GENL Genel Energy Plc

 
 Genel Energy PLC (GENL) 
Genel Energy PLC: Publication of Sustainability Report 
 
14-Sep-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                      14 September 2020 
 
           Genel Energy plc 
 
           Publication of Sustainability Report 
 
   Genel Energy plc ('Genel' or 'the Company') has today published its first 
  comprehensive Sustainability Report ('the Report'), prepared in accordance 
         with the Global Reporting Initiative ('GRI') Standards core option. 
 
                      Bill Higgs, Chief Executive of Genel, said: 
 
           "Genel has had a longstanding commitment to positively impact the 
     communities in which we operate. This has focused on three core areas - 
   economic development, education, and health, and I am delighted to detail 
     our activities in these areas in our first comprehensive Sustainability 
 Report. Having a positive impact on the local community is just one part of 
 our responsibility however, and we continue our journey to meet head on the 
      challenges associated with the energy transition. Stepping up to these 
   challenges is vital to our business, and this is reflected in ESG metrics 
        being incorporated into our corporate key performance indicators and 
  remuneration evaluations. The publication of today's Sustainability Report 
                     is a further indication of our commitment to this area. 
 
 We are aware that we have a long way to go in a rapidly changing landscape. 
 Nevertheless, we have the talent, skill sets, and commitment at the highest 
   levels of the Company to meet the challenges ahead. In my view, Genel has 
  the right low-cost and low-carbon assets, in the right locations, and with 
      the right footprint, to thrive in a future of fewer and better natural 
                      resources projects." 
 
 The Sustainability Report is a complement to our Annual Report, and will be 
 issued annually, publicly detailing our ESG activities as we strive to be a 
                  socially responsible contributor to the global energy mix. 
 
        Genel has a low-cost and low-carbon asset portfolio, with the recent 
  commissioning of the enhanced oil recovery project at the Tawke PSC having 
  materially reduced flaring, reducing the carbon intensity of our portfolio 
                      to 7kg CO2e/bbl of scope 1 and 2 emissions. 
 
    It has been a long-stated aim of Genel to have a positive impact both by 
          contributing to economic development and directly supporting local 
            communities through improved infrastructure and the provision of 
              opportunities for improved health, development and employment. 
 
   Since 2006, Genel has invested almost $60 million in social projects. 245 
  social investment and community projects have been funded and successfully 
    delivered, and each year up to 550 local community patients receive free 
   treatment from the TTOPCO medical team. Supporting the development of the 
      local economy is also crucial, and Genel has spent over $36 million on 
      contracts with local companies. Currently, almost 250 local people are 
  employed at TTOPCO, and 23 local community-centred companies are providing 
          services to Genel's operations across the KRI, with our operations 
    indirectly supporting a further 350 local people through such contracts. 
 
      As well as looking to have a wider societal benefit, our commitment to 
having a beneficial impact begins with operational excellence and the taking 
care of our workforce. For the last four years, Genel has achieved zero lost 
        time injuries with more than 12 million working hours since the last 
      incident. This has been achieved through the promotion of a strong HSE 
      culture and extensive workforce training and engagement at all levels. 
 
   Our focus on sustainability has not been lessened by the ongoing COVID-19 
 pandemic, and the Report illustrates the key values that drive our decision 
                     making and support the delivery of our strategic goals. 
 
            The Report can be found on our website, www.genelenergy.com [1]. 
 
           -ends- 
 
                      For further information, please contact: 
 
Genel Energy                          +44 20 7659 5100 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   +44 20 7390 0230 
 
Patrick d'Ancona 
 
                      Notes to editors: 
 
      Genel Energy is a socially responsible oil producer listed on the main 
 market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). 
     The Company is one of the largest London-listed independent hydrocarbon 
   producers, with an asset portfolio that positions us well for a future of 
         fewer and better natural resources projects. Genel has low-cost and 
  low-carbon production from the Taq Taq and Tawke licences in the Kurdistan 
    Region of Iraq, providing financial resilience that allows investment in 
growth and the payment of a material and sustainable dividend, even at a low 
 oil price. Genel also continues to pursue further growth opportunities. For 
               further information, please refer to www.genelenergy.com [1]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  84018 
EQS News ID:   1130789 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=1130789&site_id=vwd&application_name=news 
 

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