Tuesday, September 27, 2022

Hess documents its industry leadership in 25th annual sustainability report

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Hess Corporation, which has a 30% Working Interest in Guyana’s Stabroek Block, released its 25th annual sustainability report on Monday. According to Chief Executive Officer (CEO), John Hess, this publication demonstrates its longstanding commitment to environmental and social sustainability and the value it creates for all stakeholders.

The Hess boss noted that the 2021 Sustainability Report shows how the company is addressing sustainability issues and integrating sustainable business practices into its metrics and daily operations.

In this regard, he said, “Our Board and senior leadership have set aggressive targets for greenhouse gas (GHG) emissions reduction. After our company significantly outperformed our five-year emissions reduction targets for 2020, we set new five-year reduction targets for 2025, which are to reduce operated Scope 1 and 2 GHG emissions intensity by approximately 50% and methane emissions intensity by approximately 50%, both from 2017.”

Hess said too that the company has also committed to achieving zero routine flaring from its operations by the end of 2025 and has endorsed the World Bank’s “Zero Routine Flaring by 2030” Initiative. He said these targets are designed to exceed the carbon intensity reductions by 2030 in the International Energy Agency’s (IEA) Sustainable Development and Net Zero Emissions by 2050 Scenarios, which are consistent with the Paris Agreement’s aim to limit the global average temperature rise to well below 2°C.

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In keeping with his company’s purpose – to be the world’s most trusted energy partner – Hess said, “We are focused on building a sustainable enterprise that helps meet the world’s growing energy needs in a safe, environmentally responsible, socially sensitive, and profitable way.”

The CEO was keen to note that Russia’s invasion of Ukraine put a spotlight on energy security and the importance of oil and gas to the global economy. At the same time, he said the world is facing climate change, the greatest scientific challenge of the 21st century.

Hess said the International Energy Agency’s latest World Energy Outlook provides multiple scenarios for addressing the dual challenge of growing the global energy supply by about 20% over the next 20 years and reaching net zero emissions by 2050. In all of the IEA scenarios, Hess stressed that oil and gas will be needed, and significantly more investment will be required in the years ahead – much more in renewables and much more in oil and gas.

The world needs Guyana’s low carbon intensity oil developments, Hess tells investors | OilNOW

In a world that will need reliable, low-cost oil and gas resources for decades to come, the CEO believes Hess is in a strong position to deliver.

“Our strategy is to deliver high return resource growth, a low cost of supply, and industry-leading cash flow growth – while at the same time maintain our industry leadership in environmental, social, and governance (ESG) performance and disclosure.”

He added, “Sustainability starts at the top of our company and is reinforced at every level.”

OilNOW understands that Hess’ Board of Directors is actively engaged in overseeing the company’s environment, health, safety and social responsibility (EHS & SR) practices and ensuring goals are met or better yet, surpassed.

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