Bogota, Colombia – November 10, 2021 – GeoPark Limited, today announced its Board of Directors has approved a Greenhouse Gas (GHG) emission reduction strategy covering short, medium and long-term initiatives (1).
Fast, Immediate and Aggressive Targets
- 35-40% GHG emissions intensity reduction of Scope 1 and 2 emissions by 2025 or sooner
- 40-60% GHG emissions intensity reduction of Scope 1 and 2 emissions by 2025-2030
- Net zero Scope 1 and 2 emissions by 2050 or sooner
Greenhouse Gas Emission Reduction Actions and Strategy
- Plan developed by GeoPark’s team and supported by Kearney, a globally recognized consulting firm
- Head start with lower-than-average carbon intensity in 2020: current 15.2 kg CO2e/boe (2) intensity is 28% below industry peer group (3)
- Main actions underway target core Llanos 34 block (GeoPark operated, 45% WI) where the interconnection to Colombia’s national grid (~70% hydroelectric (4)) by 2022 is a decisive near-term catalyst to improve carbon performance and operational reliability, while reducing cost of energy generation
- In the Llanos 34 block, other initiatives underway include a solar photovoltaic plant to be operational in end-2022 plus subsoil and surface optimization projects
- In the Platanillo block (GeoPark operated, 100% WI), main actions underway include increasing use of gas for energy generation plus subsoil and surface optimization projects
- Near-term actions include construction of additional solar photovoltaic plants, infrastructure to limit routinary flaring and venting and geothermal power generation projects
- Medium-term actions include small-scale hydropower projects, reforestation and afforestation initiatives, among others
- Longer-term actions may include carbon capture, use and storage projects and potential participation in carbon markets
James F. Park, Chief Executive Officer of GeoPark, said: “GeoPark was built for the long-term to be a leader among independent oil and gas exploration and production companies in Latin America on the foundation that our operations would create value and have a positive impact on all stakeholders. Our carbon reduction plan announced today builds on that principle with low costs and low carbon intensity being key elements of our business model. We congratulate our team that has been working so hard to build a robust strategy with ambitious goals and actionable initiatives that will introduce real change in the short-term.”
1 GHG emissions reduction targets refer to GeoPark’s operated assets and using 2020 as baseline.
2 GeoPark 2020 GHG emissions intensity.
3 Peer group selected by Kearney.
4 Colombian Ministry of Energy and Mines, Report to Congress, p. 14.
