RCS - Tullow Oil PLC - Tullow takes next step on Net Zero pathway

Tullow OilAnnouncement

24/05/2024 07:00

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RNS Number : 7514P  Tullow Oil PLC  24 May 2024

 

Tullow takes next step on Net Zero pathway

with nature-based solutions in Ghana

 

·    Tullow and the Ghana Forestry Commission have formalised a strategic
partnership to implement a REDD+ programme that will deliver certified carbon
offsets in line with Tullow's 2030 Net Zero roadmap.

·    The programme is expected to generate up to 1 million tonnes per
annum of certified carbon offsets from c.2 million hectares of land across the
Bono and Bono East regions of Ghana.

 

London, 24 May 2024 - Tullow has formalised a strategic partnership with the
Ghana Forestry Commission to implement a high-integrity, jurisdictional-based
Reduced Emissions from Deforestation and Degradation (REDD+) programme.

 

This programme is an important milestone on the road to achieve Tullow's 2030
Net Zero target for Scope 1 and 2 greenhouse gas (GHG) emissions (on a net
equity basis). The primary focus of Tullow's Net Zero strategy is on
decarbonising its operated production facilities in Ghana in order to
eliminate routine flaring by the end of 2025. Residual, hard-to-abate
emissions, will be mitigated by Tullow's investment in high quality,
nature-based solutions in the form of a REDD+ programme through a partnership
with the Forestry Commission of Ghana, which is responsible for the
sustainable management of Ghana's forests and wildlife.

 

The programme will focus on c.2 million hectares of land across 14 priority
districts in the Bono and Bono East regions, which are among the areas most
effected by deforestation due to economic activities such as cash crop
clearance and overgrazing.

 

Through the signing of the Emissions Reduction Purchase Agreement (ERPA)
yesterday (23 May 2024), Tullow is supporting conservation and afforestation
efforts of the Ghana Forestry Commission into the next decade.  The programme
will deliver up to 1 million tonnes per annum of certified carbon offsets
under the Architecture for REDD+ Transactions standard, with the first offsets
expected to be delivered within three years.

 

Overall, the project is expected to positively impact the lives of over 1
million residents by working closely with communities to design alternative
economic livelihoods, implement forest conservation and restoration governance
structures and create sustainable, long-term employment in the region.

 

The initiative also directly supports Ghana's National REDD+ strategy and will
be managed under the Ghana Forestry Commission's Climate Change Directorate,
aligning with leading carbon and social and environmental standards.

 

 

Ghana's Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor,
praised the partnership during the signing ceremony in Accra, stating:
"Undoubtedly, the ERPA we have signed with Tullow, represents a key Voluntary
Carbon market transaction, which is very unique, as it promotes direct
Government and Private Sector engagement, to accelerate the speed of delivery
of ambition and climate finance."

 

Tullow's Director of People and Sustainability, Julia Ross said:

"This agreement is a clear demonstration that effective, long-term public-
private collaboration can help deliver innovative climate finance that
supports long-term sustainable forest management activities, and the
communities involved. We are eager to see the full impact of this project as
the conservation and restoration activities that we are supporting are put
into place.

 

"This programme is testament to the shared mission of both teams to support
Ghana to meet its Nationally Determined Contributions whilst mitigating the
hard-to-abate emissions of our operations. The project also delivers Tullow's
Net Zero ambitions, together with the work we are doing to decarbonise our
operated assets by eliminating routine flaring."

 

Chief Executive of Ghana's Forestry Commission, John Allotey sees the project
as a model in Ghana's quest to lead the way in sustainable climate efforts. He
stated:

"We are poised to work together with Tullow to promote inclusivity,
transparency, and innovation, in actions that will achieve each party's
objectives and the common global goal of the Paris agreement. I am confident
that the Carbon Payments from Tullow will strengthen our efforts in forest
protection and effectively improve the livelihoods of the local communities
through the implementation of a transparent and widely consulted Benefit
Sharing Plan."

---Ends---

 

Further information - Progressing Tullow's Net Zero by 2030 Strategy

Tullow has committed to achieving Net Zero by 2030 its Scope 1 and 2 GHG
emissions on a net equity basis through a combination of decarbonising our
operated assets in Ghana and through high-quality, nature-based solutions to
offset our hard-to-abate emissions.

 

The primary focus of Tullow's pathway to Net Zero is on our operated
production facilities in Ghana, where we have the greatest ability to
influence our emissions. To deliver on its commitment, Tullow is prioritising
the elimination of routine flaring at the Jubilee and TEN fields, which it
expects will drive down GHG emissions by at least 40% in 2025, on a net equity
basis, from a 2020 baseline. Since 2011, Tullow has invested close to $40
million to deliver the adjustments required to eliminate routine flaring at
the Jubilee and TEN floating production storage and offloading unit.

 

The ERPA signed today follows a letter of intent signed between Tullow and the
Ghana Forestry Commission in March 2023 after a feasibility study on the
project was undertaken in April 2022 by Terra Global Capital, a global leader
in sustainable forest and agricultural programme development.

 

 

 CONTACTS
 Tullow Investor Relations                    Camarco (Media)

                                            (+44 20 3781 9244)
 ir@tullowoil.com (mailto:ir@tullowoil.com)

                                            Billy Clegg
 Nicola Rogers

 Matthew Evans                                Andrew Turner

                                              Rebecca Waterworth

 

Notes to editors

Tullow is an independent energy company that is building a better future
through responsible oil and gas development in Africa. The Company's
operations are focused on its West-African producing assets in Ghana, Gabon
and Côte d'Ivoire, alongside a material discovered resource base in Kenya.
Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by
2030 and has a Shared Prosperity strategy that delivers lasting socio-economic
benefits for its host nations. The Group is quoted on the London and Ghana
stock exchanges (symbol: TLW). For further information, please refer to:
www.tullowoil.com (http://www.tullowoil.com/) .

 

Follow Tullow on:

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LinkedIn: www.linkedin.com/company/Tullow-Oil
(http://www.linkedin.com/company/Tullow-Oil)

 

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