News listings

energy-pedia climate change

United Kingdom flagUnited Kingdom

Europe / Caspian / CIS >>> United Kingdom

UK: IOG announces commitment to Net Zero from 2021

04 Aug 2021

Photo - see caption

IOG, the UK gas company targeting growth and high returns via an infrastructure-led hub strategy, has announced its completion of a comprehensive Emissions Assessment (EA), undertaken by its internal Environmental, Social and Governance (ESG) Taskforce in collaboration with Genesis. On the basis of the EA the Company has committed to Scope 1 & 2 Net Zero status as of 2021.

The summary report of the EA, which encompassed the Phase 1 development and corporate activities, can be found here: . Key highlights are as follows:

  • IOG is expected to have one of the lowest emissions profiles in the industry throughout this decade
  • Over their economic life, the projected cumulative average intensity of the Phase 1 Blythe and Southwark platforms is just 0.4 kgCO2e/boe
  • IOG's estimated Phase 1 lifetime Scope 1 and 2 average emissions intensity is estimated at 3.97 kgCO2e/boe, compared to the North Sea average of 20.2 kgCO2e/boe (1)
  • Phase 1 alone could generate a lifetime saving of close to 1 million tonnes of CO2e emissions versus a weighted average of UK gas imports (2)
  • IOG has committed to Scope 1 and 2 Net Zero status as of 2021, via investment in appropriate accredited voluntary offsets
  • In parallel, the Company has recognised the importance of its ESG work, led since 2020 by James Chance, by appointing him to a new role as Head of Capital Markets and ESG
  • IOG has set suitable internal targets for annual actual emissions, to which employee remuneration is linked
  • The emissions model will also be used as a planning tool to optimise the design of future developments to engineer out emissions at source as far as reasonably possible

Andrew Hockey, CEO of IOG, commented:  

'As our industry transforms in light of climate challenges, IOG's ambition remains constant: to be a safe, efficient and low-carbon developer and producer of high-value gas. We know how important it is to all our stakeholders that IOG's contribution to UK gas supply is consistent with a successful UK energy transition and the Paris Accord objectives. That is why we have committed to Scope 1 and 2 Net Zero, not as a future pledge but starting right now in 2021.

In our 2020 Climate Change and Sustainability policy we committed to a detailed Emissions Assessment as our primary ESG objective for 2021 and I'm pleased that it confirms our very low carbon intensity operating model. Maximising the value of domestic energy resources with this Net Zero policy makes IOG a leading exponent of the OGA's revised strategy, which should be an important differentiator as we look to scale up the business.'

Christophe Malaurie, Senior Vice President at Genesis, said:

'Genesis has been extremely pleased to work with IOG to help bring practical implementation of their ESG commitments. Genesis' mission is to be a trusted adviser to its clients to help accelerate the journey towards a more sustainable future and it is especially heartening to have our class leading environment, technical and commercial skills utilised by IOG as an integral part of their low carbon journey'.

1) Based on Phase 1 proportionate share of Field Development Plan base case of gas-fuelled compression from 2026; UK North Sea emissions intensity figure quoted in OGA Annual Report published 9 July 2021:  

2) Weighted average of pipeline and LNG imports based on same OGA data, assuming constant intensity levels over time

Original article link

Source: IOG

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 358

Completed Deals

Completed Upstream Deals: 6164

Company Profiles

Current Company Profiles: 2794

Corporate Activity

Current Corporate Activity articles: 3751

Companies Looking

Current number of articles: 448

Company Sales

Current Company Sales articles:1494


Current Geostudies articles: 816

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Government of South Australia
Rose & Assocs 149
Union Jack Oil 149
SLR Consulting logo
KL Publishing
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675