Jadestone Energy plc (“Jadestone”, the “Company” or the “Group”), an independent upstream production company focused on the Asia-Pacific region, is pleased to announce its interim greenhouse gas (“GHG”) emissions reduction targets as part of its Net Zero pledge by 2040[1].
Since pledging its commitment to Net Zero by 2040 in June 2022, the Company conducted detailed studies of Jadestone’s existing operated asset base[2] to develop a GHG emissions reduction roadmap. Jadestone identified a range of GHG emissions reduction measures, which were screened and subjected to technical and economic evaluation. Based on the GHG emissions forecasts in this roadmap, the Company is committing to reduce the combined absolute Scope 1 and 2 GHG emissions from its operated assets, (i) by 20% by 2026 and (ii) by 45% by 2030 (both from 2021 levels).
The interim 2026 and 2030 targets are expected to be achieved through a combination of flaring reduction measures, natural field declines and high quality carbon credits. The combined cost associated with the GHG emissions reduction measures incorporated into the interim targets set out above is currently estimated at US$15-30 million over the 2024-2030 period. The Company continues to identify, screen and implement new GHG reduction measures in an effort to further reduce direct emissions from its sites.
Paul Blakeley, President and CEO commented:
“The announcement of our interim GHG emissions reduction targets and associated investment is an important milestone for Jadestone on the road to Net Zero, and meets our commitment to report these by the end of 2023.
The Company believes that its strategy is a key component of the energy transition in the region, as existing fields and discoveries can fulfil hydrocarbon demand without requiring new resource additions from greenfield projects.
We look forward to providing further updates as we progress on our journey.”
