TIDMI3E
RNS Number : 8504N
i3 Energy PLC
07 June 2022
7 June 2022
i3 Energy plc
("i3" or the "Company")
Publication of 2021 ESG Report
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas
company with assets and operations in the UK and Canada, is pleased
to announce the publication of its inaugural annual ESG report on
its website ( www.i3.energy ).
Highlights of Inaugural Environment, Social and Governance (ESG)
Report
-- Emissions Reduction Initiatives
o i3 is committed to being net zero for Scope 1(1) and Scope
2(2) emissions for its operated assets by 2050, with accelerated
targets to be set following additional pathways analysis.
o The Company is considering a range of decarbonisation options
including operational efficiency and nature-based solutions.
o Current efforts are focussed on methane emission reduction -
deactivation or replacement of hi-bleed pneumatic controllers with
low bleed or instrument air (entire inventory of 389 controllers
from legacy Gain Energy and Toscana Energy assets now replaced);
replacement of pneumatic pumps with solar powered electric pumps;
other fugitive emissions reduction; and emissions inventory
monitoring - these efforts have reduced methane emissions by 28,101
tCO2e(3) in 2021, equivalent to 34% of total 2020 GHG
emissions.
o Commenced implementation of efficiency improvements to reduce
fuel usage, starting with electrification of operating sites and
evaluation of projects for rich- burn to low-burn compressor
engines and installation of effluent lines to reduce flaring and
trucking.
-- Emissions Reporting
o GHG Scope 1 and Scope 2 total emissions intensity for 2020 was
36.4 KgCO2e/boe, considerably below the average for Canadian
conventional oil production and gas production and processing of
48.1(4) kgCO2e/bbl and 42.0(4) kgCO2e/boe, respectively.
o Data and emissions intensity data for 2021 incorporating
information for the assets acquired from Cenovus in August 2021,
will be published later in the year, following which emissions
intensity reduction targets will be developed.
-- Environment
o i3 operates in jurisdictions with environmentally responsible
operating contexts and world class regulations for all aspects of
ESG, with 82% of its production being gas and natural gas
liquids.
o Minimal use of fresh water in operations in 2020 (most water
used was produced water).
o Abandonment and reclamation are ongoing activities, and in
2020 and 2021 30 wells were abandoned and 6 pipelines and 1
facility were decommissioned.
o The Company only had 7 reportable spills in 2021 all of which
were rapidly cleaned up and remediated.
-- Social
o Safety is a top priority for i3; there was only 1 loss time
injury in 2021.
o The Company is proud of its gender diversity with 47% of
employees being women.
o i3 gives back, via charitable donations, to the communities
where we operate.
-- Governance
o Health, Safety, Environment and Security Board Committee
formed to incorporate oversight responsibilities for environment
and social issues.
o Corporate ESG committee to be established, composed of key
executives and operational level employees, to drive ESG
improvements throughout the Company.
o Establishing ESG-linked KPIs and management incentives.
Majid Shafiq, CEO of i3 Energy plc, commented:
"We are very pleased to publish our inaugural ESG report. Having
acquired a large and diverse asset base of operated well, pipeline
and processing facilities in a series of transactions from a number
of different operators over the course of 2020 and 2021, a
considerable effort was required to acquire and consolidate
emissions data for our portfolio. We have now established baselines
for the assets acquired from Toscana Energy and Gain Energy (and
will do so late this year for the assets acquired from Cenovus)
from which we can measure and drive efficiency and emissions
reductions initiatives on a go-forward basis. i3 is well positioned
to play a part in supplying the world's growing energy needs as we
transition to a low carbon economy, given our gas- weighted
portfolio and the jurisdictions in which we operate. We look
forward to updating the market as we progress our emissions
reduction and net zero plans."
Footnotes:
1. Scope 1 - direct greenhouse gas emissions that occur from
sources that are controlled or owned by an organisation (e.g.,
emissions associated with fuel combustion in boilers, furnaces, and
vehicles).
2. Scope 2 - indirect greenhouse gas emissions associated with
the purchase of electricity, steam, heat or cooling.
3. tCO2e is tons of CO2 equivalent per year.
4. Source: Canada's Greenhouse Gas and Air Pollutant Emissions
Projections 2021. Published by Environment and Climate Change
Canada,
END
Enquiries:
i3 Energy plc c/o Camarco
Majid Shafiq (CEO) / Graham Tel: +44 (0) 203 781 8331
Heath (CFO)
WH Ireland Limited (Nomad and
Joint Broker) Tel: +44 (0) 207 220 1666
James Joyce, Darshan Patel
Tennyson Securities (Joint
Broker) Tel: +44 (0) 207 186 9030
Peter Krens
Stifel Nicolaus Europe Limited
(Joint Broker) Tel: +44 (0) 20 7710 7600
Ashton Clanfield, Callum Stewart
Camarco
Georgia Edmonds, James Crothers, Tel: +44 (0) 203 781 8331
Violet Wilson
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost,
diversified, growing production base in Canada's most prolific
hydrocarbon region, the Western Canadian Sedimentary Basin and
appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through
the optimisation of its existing 100% owned asset base and the
acquisition of long life, low decline conventional production
assets.
i3 is dedicated to responsible corporate practices and the
environment, and places high value on adhering to strong
Environmental, Social and Governance ("ESG") practices. i3 is proud
of its performance to date as a responsible steward of the
environment, people, and capital management. The Company is
committed to maintaining an ESG strategy, which has broader
implications to long-term value creation, as these benefits extend
beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock
Exchange under the symbol I3E and on the Toronto Stock Exchange
under the symbol ITE. For further information on i3 Energy please
visit https://i3.energy/ .
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END
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