Net Zero and energy transition
Our approach
The energy transition presents a significant challenge for the industry, and we are strategically positioning ourselves to maintain one of the lowest carbon emissions portfolios in the UK North Sea. We plan to achieve this through immediate, impactful actions, including projects aimed at reducing emissions from current operations and ensuring the efficient decommissioning of high intensity assets at the end of their lifecycle. We are also transitioning our portfolio by investing in lower-emission intensity assets, such as Cygnus and Rosebank, while seeking to advance projects such as Cambo.
Net zero strategy
Our Net Zero strategy is at the heart of our approach to GHG emissions reduction. It is a clear and simple approach that takes us to Net Zero by 2040.
Our strategy is comprised of three parts:
Reduce emissions
The first part of our strategy is to reduce our emissions across operated and non-operated assets as much as reasonably practicable. Our focus today, and in the near term, is to deliver emissions reduction projects as set out in our asset ERAPs.
Transition our portfolio
The second part of our strategy is to transition our portfolio to lower carbon intensity assets. This is through a variety of ways, including acquiring low intensity assets, the development of new low intensity fields, and the efficient decommissioning of high intensity assets.
Achieve and sustain
The final part of our strategy looks at 2040 and beyond, where the longer term approach will be to achieve and sustain Net Zero through offsetting our hard to abate residual Scope 1 and 2 emissions.
By 2040, we believe there will be offset schemes, leveraging global carbon prices that will provide trusted ways to fund the best carbon-reduction projects.
Case study: Cygnus
Cygnus has continued to reduce the stripping gas rate from its TEG system with the ultimate aim to reduce it from 12 kg/h to 0 kg/h, equating to a reduction of 70 te of CO2e per year. The asset is utilising appropriately sized temporary electrical generators during shutdowns. This has reduced the quantity of fuel required which equates to a saving of approximately 334 tCO2e per year.
A technical feasibility study has been completed on Cygnus looking at the potential of installing a flare gas recovery unit. If feasible, this project would have the potential to reduce CO2 emission from Cygnus of around 4,820 tCO2e/yr as well as meeting our commitment to ZRF.
Case study: Captain
In 2024, we sanctioned a $6.8 million pump replacement project on Captain BLP asset which will right size the large power water pumps, and cut emissions by 10,000 tCO2e per year.
We also completed investigations into running compressors on import gas, which would allow the field to minimise flaring during start up and avoid, on average, 4,000 tCO2e per year.
The flare gas recovery project (14,700 tCO2e/yr) and reinstating the second export compressor (21,000 tCO2e/yr) both continued through detailed design, preparing for major construction works in 2025.
Looking ahead
The outlook of the new portfolio, following the Business Combination, puts us on track to meet our net equity absolute Scope 1 and 2 emissions reduction targets, in 2025, 2027 and 2030, as well as having an intensity lower than the anticipated basin average.
We have projects underway that will ensure we meet our commitments to zero routine flaring on all our operated assets, as well as supporting our joint venturers in ensuring the non-operated assets meet the 2030 target.
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