficient products and services
• Micro-LNG and renewable energy projects

Reporting Standards

Frameworks Used: QCA Corporate Governance Code

Certifications: Safe to Work (STOW) Trinidad & Tobago

Awards & Recognition

• Honorable mention in AMCHAM T&T's Business Continuity and Surviving the Pandemic 2020 awards

Environmental Metrics

ESG Focus Areas

• Energy Transition
• Community
• Environmental Protection

Environmental Achievements

• Installation of a solar power system at the WD 5/6 location, making it off the electricity grid and powered by renewable energy.
• Initiated a detailed sampling program from a selection of wells to measure the volume of gas produced to improve the accuracy of Scope 1 & 2 emissions calculations.
• Use of a drone-mounted Laser Spectrometer to quantify and identify methane emissions.

Social Achievements

• Sponsorship of awards and laptops for excellence in education at the SEA and CSEC levels in the Mayaro/ Guayaguayare communities.
• Sponsorship of school supplies to 500+ children and relief hampers to 100+ families.
• Major sponsor of the Andrea Project, a Non-Governmental Organisation using technological solutions to avert incidents of crime, with a focus on vulnerable women.

Governance Achievements

• Established an ESG Committee and a new senior post of Executive Manager, Innovation.
• Appointed an HSSE champion at Board level.
• Strengthened the Board with the appointment of Derek Hudson and Kaat Van Hecke.

Climate Goals & Targets

Environmental Challenges

• Three Lost Time Incidents (“LTIs”) during 2021.
• Challenges in accurately calculating emissions due to the age and in-field facilities of many assets.
• Delays in the Galeota farm-down process due to uncertainty on expected SPT reform.

Mitigation Strategies

• Placed greater emphasis on HSE throughout the organisation.
• Created an HSE Steering Committee and appointed an HSSE champion at Board level.
• Initiated a detailed emissions audit project.
• Paused the Galeota farm-down process pending SPT reform.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Hydro-meteorological events (changing precipitation patterns, tropical storms)
• Geological phenomena (earthquakes, soil liquefaction, mud flows)

Transition Risks

• Uncertainty in energy transition, including the pace of the transition, new technologies, stricter climate change policies, and new entrants.

Opportunities

• Developing energy-efficient products and pursuing wider energy initiatives addressing both inputs and outputs from its energy supply plan (i.e., lowering energy usage, renewable power supplies, and transition fuels).

Reporting Standards

Frameworks Used: GRI, TCFD

Certifications: Safe To Work

UN Sustainable Development Goals

• Goal 3
• Goal 4
• Goal 6
• Goal 7
• Goal 8
• Goal 13
• Goal 14
• Goal 15
• Goal 16
• Goal 17

The Group identified UN Goals 16 (Peace, Justice and Strong Institutions) and 17 (Partnerships for the Goals) as cross-cutting all three areas of focus and framing how we strive to be a good business partner with all stakeholders. Other UNSDGs were also deemed relevant to various aspects of our operations and cumulatively underpins our areas of ESG focus.

Awards & Recognition

• American Chamber of Commerce recognition for Excellence in managing the Covid 19 Business Continuity Planning

Environmental Metrics

ESG Focus Areas

• Emissions & Transition
• Community
• Environment
• HSSE

Environmental Achievements

• Measurement of Scope 1 and main Scope 2 emissions
• Wind and Solar Study underway
• HSSE Improvement Plan successfully implemented
• Chemical Management Audit completed and opportunities for improvement implemented
• Crisis & Emergency Management Review undertaken

Social Achievements

• Sponsorship of awards for educational excellence
• Co-ordinated Toy Drive for 250+ children
• Social Committee established and social calendar developed
• Employee benefits (Pension, Medical, Life Insurance)
• Free Access to Employee Assistance Program
• Flexi week for Corporate Staff in place
• Established the Bruce Ian Alan Dingwall (Trinity) Memorial Scholarship

Governance Achievements

• Trinidad and Tobago STOW recertification obtained – 100% score
• Robust HSSE Governance Structure further improved
• HSSE contractor management enhanced
• Annual Compliance Rollouts effected
• Whistleblowing Policy in place
• Established Grievance Procedure in place
• Board Champion Appointed

Climate Goals & Targets

Environmental Challenges

• Supply chain challenges and inflationary pressures significantly increased the cost of drilling and impaired economics
• Subsequent performance of three new wells was below plan
• Global supply chain pressures and cost inflation saw our operating breakeven nudge above USD 30.0/bbl
• Hedging programme worked against the company when prices rose sharply in 2022
• Cyber incident in December 2022
• Trintes Field Incident - fire in one of the two generators on the Trintes Bravo platform

Mitigation Strategies

• Working with contractors and partners proactively to manage cost base and execute development programme in a cost-effective manner
• Data acquired from 2022 drilling campaign is being used to revise plans for future drilling campaigns
• Maintaining a low operating break-even to provide a natural operational hedge
• Quick and comprehensive response to ransomware attack; IT team and external advisors returned systems to full capacity
• Production restarted from Alpha and Delta platforms after Trintes Field Incident; oil production restored from Bravo platform

Supply Chain Management

Responsible Procurement

• Working with contractors and partners proactively to manage cost base and execute development programme in a cost-effective manner

Climate-Related Risks & Opportunities

Physical Risks

• hydro-meteorological events including changing precipitation patterns, tropical waves escalating to more intense weather events such as tropical storms
• Geological phenomena: earthquakes which can result in soil liquefaction, mud volcanoes and mud flows and asphalt seepage

Transition Risks

• Uncertainties in energy transition, including the pace of the transition
• New technologies, stricter climate change policies and new entrants may disrupt the energy industry

Opportunities

• Demand for lower emission oil will remain strong for the medium term
• Making existing operations less carbon intensive
• Pursuing wider energy initiatives addressing both inputs and outputs from its energy supply plan

Reporting Standards

Frameworks Used: UN SDG

Certifications: Trinidad and Tobago STOW

UN Sustainable Development Goals

• Goal 3
• Goal 4
• Goal 8
• Goal 13
• Goal 16

Environmental Metrics

ESG Focus Areas

• Emissions & Transition
• Community
• Environment

Environmental Achievements

• Initial measurement of all Scope 1 and main Scope 2 emissions.
• Engaging a 3rd party to conduct verification of the results.

Social Achievements

• Sponsorship of awards for educational excellence
• Awarded the Trinidad and Tobago Energy Chamber’s Excellence in STOW Award
• 2023 HSSE Improvement Plan successfully implemented
• Social Calendar events included: Inaugural Long Service Awards Ceremony; Stakeholder Cocktail Reception; Sports and Family Day; and Annual Toy Drive.
• Employee benefits (Pension, Medical, Life Insurance) and flexible working arrangements for Corporate Staff formalised.
• Annual Compliance Rollouts effected: 100% Staff compliance.
• HSE training expanded to include Contractor employees.
• Established a Grievance Procedure.

Governance Achievements

• Robust and active HSSE Governance Structure sustained with additional focus on incident investigation lessons learnings and internal communication.
• Two Crisis and Emergency Management benchtop drills including a simulation exercise conducted with key lessons learned assimilated.
• Corporate risk register refreshed and approved by the Board.

Climate Goals & Targets

Environmental Challenges

• Disappointing flow rates and significant cost overruns from the Jacobin well.
• Bravo platform fire in the Trintes field.
• Lower performance of the D9 well.
• Increased water production and declining production in WD-2.
• Cybersecurity breach in December 2022.
• Challenges with supply chain disruptions including availability of suppliers in the local industry.
• Increased level of cost inflation.

Mitigation Strategies

• Incorporating Jacobin well results into further understanding the “Hummingbird” play.
• Implementing safety improvements to mitigate the root cause of the Bravo fire and improve fire-fighting capabilities.
• Implementing a data-driven strategy utilizing automation and chemical injection initiatives to counteract increased solids deposition in mature wells.
• Managing base production through further RCP activity, implementation of recommendations from the re-evaluation of the inactive well hopper, and swabbing.
• Regular audit of ICT System.
• Enforcement of data management policy.
• Independent/Isolated site for backed up data.
• Implemented a system of continuous cybersecurity awareness training for all employees.
• Cyber insurance.
• Lobbying with other operators.
• Improving contracting techniques.
• Networking.
• Consider strategic in-sourcing of, inter alia, swab rigs, workover rigs, cranes etc. to reduce dependence on supply chain where economically viable.
• Proactively managing the cost structure of the business and preparing for downside scenarios.
• Fundamental review of asset portfolio as part of Project Gadget.
• Complete a review of Support Functions for rightsizing.

Supply Chain Management

Climate-Related Risks & Opportunities

UN Sustainable Development Goals

• Goal 3: Good Health and Well-Being
• Goal 4: Quality Education
• Goal 8: Decent Work and Economic Growth
• Goal 13: Climate Action
• Goal 16: Peace, Justice and Strong Institutions

Awards & Recognition

• Trinidad and Tobago Energy Chamber’s Excellence in STOW Award