chơi poker online:Oil and gas companies increase focus on ESG
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OIL and gas (O&G) companies are showing an increased awareness and focus on environmental, social and governance (ESG) and sustainability aspects.
The complex interplay between drivers of change – ecosystem disturbance, deep decarbonisation and climate change – had pressed for collective action within the O&G industry in Malaysia.
Initiatives in the O&G industry are focused on reducing carbon emissions by shifting to low-carbon alternatives and utilising more efficient and low-emission technology.
More O&G companies are setting targets to reduce greenhouse gas emissions (GHG) over time and enhancing their corporate sustainability reporting practices including complying with the necessary sustainability standards.
Wah Seong Corp Bhd has a robust GHG emission tracking and monitoring programme in place; the data gathered is processed via its digital dashboard, showing areas that are the biggest contributors of GHG.
“Recognising that our operations will have residual emission after implementing all possible emission reduction initiatives, we are in the midst of completing the planting phase of our Wasco Forest.,
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“Carbon credits generated from this project will then offset the residual emission across our group operations,’’ said Wasco Energy group CEO Giancarlo Maccagno. (Wasco is an indirect, wholly-owned subsidiary of Wah Seong).
Under the first pillar of its energy transition strategy – portfolio resilience – Hibiscus Petroleum Bhd is increasing natural gas as a key component.
Natural gas is the cleanest form of fossil fuels and has been included by the European Union as part of their green taxonomy.
Through its acquisition of Repsol Exploracion, Hibiscus has increased its natural gas production to 30% of its total production, from 4%.
“To reduce operational GHG emissions, Hibiscus is progressively replacing diesel-driven power generating equipment with solar photovoltaics and wind turbines to electrify its offshore installations.
‘’Decarbonisation efforts include running a pilot project in upgrading membranes used to reduce methane and other greenhouse gases from its emissions, as well as up-cycling and repurposing the topside of an existing platform instead of investing in a new build unit,’’ said Hibiscus co-founder and managing director, Dr Kenneth Gerard Pereira.
Under green and clean investments, Hibiscus has evaluated more than 40 opportunities over the past two years; it continues to assess a sizeable number of potential green, clean and low carbon investments that are sustainable and value accretive.
Such opportunities must deliver tangible, real returns and should not be subject to any criticisms of ‘greenwashing.’,
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