Europa Oil & Gas is working to contribute to local energy security and the global transition to a low carbon economy while delivering value to all stakeholders. The Company recognises that a wide range of Environmental, Social and Governance (ESG) topics form the basis of how it conducts its business and operations.
Europa has continued to commit to our ESG work this year, exploring options for reporting, undertaking a data audit and developing performance metrics by which our progress can be tracked.
In 2022 Europa undertook a materiality assessment that helped identify the key material topics relevant to Europa’s business. These topics were then aligned with relevant United Nations Sustainable Development Goals (UN SDGs) and from this, we developed high-level goals which have been built upon this year as we further develop our strategy, as well as continue to support the UK’s energy transition.
Europa plays an active role in providing energy security and supporting the UK energy transition. Through our assets we provide a domestic supply of hydrocarbons and are currently investigating the feasibility of renewable energy projects at our West Firsby site to reduce emissions resulting from these operations. Europa is also active in supporting the Irish government’s plans of securing a domestic energy supply, while working towards a lower carbon economy. Domestic gas produced from Europa’s FEL 4/19 licence is modelled to have an intensity of 2.8 kgCO2e/boe, considerably less than the intensity of imported gas from the UK which has an average intensity of 36 kgCO2e/boe[1].
[1] Third party report independently researched and compiled by sustain:able (2023):
https://www.europaoil.com/wp-content/uploads/2023/03/EOG-Irish-Licence-Emissions-Report-070323.pdf
We are expecting the emissions intensity of our crude oil refining will reduce in the future with the announcement that the Viking Carbon Capture and Storage (CCS) project is being awarded Track 2 status by the UK government with an expected start date of 2026. Europa exports oil to the Phillips 66 Ltd Humber Refinery which is connected to the Viking CCS project and therefore from 2026 the emissions from Europa’s crude oil refining will be captured and securely stored.
We continue to make steady progress towards our Zero Flaring goal with power generation installed at Wressle to enable the surface facilities to be run from produced gas, reducing the amount of gas flared by roughly 10%. A 600m pipeline is planned to be installed by the end of 2024 at the site to allow for a connection to the local grid at which point routine flaring at Wressle will be eliminated.
We are exploring opportunities for renewable energy generation at our West Firsby site with the support of the landowner. Currently, investigations include considering the potential for solar or wind power at the site, with battery storage, that utilises the existing connection with the local electricity grid.
During 2023, the Wressle partners’ community fund supported more than twenty projects, awarding over £60,000 in funding to sports clubs, schools, youth centres and youth groups, events, and theatre groups. Through the continued support of the community fund, Europa contributes to their UN SDGs of Reduced Inequalities and Good Health and Wellbeing.
Europa has decided to voluntarily start working towards reporting to the Taskforce for Climate-related Financial Disclosures (TCFD). To aid with this, a data audit has been carried out of the company’s data to determine what is already being recorded and what data collection processes need to be put in place to allow us to report to TCFD.
We have also elected to work towards developing a full Greenhouse Gas (GHG) inventory. This process, started in 2023 with an investigation of how the company could create a GHG Inventory aligned with the GHG Protocol and ISO 14064-1 standard, will be ongoing as we work to establish all data collection processes to enable a comprehensive inventory.
Europa have begun developing performance metrics by which we can transparently measure our current
performance across our material topics, goals, and selected UN SDGs.
