Enhancing Sustainability of Mature Oil and Gas Fields

XP launched its latest Sustainability Report, detailing the achievements in enhancing the sustainability of mature oil and gas fields.

In 2023, XP issued the first Methane Emissions Report for its 2022 activity based on OGMP level 2 guidelines, together with a comprehensive 4-year roadmap aimed at achieving the highest levels of accuracy and accountability under the OGMP framework and an aggressive reduction target of reaching 0.20% methane intensity in 2025. This work was honoured by OGMP (Oil & Gas Methane Partnership) with a Gold Standard, reflecting the commitment to achieving the highest level in methane emissions monitoring. Building on this, XP’s 2023 report adopts OGMP level 3 guidelines, enhancing the accuracy of the emissions inventory and enabling to address more leaks effectively.

Another important contribution in mitigating Climate Change is reducing the energy intensity of the company’s own operations. In 2023 XP had a further improvement of 12% in Energy Intensity compared to 2022. Also, in the last 10 years XP has reduced the Energy intensity of its operations by more than 85%.

 

2023 Performance highlights and milestones

• 4th consecutive year of strong and solid financial growth
• Gold Standard status from OGMP
• The opening of a new office in Astana in the Republic of Kazakhstan
• XP Upgreen executed its first consulting project for a private gas company to identify new decarbonization projects on its gas fields
• Conducted its first leak detection and repair program on all their operated fields in Romania and Ukraine
• Continued investment in Ukraine to increase production, optimize operations and decrease methane emissions
• 4 of the top 5 onshore oil wells in Romania have been drilled or enhanced by XP
• XP fields under management in Romania and Ukraine are ready for EU methane regulation
• In the last 5 years XP managed to reduce its freshwater withdrawal intensity by 85%.

“XP’s strategy goes beyond increasing production and reserves; it encompasses reducing the environmental footprint of our operations, ensuring a safe and healthy workplace for our employees, and striving for operational excellence guided by the highest business ethics standards,” XP’s CEO, David Martinon, stated.

“In 2023, I have been particularly proud and supportive of our Ukrainian team’s commitment to ensure we deliver above expectations the necessary energy to the Lviv community,” XP’s Michel Louboutin, Chief Operational Office, added.