Performance highlight

Our commitment to reducing greenhouse gas (GHG) emissions

Reducing greenhouse gas emissions is crucial in meeting the Sustainable Development Goals.

Our commitment to caring for and protecting the environment requires our utmost efforts to reduce the carbon footprint created by the development of our operations. This led us to make a corporate GHG reduction strategy in 2020, allowing us to create specific goals and initiatives and define a route map for our operated production assets.

After evaluating different proposals and potential partners, we started creating this strategy with consulting firm Kearney, which has advised international oil and gas companies on identifying and defining strategies and projects to reduce their carbon footprint.

Our main objectives in making our corporate GHG reduction strategy are the following:

Estimating our present-day corporate GHG inventory by using standardized principles and approaches.

Defining a route map for GHG management and reduction targets by country and at a consolidated level.

Establishing guidelines to coordinate the strategy with the Business Model and the organizational structure to guarantee that it is implemented and is sustainable. Accordingly, the strategy also aims to coordinate with our corporate governance.

Starting this project will require developing different activities involving all members of GeoPark’s Management Team and the leading technical areas of processes related to reducing GHG emissions in our directly operated production assets.

The main activities that will help create this GHG emissions reduction strategy are the following:

Develop the corporate baseline and study trends and relevant reporting guidelines in the industry.

Define the general activities of the strategy and the key processes for its implementation.

Study feasibility and potential impact on profitability, energy consumption and GHG emissions of the prioritized initiatives.

Define an action plan for the strategy to be implemented in the near future.

We are committed to continuing to develop our hydrocarbon exploration and production businesses, becoming increasingly efficient and clean, and progressively reducing our carbon footprint.

At GeoPark we firmly believe that we will only have a future in the oil and gas industry if we can be one of the most efficient operators, with the highest social and environmental standards. Our commitment to reducing the impact of our operations on climate change matters.

In 2020, our carbon intensity index was 15.2 kg CO2e/boe. This was 28.3% below the 21.2 kg CO2e/boe, industry average calculated in a comparative evaluation by Kearney based
on public information from sector companies at a global level.