Africa Oil Corp. a Canadian oil and gas company with producing and development assets in deepwater Nigeria, development assets in Kenya, and an exploration/appraisal portfolio in west and south of Africa has shown a strong commitment towards achieving a net zero target by 2025.The company through its recently published 2022 Sustainability Report as reiterated the emissions free offshore operations in its deepwater asset and Zero fatalities and Lost Time Injuries in Nigeria.

According to the company’s latest emissions assessment release, the net equity emissions of 117 kilo tonnes carbon dioxide equivalent (ktCO2e) during 2022 was recorded, representing an 8% decrease compared to 2021. The gas flaring at the Company’s Nigerian assets has been reduced to 27% year-over-year. The company also disclosed in its report that more than 20% of emissions offset via purchase of Verra certified carbon credits was achieved on road to carbon neutrality target in 2025.

Africa Oil reported Adoption of new Diversity, Equity and Inclusion policy with inclusion of aspirational diversity targets at the Board and Management level. The company also pledged for continuation to expand ESG disclosures, with Taskforce on Nature-related Financial Disclosures (TNFD) pilot and in addition to Global Reporting Initiative (GRI).

“To meet our goal of carbon neutrality by 2025, we have actively advocated through our interest in Prime for emissions reduction opportunities at our assets in Nigeria, with a particular focus on flaring and asset optimization. I am delighted these efforts contributed to a 27% year-over-year decrease in flaring in 2022 and contributed to an 8% reduction in overall emissions. Flaring is now half the rate it was in 2019, before we acquired the assets, and we continue to see improvements, with average flaring levels year-to-date in 2023 roughly a third of those in 2022.

We have also continued to strengthen our approach to social and governance matters internally, including the introduction of a new Diversity, Equity and Inclusion Policy, which enshrines our commitment to promoting diversity across the organization. I am also pleased to report that Africa Oil renewed its membership in the Extractive Industries Transparency Initiative (“EITI”) and the United Nations Global Compact. As such, I am pleased to reaffirm our support for the EITI Principles and the Ten Principles of the UNGC in the areas of Human Rights, Labour, Environment and Anti-Corruption,” Africa Oil Chief Executive Officer, Keith Hill, commented. Africa Oil Corp holds 50% equity interest in Prime Oil & Gas Coöperatief U.A. Prime holds an 8% interest Nigeria deepwater assets in block OML 127 containing the Agbami Field and a 16% interest in OML 130 containing the Akpo Field and the Egina Field.