2021 in brief
In 2021, Tethys Oil experienced a recovery from the challenging pandemic of 2020 and activity levels increased throughout the year. The OPEC+ agreement initiated in May 2020, which aims to reduce oil output and inventory levels following the pandemic, is still in effect, resulting in production limitations that affected Tethys Oil during 2021. Following these limitations and a delayed start-up for parts of Tethys Oil’s oil producing infrastructure, the Group’s production levels are in line with 2020. However, the increased oil prices of 2021 positively affected the Company’s revenue, net result, cash flow and financial position.
Tethys Oil aims to work actively to be a responsible and sustainable company. Sustainability lays the foundation for the Company’s long-term development and growth. By 2021, Tethys Oil has updated a materiality analysis, resulting in updated material topics that will set the sustainability strategy’s foundation.
Operational ESG highlights
- Widened the scope of reporting to include Scope 3 impacts.
- Tethys Oil’s sustainability goals derive from the United Nations Sustainability Development Goals (UN SDG) which the Company have worked to find an alignment to contribute to common shared goals.
- Tethys Oil has updated its materiality analysis, to reflect the topics that matter the most to the business and the stakeholder.
- The efforts are therefore not only focused on understanding external stakeholders’ demands and expectations on the Group but also on mapping and understanding the Group’s unique circumstances in relation to those expectations.
- As explorational activities have increased so have work concerning environmental footprints, where the Company traditionally have put a high priority on local community engagement, we also strengthen activities around land use and biodiversity, to conduct operational activities in ways that create minimal disturbance to the environment and people.
- As the board of directors has been involved in the sustainability strategy, Tethys Oil arranged for the entire board to travel to Oman and the rural communities impacted by the Company’s explorational activities to meet with the local stakeholders.