Mediterranean-focused oil and gas firm Energean has announced its intention to become a net-zero emissions exploration and production (E&P) company by 2050.
The company said it is committed to following the United Nations ‘business ambition’ and will set science-based targets across the firm’s entire value chain.
In October, Energean announced that it had entered into a conditional sale with Neptune Energy for Edison’s 25% stake of the giant Glengorm North Sea project.
The central North Sea field holds up to 250 million barrels of oil and about 5% of the UK’s annual gas demand.
London and Tel Aviv-listed Energean acquired Italian firm Edison in July as part of a £600m deal that included the Glengorm stake.
Neptune also acquire Edison’s stake in the Nova gas development project (15%) and the Dvalin (10%) gas development project in the Norwegian North Sea.
The deal cost Neptune Energy nearly £200 million.
It included Edison’s stake in the smaller Scott (10.5%), Telford (15.7%), Tors (68%), Wenlock (80%) and Markham (3.1%) assets.
Mathios Rigas, CEO of Energean said: “We are proud to participate in the United Nations Global Compact and are pleased to be playing a leading industry role by not only committing to and supporting the United Nations “Business Ambition for 1.5°C: Our Only Future” campaign, but also to be committing Energean to net zero emissions by 2050.
“We are creating the leading independent, gas-focused, sustainable E&P
company in the East Med which is committed to reducing our emissions and to the sustainability
agenda.”
