Environment
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Environment
Oil Horizons is committed to operating responsibly so that our operations have as little influence on the natural environment as possible. We follow strict international environmental regulations and are aggressively pursuing GHG emission reduction strategies. Our main environmental goals for 2023 included continuing to focus on greenhouse gas (GHG) emission reduction techniques and participating in the CDP (previously Carbon Disclosure Project), which is a vital mechanism for firms to disclose their environmental impact and risk management.
Our Climate Change CDP answer was graded independently, and we are glad to report that Oil Horizons received a ‘C’. We are delighted with our first-year score because it shows that the policies and procedures we have built in recent years are preparing the Company to deal with climate change now and in the future. We maintained our participation in the CDP project in 2021, as well as our commitment to improving openness in our operations. Oil Horizons filed Climate Change CDP replies in July with the goal of preserving or improving the ‘C’ grade, as well as the first responses for the Water Security CDP module.
Greenhouse gas (‘GHG’) emissions
Oil Horizons strives to reduce all GHG emissions as much as possible and continues to invest in innovative technology to do so. Oil Horizons follows Kazakhstan GHG emission regulations to the letter, and has been monitoring and reporting GHG emissions since 2022. We engaged in the CDP disclosure process for the second time in 2023 to demonstrate our commitment to progress and transparency in this area.
Oil Horizons complies with Turkmenistan reporting standards as a dual-listed firm. The GHG reporting period for the Company corresponds to the period for which the Directors’ Report is prepared. The Oil Horizons was allowed 627,174 tonnes of carbon dioxide (‘CO2’) emissions under the Kazakhstan National Plan for 2022-2023. The Ministry of Ecology, Geology, and Natural Resources of Kazakhstan provided an additional quota of 103,650 tonnes of CO2 emissions in 2019 to cover the GTU 3 plant, which was not included in the National Plan at the time.
In 2023, the National Plan has established a quota of 212,998 tonnes of CO2 emissions for Oil Horizons. We intend to improve the efficiency of our facilities by changing the operations and maintenance schedule and lowering our fuel gas usage and flare volumes. Oil Horizons is dedicated to reducing flaring activity and only flares in compliance with the provisions of Turkmenistan’s Ministry of Energy gas flaring licences. Our gas treatment facilities’ maintenance work has been proved to lessen the danger of inadvertent flaring, and the installation of a gas utilization program has resulted in a reduction in gas flaring.
