RCS - Tullow Oil PLC - Tullow Publishes Annual Sustainability Report

Tullow OilAnnouncement

05/05/2023 11:30

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RNS Number : 5793Y  Tullow Oil PLC  05 May 2023

TULLOW OIL PLC
Tullow ACCELERATES PROGRESS TOWARDS A BETTER FUTURE AS IT PUBLISHES ITS ANNUAL SUSTAINABILITY REPORT

 

·      Achieved zero lost time injuries and zero Tier 1 process safety
incidents

·      Accelerated our socio-economic contributions through more than
6,000 secondary and tertiary students with Tullow STEM scholarships, bursaries
and after school support in Ghana, Kenya, Guyana and Suriname

·      Accelerated our investment in environment with further $15 million
in our decarbonisation programme

·      Accelerated our localisation, reaching 72% Ghanaian employees in
our principal location of our operations

 

5 May 2023 - Tullow Oil ("Tullow") is pleased to announce the publication of
its 2022 Sustainability Report and its 2022 Climate Risk and Resilience
Report.  These reports provide an update on Tullow's progress and performance
in 2022 on the Group's strategic sustainability framework. This work forms a
key part of Tullow's purpose to build a better future through responsible oil
and gas development.

 

Rahul Dhir, Chief Executive Officer said:

"As an independent oil and gas operator, working almost exclusively in
developing economies, we have an important role to play in supporting a global
energy transition. While we believe that there will continue to be a demand
for hydrocarbons into the foreseeable future, we remain laser focused on
mitigating the climate impacts of our operations while generating significant
social and economic benefit for our host nations. Partnering with our host
nations to develop Africa's energy resources in a low-cost, environmentally
and socially responsible manner adds a critical boost to local economies,
improves the quality of life and creates a better future for current and
future generations."

 

 

During 2022, Tullow accelerated the implementation of its sustainability
strategy. The key achievements from the year are detailed in Tullow's
Sustainability Report and include:

 

Accelerated our health and safety performance

Tullow achieved a strong health and safety performance and accelerated the
focus on its safety culture. Key highlights include:

 

·      Robust safety performance, with zero lost time injuries and zero
Tier 1 process safety incidents across Tullow's global operations in 2022.

 

Accelerated our socio-economic contribution

Tullow's Shared Prosperity strategy delivered positive impact through focusing
on young people's education, enterprise support, developing local supply
chains and material fiscal contributions to host governments. Key highlights
include:

 

·      $645 million total socio-economic contribution in our host
countries, bringing total five-year socio-economic contribution to $3.1
billion

·      Supported more than 6,000 secondary and tertiary students with
Tullow STEM scholarships, bursaries and after school support in Ghana, Kenya,
Guyana and Suriname.

·      Provided accommodation and classroom facilities for 3,000 pupils
through a $10 million infrastructure commitment to promote enrolment in Free
Senior High Schools in Ghana.

·      The Fisherman's Anchor Project provided small loans to over 1,300
businesses; over 90% of the businesses are owned by women and nearly 90% are
fish processing businesses.

·      Spent $173 million with local suppliers in 2022, which represented
15% of local procurement spend, bringing total five year spend to c.$1.2
billion.

 

Accelerated our investment in reducing our environmental impacts

Tullow made strong progress on its decarbonisation roadmap to achieve Net Zero
on its Scope 1 and 2 CO2e emissions by 2030 on a net equity basis:

 

·      Significant progress was made on the commitment to eliminate
routine flaring by 2025, the largest source of Scope 1 emissions. Tullow
invested $15 million in its floating production, storage and offloading (FPSO)
vessels in 2022 as part of a multi-year, $45 million decarbonisation programme
that is expected to reduce Scope 1 and 2 emissions by c.40% against a 2020
baseline.

·      Tullow completed a feasibility study for a nature-based carbon
offset project that could off-set remaining, hard to abate CO2e emissions,
estimated to be 600,000 tonnes per annum. In December 2022, Tullow signed a
Letter of intent with the Ghana Forestry Commission, marking a key milestone
for the project as part of Tullow's plans to reach Net Zero by 2030. This
project can also support Ghana in meeting its Nationally Determined
Contributions under the Paris Agreement. FID is expected in 2023.

 

Accelerated our progress on building a diverse and engaged workforce

On its transparency and equality agenda, Tullow continued to increase the
localisation of its workforce worldwide and made progress on creating a
diverse and inclusive workplace where our people are engaged and committed:

·      Localisation in Ghana of 72% local nationals, on track to reach
target of 90% by in the next three to five years.

·      Employee engagement initiatives in place, including employee
advisory panel and an 88% response rate to our most recent employee survey,
with an overall positivity score of 70%.

 

The Reports can be read in full on the Tullow website - https://bit.ly/40rPHqO
(https://bit.ly/40rPHqO)

Ends

CONTACTS
 Tullow Oil plc       Camarco

 (London)             (London)

 (+44 20 3249 9000)   (+44 20 3757 4986)

 Nicola Rogers        Billy Clegg

 Matthew Evans        Georgia Edmonds

                      Rebecca Waterworth

 

Notes to editors

Tullow is an independent oil & gas, exploration and production group which
is quoted on the London and Ghanaian stock exchanges (symbol: TLW) and is a
constituent of the FTSE250 index. The Group has interests in over 30 licences
across eight countries. In March 2021, Tullow committed to becoming Net Zero
on its Scope 1 and 2 emissions by 2030. For further information, please refer
to our website at www.tullowoil.com (http://www.tullowoil.com/) .

Follow Tullow on:

Twitter: www.twitter.com/TullowOilplc (http://www.twitter.com/TullowOilplc)

YouTube: www.youtube.com/TullowOilplc (http://www.youtube.com/TullowOilplc)

Facebook: www.facebook.com/TullowOilplc (http://www.facebook.com/TullowOilplc)

LinkedIn: www.linkedin.com/company/Tullow-Oil
(http://www.linkedin.com/company/Tullow-Oil)

 

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