Climate Change & GHG Emissions

Global demand for reliable and affordable energy continues to grow, as does society’s awareness of the adverse impacts of climate change. Genel sees it as essential to contribute to meeting this growing demand in a responsible way, demonstrating sustainability in a 2°C world, strengthening both our licence to operate and the Company’s attractiveness to investors.

Genel is therefore committed to producing the low carbon intensity and high net margin barrels that will characterise industry leaders in a sustainable world. Our operations will continue to be managed in accordance with our aim of minimising emissions in order to mitigate potential adverse effects. This includes a focus on effective design, efficient operation, and responsible energy use.

Genel’s aim is to demonstrate that the lifecycle carbon footprint of its assets is reduced to as low as reasonably practicable. Current steps Genel is taking to reduce its future emissions include the development of a flaring standard aiming to achieve the elimination of routine flaring for assets in the development phase, the adoption of an internal shadow carbon price of $80 per metric ton (applied to both scenario analysis exercise for the current portfolio and the evaluation of future assets), and the evaluation of emission offsets.

A key component of this strategy is accurately measuring and disclosing Genel’s greenhouse gas (GHG) emissions. Genel reports GHG emissions in accordance with the requirements of the UK’s Companies Act 2006 (Strategic Report and Directors’ Reports) Regulations 2013 for all Genel-operated assets or facilities with organisational boundaries defined by the WRI/ WBCSD GHG Protocol Corporate Accounting and Reporting Standard (the GHG Protocol).

In 2020 Genel will report equity emissions from all operating and non-operating assets and publish our carbon intensity in relation to production accordingly.

Reduction of Flaring At Peshkabir

In 2019, Genel along with its joint venture partner and operator of the Tawke PSC, DNO, embarked on the Peshkabir gas project. This is the first gas injection project in the Kurdistan Region of Iraq.Prior to this project, Peshkabir gas production stood at about 20 MMscf per day, all of which was being flared. However, following the start of steady plant operations this figure has reduced by over 75% by mid-2020.This is a significant emissions reduction project for Genel, as Peshkabir emissions made up 85% of our 2019 profile, and completion has reduced Genel’s carbon intensity from all producing assets to 7 kilograms CO2e/barrel.

sustainability stories

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  • Integrity

  • Respect

  • Accountability

  • Collaboration

  • Ingenuity