“The low-carbon transition is at the forefront of our minds, as is the net zero ambition of the UK, so when we think commercially about our assets we need to include environmental considerations as well. We recognise that we’re in an energy transition, and that our industry is playing an important role in that transition. We all agree on the importance of reducing the CO2-intensity of our energy systems over time, and we are committed to playing our part in that process.”
Russ Alton, CEO NEO Energy
We are a next generation UKCS operator seeking to unlock the long-term value that remains in the UKCS through an industry-leading commitment to upholding the highest standards with respect to environmental, social and governance policy.
In line with the Oil & Gas Authority’s position on maximising economic recovery, our approach centres on increasing the longevity of our assets by conducting highly efficient and cost-effective extractive practices and a full lifecycle approach.
We are committed to the Oil and Gas UK Vision 2035 initiative, which provides an industry blueprint to support the national commitment to reach net zero emissions by 2050 and are exploring potential emissions reductions strategies for all assets. Our portfolio includes older assets and we acknowledge that these currently have higher carbon intensity and we aim to work together with our partners and explore the potential for emission reductions.
In 2019, NEO committed £2.5 million to a Scottish university to support their carbon reduction studies and initiatives, as well as £0.5 million to GeoBus, an education industry initiative.
Low Carbon Transition Plan
NEO’s Low Carbon Transition Plan focuses on how we will reduce carbon emissions today and put net zero at the heart of our future growth strategy, without compromising value creation or the role we play in employing and investing in people and the communities in which they live.
NEO will seek to reduce the carbon intensity per barrel of oil equivalent produced by NEO’s portfolio by 50 per cent by 2030. To achieve this, NEO will invest in technology and systems, such as the full or partial electrification of our operations, required to reduce carbon output.
NEO is aligned with the UK’s net zero by 2050 target and is proactively working with partners, regulators, and industry bodies to play its part in achieving this goal. In line with The OGA Strategy, a key aspect of NEO’s approach will be to maximise economic recovery from its assets, bringing down the carbon impact per barrel of production.
Reduce by 50% the carbon intensity per barrel of oil equivalent produced by NEO’s portfolio by 2030.
Be net zero by 2050.
Our Health, Safety, Environment & Social Responsibility Policy Statement
As set out in our Health, Safety, Environment & Social Responsibility Policy Statement, we will conduct our business activities with a full commitment to the health and safety of people and to the protection of the environment.