XP has released its 2022 Sustainability Report showcasing significant achievements in decarbonizing our operations and engaging with our community at large.
XP has released its 2022 Sustainability Report to highlight to our stakeholders our actions, investments and performance to enhance our operations and deliver on our sustainability commitments.
“We are committed to have a leadership role when it comes to sustainability performance, as enhancing oil and gas operations is our core business” said David Martinon, Chief Executive Officer. “I am pleased to report that in 2022, we have continued our journey to become an industry leader in upstream operations decarbonization.”
XP advanced its sustainability commitments in 2022 in many focus areas including:
- Scope 1 Emissions Intensity reduction: We managed to reduce our GHG emissions in 2022 vs 2021 not only in intensity but also in absolute terms. Overall, we reduced the GHG Scope 1 intensity of the fields we operate by 87% over the past decade. An important contribution to this reduction was the methane abatement solutions implemented as we achieved a 38% reduction in methane intensity over the last five years.
- Advancing in application of technologies, initiatives and best practices to decarbonize operations: To accomplish our environmental footprint reduction targets, XP has already implemented a range of technologies, initiatives and best practices, including missions source inventory, monitoring and reporting; LDAR Program, non-routine venting abatement solutions (e.g. a mobile well-test/ clean-up skid, separator discharge automation)....
- Reducing energy consumption: The company reported a 13% reduction from the previous year, marking significant achievements in gas and electricity consumption reduction. Over the past decade, energy intensity at XP’s fields has been reduced by 80%.
- Freshwater Conservation: Freshwater withdrawal in XP's operations saw a commendable 50% reduction in 2022 compared to the preceding year.
- Waste Management: The company reported a 48% decrease in the intensity of hazardous solid waste generation in 2022 compared to 2021.
- Prioritizing Health and Safety: The company's commitment to safety was evident in its diligent efforts during the war in Ukraine, with the focus primarily on ensuring the safety and security of its Ukrainian personnel. As a result, in spite of war in Ukraine, in 2022, there was a 20% improvement in the injury frequency rate (LTIR) and 5% improvement in total recordable incident rate (TRIR) from 2021. We continue to strive to achieve our objective of zero incidents.
- Compliance: No fines or penalties were imposed on XP for non-compliance with laws or regulations
- Becoming an industry leader in methane emissions reduction: XP joined both the Oil and Gas Methane Partnership (OGMP) 2.0 and the Aiming for Zero Methane Emissions Initiative of the OGCI, becoming the first company in Romania and Ukraine to do so.
- Engaging with our community: XP's unwavering dedication to support our stakeholders at large in Ukraine, our participation in the Romanian education system, and infrastructural developments in our local community.
To delve deeper into XP's sustainability initiatives and achievements for 2022, download the complete Sustainability Report here.
XP is an oil and gas operator with a strong track-record in production enhancement and operations decarbonization, which strives to make a positive impact since 2005. Improving and redeveloping mature oil gas fields to make them more sustainable is company core business. XP not only complies with environmental regulations but also puts in place aggressive and focused action plans to increase energy efficiency, reduce GHG emissions, hydrocarbon spills, freshwater withdrawal intensity and the waste generated by the company.