Zennor Petroleum Limited (“Zennor”), the independent UK based oil and gas company engaged in the appraisal, development, and production in the UKCS, supports the goal of the Paris Agreement to achieve a carbon neutral global economy.
Today, in line with that support and as part of its ongoing Net Zero journey, Zennor is launching its Net Zero Carbon Strategy and announces that it has become one of the first North Sea E&P companies to achieve carbon neutrality for 2020 in Scope 1 and 2 CO2 emissions.
This has been achieved initially by offsetting CO2 emissions through programmes aligned with the UN Sustainable Development Goals.
Zennor recognises that carbon offsetting is not the long-term solution to climate change and needs to be combined with a comprehensive decarbonisation strategy including efforts to reduce carbon emissions from operations.
The UK Committee on Climate Change states that oil and gas will remain a key part of the UK’s energy mix well beyond 2040. As such, Zennor recognises the need to ensure hydrocarbon production with the lowest GHG emissions possible and has committed to work with the E&P industry through the Oil & Gas UK “Roadmap to Net Zero” initiative.
Zennor and its operating partners are working to identify emissions reductions opportunities which include:
These initiatives will ensure that we deliver year-on-year improvements to reach our emissions reduction targets in the near and longer-term.
Finally, Zennor has undertaken a gap analysis against the requirements of the Taskforce for Climate-Related Financial Disclosure (TCFD) with the aim to align our disclosures with the recommendations set forth by TCFD from 2021.
Martin Rowe, Zennor’s Managing Director, said:
“Announcing this commitment to Carbon Neutrality for Zennor’s Scope 1 and 2 emissions for 2020 as part of our Net Zero Carbon Strategy is an important first step. I’m proud of the team for taking this initiative and for setting a path for other companies in the North Sea to hopefully follow our lead.
If our industry is to play its part in addressing climate change, we have to accept responsibility for the impact we have on the environment and to take advantage of every opportunity to reduce that impact as swiftly as possible.
We support the requirement for a just energy transition, and we see ourselves playing a significant role in helping to deliver the UK’s Net Zero commitments within the energy mix outlined by the UK Committee on Climate Change.”
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