Pharos Energy PLC Net Zero Roadmap (7855V)
06 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMPHAR
RNS Number : 7855V
Pharos Energy PLC
06 December 2023
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries,
the "Group")
Net Zero Roadmap
Pharos Energy plc, an independent energy company, has taken the
next step in its net zero journey by today publishing a detailed
net zero roadmap following its formal commitment in September 2022
to achieve net zero greenhouse gas (GHG) emissions by 2050.
The net zero roadmap, which was researched and developed by the
Company in close consultation with specialist advisors and
consultants, models emission reduction pathways to achieve net zero
Scope 1 (direct) and Scope 2 (indirect) GHG emissions from all
existing and proposed future assets by 2050 or before. Based on
this modelling, the roadmap contains interim targets set against
the Company's 2021 baseline year, which have been approved by the
Board.
The Group has non-controlling equity stakes in its producing
assets and is predominantly non-operating. As a result, it has no
direct control over the majority of its emissions inventory but it
can exercise influence through the joint operating companies (JOCs)
in Vietnam and Egypt in conjunction with the other JOC partners.
The Company will use the net zero roadmap to continue to engage
with the JOCs, partners and governments on reducing emissions where
possible through the options identified. To the extent within its
control, the Company will continue reducing its own emissions and
remain committed to transparency in reporting and to keeping
stakeholders updated on progress.
In addition, the Company established an Emissions Management
Fund in September 2022. From every barrel net to the Group sold at
an oil price above $75 per barrel, a contribution of $0.25 is made
to the Fund. The current value of the Emissions Management Fund is
now c.$400,000. In line with the net zero roadmap, this Fund is
available to provide financial support for emissions management
projects undertaken directly by the Group or through the JOCs.
Jann Brown, Chief Executive Officer, commented:
"The oil and gas industry is in a period of transition as the
drive to reduce emissions globally is combined with each country's
efforts to secure the energy needed for its socio-economic
development. We recognise that the journey to net zero will not be
straightforward and this roadmap is a testimony to how Pharos is
aiming to manage oil and gas assets in a responsible and
transparent manner in line with our purpose to create sustainable
prosperity and value for all our stakeholders."
The detailed roadmap is available to download from our official
website using the following link:
https://www.pharos.energy/investors/results-reports-and-presentations/.
Enquiries
Pharos Energy plc Tel: 020 7747 2000
Jann Brown, Chief Executive Officer
Sue Rivett, Chief Financial Officer
Camarco Tel: 020 3757 4980
Billy Clegg | Andrew Turner | Rebecca Waterworth | Kirsty
Duff
Notes to editors
Pharos Energy plc is an independent energy company with a focus
on sustainable growth and returns to stakeholders, which is listed
on the London Stock Exchange. Pharos has production, development
and/or exploration interests in Egypt and Vietnam. In Egypt, Pharos
holds a 45% working interest share in the El Fayum Concession in
the Western Desert, with IPR Lake Qarun, part of the international
integrated energy business IPR Energy Group, holding the remaining
55% working interest. The El Fayum Concession produces oil from 10
fields and is located 80 km southwest of Cairo. It is operated by
Petrosilah, a 50/50 joint stock company between the contractor
parties (being IPR Lake Qarun and Pharos) and the Egyptian General
Petroleum Corporation (EGPC). Pharos also holds a 45% working
interest share in the North Beni Suef (NBS) Concession in Egypt,
which is located immediately south of the El Fayum Concession. The
first development lease on the NBS Concession was awarded in
September 2023 and early production is underway from the first
discovery on the Concession. IPR Lake Qarun operates and holds the
remaining 55% working interest in the NBS Concession. In Vietnam,
Pharos has a 30.5% working interest in Block 16-1 which contains
97% of the Te Giac Trang (TGT) field and is operated by the Hoang
Long Joint Operating Company. Pharos' unitised interest in the TGT
field is 29.7%. Pharos also has a 25% working interest in the Ca
Ngu Vang (CNV) field located in Block 9-2, which is operated by the
Hoan Vu Joint Operating Company. Blocks 16-1 and 9-2 are located in
the shallow water Cuu Long Basin, offshore southern Vietnam. Pharos
also holds a 70% interest in, and is designated operator of, Blocks
125 & 126, located in the moderate to deep water Phu Khanh
Basin, north east of the Cuu Long Basin, offshore central
Vietnam.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFSIFAIEDSEEE
(END) Dow Jones Newswires
December 06, 2023 02:00 ET (07:00 GMT)
Pharos Energy (LSE:PHAR)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Pharos Energy (LSE:PHAR)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024