As a responsible oil and gas operator, in 2021, as part of our development policy, we made a commitment to bring our development into alignment with the realities of the energy transition.
Through our Energy and Climate Transition Policy, we sought to affirm our objectives and our actions with the aim of reducing our carbon footprint. In more specific terms, this means integrating climate-related risks and opportunities into our governance, strategy, and business model for operated and non-operated assets, and using transition and carbon price scenarios that best reflect our operational context.
Energy and Climate Transition policy
Our carbon reduction strategy
Our climate strategy is in line with TCFD (Task Force on Climate-Related Financial Disclosures) recommendations and is based on 4 priority objectives:
- The reduction of our GHG emissions (scopes 1 and 2) by 50% from 2025 and a reduction in flaring by 25% from 2023.
- Offsetting carbon emissions via carbon credits
- The development of CO2 capture and storage (preferably in the countries in which we operate)
- The study of alternative investments for a long-term diversification of our activities
In order to turn these objectives into real-world solutions, the Group has formed a carbon reduction working group comprised of upper management from our Head Office and our subsidiaries as well as engineers with an understanding of environmental issues. The Group places great importance on implementing actions within our subsidiaries to immediately begin reducing our carbon footprint, and is examining long-term solutions for responsible growth that bring together economic performance and environmental efficiency.
Every year since 2013, we have provided data on our greenhouse gas emissions to the Carbon Disclosure Project (CDP), an international non-profit organization that manages the world's largest environmental reporting platform for companies and governments.
In 2022, Maurel & Prom scored B on a scale of A (best performance) to F placing us favorably compared to our peers in the oil industry.