Africa Oil Corp has initiated key programmes that will result in gas flare reduction from its operating oil assets in Nigeria.
The company has, in its published 2022 Sustainability Report, disclosed that gas flaring at its Nigerian assets reduced 27 per cent year-over-year.
It further stated that, more than 20 per cent of emissions offset via purchase of Verra certified carbon credits on road to achieving carbon neutrality in 2025, as well as zero fatalities and Lost Time Injuries (LTI), in Nigeria.
The firm also adopted new Diversity, Equity and Inclusion policy, including aspirational diversity targets at the Board and Management level.
Africa Oil’s chief executive officer (CEO), Keith Hill, said: ‘to meet our goal of carbon neutrality by 2025, we have actively advocated through our interest in Prime for emissions reduction opportunities at our assets in Nigeria, with a particular focus on flaring and asset optimization.
“I am delighted these efforts contributed to a 27 per cent year-over-year decrease in flaring in 2022 and contributed to an 8 per cent reduction in overall emissions. Flaring is now half the rate it was in 2019, before we acquired the assets, and we continue to see improvements, with average flaring levels year-to-date in 2023 roughly a third of those in 2022.
“We have also continued to strengthen our approach to social and governance matters internally, including the introduction of a new Diversity, Equity and Inclusion Policy, which enshrines our commitment to promoting diversity across the organization. I am also pleased to report that Africa Oil renewed its membership in the Extractive Industries Transparency Initiative (EITI) and the United Nations Global Compact.”