TIDMTLW
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
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
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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 .
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc
YouTube: www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc
LinkedIn: www.linkedin.com/company/Tullow-Oil
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END
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