Two of the United Nations Sustainable Development Goals (UN SDGs) are particularly relevant to the countries in which we operate a business and these underpin our strategy and values as we seek to develop our business in the context of the Energy Transition.
Goal 7 Ensure access to affordable, reliable, sustainable and modern energy for all
Specifically around energy efficiency and advanced and cleaner fossil-fuel technology expansion of infrastructure and upgrade technology for supplying modern and sustainable energy services for developing countries in accordance with their respective programmes of support.
Morocco
In Morocco, we are focussed on developing a Compressed Natural Gas (CNG) market that will make energy more affordable for industries that currently used imported, more carbon-intensive fuel oil. This will allow these industries to retrofit natural gas versus fuel oil burners, particularly the ceramics industry, to reduce CO2 emissions and potentially become more competitive with respect to the European market. In turn this may stimulate business growth and create additional employment.
Developing the CNG option creates a source of natural gas that can be easily transported by CNG-fuelled trucks to regional and local distribution centres which would allow the expansion and upgrade of energy services by creating the energy security required for heavy transport vehicles currently using more carbon-intensive diesel to switch to CNG.
Developing any future large accumulations of natural gas will help replace very carbon-intensive coal imports currently used to generate significant amounts of power in Morocco. This will create employment; improve gas distribution infrastructure bringing gas to a greater number of cities and towns; and improve energy security and the economy by eliminating costly energy imports.
Trinidad
In Trinidad our CO2 EOR knowledge and expertise can be applied at the right time to the development of the Snowcap discovery in the Cory Moruga Exploration and Production Licence. This will evaluate and provide the empirical data necessary to determine the potential storage capacity for CO2 sequestration of the Cory Moruga reservoirs in line with the government of Trinidad and Tobago’s draft policy to implement its Action Plan for the mitigation of Green House Gases (“GHG”) aimed at cutting CO2 emissions by 15% by 31 December 2030 (equivalent to 103 MtCO2e) for which a draft policy to create Carbon Capture and Storage (“CCS”) specific legislation has been developed.
Establishing the CO2 storage capacity at Cory Moruga can provide critical data with which to justify investment in CO2 pipeline infrastructure to capture CO2 that is currently being vented into the atmosphere.
The Company is the only company in Trinidad that has established “Proof of Concept” for CO2 sequestration in oil reservoirs following its successful Inniss-Trinity CO2 EOR pilot project in 2021.
The second of the UN SDGs that is particularly relevant to the countries in which we operate a business and which underpins our strategy and values as we seek to develop our business in the context of the Energy Transition is:
Goal 9 Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
Raise industry’s share of employment and gross domestic product, in line with national circumstances. Upgrade infrastructure and retrofit industries to make them sustainable with increase resource-use efficiency and greater adoption of clean and environmentally sound technologies and industries.
The new and innovative CNG and CO2 EOR, leading to CO2 storage, businesses we seek to develop in Morocco and Trinidad respectively are aligned with Goal 9 in establishing businesses that are innovative; improve infrastructure; increase employment opportunities; and addresses increase resource-use efficiency.
