Environment

We aim to reduce our carbon emissions whilst managing the trajectory of the oil and gas industry in the desire to deliver reliable and affordable global energy.

Although many aspects of the business now look very different, our commitment to achieving net zero and our climate obligations remains steadfast and uncompromised.

A central dynamic for Capricorn is to reduce our operational emissions as outlined within our net zero road map, whilst continuing to provide fossil fuels to the Egyptian domestic market.

Egypt is a developing economy, and therefore with oil and gas resources built into every scenario of the International Energy Agency (IEA), Capricorn will support Egypt's Just Transition by focusing on lower emissions-based production, while implementing multiple decarbonisation initiatives. 

We have a key focus on addressing climate change through the reduction of GHG emissions by demonstrating our Avoid, Reduce, Substitute, Sequester and Offset principles. We have progressed our equity reporting, and a comprehensive baseline survey in Egypt has given us an opportunity to apply new approaches and techniques to lower emissions. We have also been developing a suite of decarbonisation projects in Egypt, including flare reduction, waste heat recovery units and the use of biofuels and hydrogen.

Reducing fossil fuel consumption is a focus throughout our supply chain and is part of supplier selection, supporting us as we continue to make substantial improvements in our energy use. We require that certain supply chain partners submit monthly returns of actual fuel consumption, as well as other sustainability data we may request.

We’re committed to increasing the time and resources available to protect biodiversity and ecosystems and have been building new tools and guidelines to better assess and manage risk within this important area. Our Biodiversity Framework provides a cross-operational approach to identify, assess and mitigate potential impacts, and follow numerous initiatives, such as those from TNFD, Align, CDP and GRI, while delivering internal training events to increase biodiversity awareness and management.

Minimising our operational discharges and emissions is an important part of our commitment to the environment and we seek to comply with best industry practices. This will have a particular focus as we move to a more active phase in our Egyptian operations.

We take our responsibility to protecting and maintaining water sources and quality very seriously and received an improved B score in our CDP Water Security Submission. Our operational guidelines have clear policies and commitments, such as the efficient use of water, to help ensure the communities we work within have access to clean and safe water.

Capricorn regards minimisation of waste and the move towards the circular economy as a fundamental part of its sustainability commitments.

We align our processes with the accepted material management hierarchy of reduce, re-use, recycle and recover. Where reuse or recycling are not possible, we favour disposal routes such as waste to energy (where available), in preference to landfilling.

We seek to minimise waste wherever we can and ensure that any waste we do produce is systematically processed and disposed of according to agreed waste management plans. These were developed as part of our Environmental Impact Assessments for our Egyptian onshore exploration programmes and detail how Capricorn stays within the law.