Petroleum Africa
Find us on: 
Thursday, April 27, 2023
VAALCO Energy, Inc. announced that it has issued its 2022 Environmental, Social and Governance (ESG) report, which is now available on VAALCO’s web site under the “Sustainability” tab.
The report covers VAALCO’s ESG initiatives and related key performance indicators for the calendar year 2022. During 2022, the Company completed a materiality study, led by its ESG Engineer with input from key personnel across the organization with responsibility for engaging with its key stakeholder groups. Working with an external consultancy, VAALCO created an ESG materiality framework against which it plotted material topics informed by the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB). Each of these was assessed based upon the perceived level of risk to the business and the level of management control in place.
Commenting on the newly issued ESG report, Chief Executive Officer George Maxwell said, “In Q4 2022, we completed our strategic combination with TransGlobe Energy Corporation, which increased production and reserves, diversified our production portfolio, reduced risk, and increased our cash flow which will continue to be key to our long-term sustainability. To effectively combine the two businesses, a variety of integration strategies were designed; critical systems have been either fully integrated or are on their way to completion.”
“Last year we adopted the framework of the Task Force on Climate related Financial Disclosures (TCFD) to drive our focus and response to climate change risks and opportunities. In accordance with our objective to reduce our emissions footprint, we have taken significant steps to progress our approach. We developed a decarbonization program, which was reviewed and approved by our Board. This has established a Decarbonization Steering Group which is comprised of senior management that is responsible for setting the direction for our carbon reduction efforts. Early-stage projects are currently being scoped and we look forward to updating our stakeholders on progress in due course.”
“We continue to place great emphasis on capturing, monitoring, analyzing and ultimately sharing our ESG performance with our stakeholders. We believe our 2022 ESG Report successfully communicates the progress we have made to date on our ESG journey.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
