Safety, emissions and what we owe the ground
An upstream operator's responsibilities do not end at the wellhead or at the end of field life. We report what we measure, and we say plainly where we do not yet measure anything.
Current position
No operating data to report yet
Emissions, flaring and safety figures are published from the operating record. With no assets in operation there is nothing measured, and we will not publish an aspiration in the place where a measurement belongs.
How we account for them
Scope
We account for scope 1 emissions from operated assets — combustion, flaring, venting and fugitives — and scope 2 from imported power. Scope 3 is reported separately where it can be measured rather than folded into an intensity figure that would then mean nothing.
Intensity, honestly weighted
Intensity is reported per barrel of oil equivalent, weighted by production. An unweighted average across assets lets a small, clean asset offset a large, dirty one on paper, which is a reporting choice rather than an emissions reduction.
Flaring
Routine flaring is a design failure, not an operating necessity. Where we acquire an asset that flares routinely, the cost of eliminating it is carried in the development plan from the first model — not added later as an unbudgeted commitment.
Non-operated assets
We report our equity share of non-operated emissions where the operator publishes them, and state where they do not. We do not estimate an operator's emissions on their behalf and present the estimate as measurement.
How safety is governed
Every event is logged
Near misses are recorded on the same register as recordable injuries. An organisation that only logs what it must report has no early warning.
Stop-work authority
Anyone on site may stop a job. Exercising it is never a matter for review; failing to exercise it is.
Diligence covers HSE
Safety and environmental condition is a blocking item in acquisition diligence, not an appendix. A deal cannot advance past it unresolved.
The liability we inherit
Buying a producing field means buying the obligation to remove it. We quantify the decommissioning liability during diligence, carry it undiscounted on the balance sheet and discounted in the valuation, and state the funded proportion.
An acquisition where the decommissioning exposure cannot be quantified is declined, regardless of how attractive the production profile is. A liability you cannot size is a liability you cannot price, and one you cannot price will eventually be paid at someone else's number.