2022 in brief
In parallel to the increased exploration activities on Tethys Oil’s operated blocks, another important focus in 2022 was on the implementation of the Company’s ESG strategy adopted in 2021. The broader key point of the year was to further expand the scope of stakeholder engagement activities in order to form a consensus on material issues and what actions to take to reach the strategy’s goals and targets. Tethys Oil is proud to maintain an incident free record of personnel and contractors, and as such some of the most important initiatives of the year were those of operational Health and safety. Another highly important area concerns the operations’ environmental impact and its effect on the business as a whole. To progress further on this topic in 2022, Tethys Oil has conducted climate risk scenario analyses and a first step towards the implementation of TCFD was taken. Tethys Oil believes that an active approach towards the various ESG-topics is paramount for the Company’s long-term development, growth and shareholder value creation. As such, Tethys Oil work actively to be a responsible and sustainable company. To facilitate the alignment of tangible actions with this viewpoint, a complete corporate policy and procedures evaluation project was initiated in 2022.
Operational ESG highlights
- After a comprehensive assessment of the Group’s ESG impact and strategy, new long and short-term targets were set with relevant KPI:s for each material issue.
- One of the key initiatives of 2022 was the Group’s TCFD assessment for testing resilience in regard to low-carbon scenarios. The Group implemented stress-testing techniques and internal carbon tax pricing to ensure project resilience in different energy transition scenarios.
- During the year a Policy Group was formed to assess and re-evaluate existing policies. A new Supplier Code of Conduct and Biodiversity Policy was adopted, and several existing policies were updated.
- Biodiversity is one of Tethys Oil’s key material issues and in 2022 the Group has contributed to the mapping of reptiles in Oman and joined the Environmental Society of Oman as corporate member.
- Tethys Oil endorses the World Bank initiative “Zero Routine Flaring by 2030” to end the routine flaring of associated gas during oil production. Tethys Oil’s endorsement of the initiative is a clear commitment to responsible resource management and sustainable business practices linking environmental and economic objectives.
- In 2022 Tethys Oil continued to strengthen its HSE capabilities and preparedness by executing risk assessments and mitigation plans for the ongoing activities on Blocks 49, 56 and 58. Tethys Oil has had four consecutive years of zero severe injuries.
- A continued key focus is the engagement with the communities in the areas where Tethys Oil conducts its operations. As such, the Company has initiated continuous dialogues with all key stakeholders on Blocks 49, 56 and 58 on a national, regional and local level.