Africa Oil Publishes 2022 Sustainability Report

Friday, March 31, 2023

Africa Oil Corp has published its 2022 Sustainability Report. This report outlines the company’s approach to ESG management and provides an overview of the ESG-related performance for the year 2022.

Highlights

• Net equity emissions of 117 kilo tonnes carbon dioxide equivalent (ktCO2e) during 2022, representing an 8% decrease compared to 2021.
• Gas flaring at the Company’s Nigerian assets reduced 27% year-over-year.
• More than 20% of emissions offset via purchase of Verra-certified carbon credits on road to achieving carbon neutrality in 2025.
• Zero fatalities and Lost Time Injuries in Nigeria.
• Adopted new Diversity, Equity and Inclusion policy, including aspirational diversity targets at the Board and Management level.
• Continue to expand ESG disclosures, with Taskforce on Nature-related Financial Disclosures (TNFD) pilot and the addition of Global Reporting Initiative (GRI).

Africa Oil Chief Executive Officer, Keith Hill, commented: “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% year-over-year decrease in flaring in 2022 and contributed to an 8% 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. As such, I am pleased to reaffirm our support for the EITI Principles and the Ten Principles of the UNGC in the areas of Human Rights, Labor, Environment and Anti-Corruption.”

Africa Oil’s Sustainability Report 2022 can be accessed on the Company’s website here.

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