Repsol’s issue of certified green bonds, the first of its kind in the global oil and gas sector, has won the recognition of Petroleum Economist magazine.
The company has a Production Sharing Contract (PSC) with the Guyana Government to explore the offshore Kanuku block where it has a 70% stake.
The panel of judges for the Petroleum Economist Awards which highlight the top leaders, companies and projects in the sector, has recognized the company’s innovation and commitment to reducing emissions in its operations using the funds derived from these bonds.
“We wanted to recognize the contribution that Repsol has made to pushing the industry forward in a sustainable way,” said Petroleum Economist Managing Editor, Helen Robertson.
Paul Ferneyhough, Repsol’s Corporate Director of Finance & Investor Relations, received the award and highlighted the company’s commitment in the fight against climate change through numerous initiatives.
In May, Repsol became the first oil company in the world to issue a 500 million-euro certified green bond, which was well received by investors. The bond will fund over 300 projects that will reduce emissions by improving efficiency through innovation and technology.
Repsol believes this type of bond is one of the most important individual initiatives in advancing the fight against climate change. In addition to these initiatives, Repsol participates in the Oil and Gas Climate Initiative (OGCI), which develops projects that promote the energy transition and the fight against climate change.
The Petroleum Economist Awards aim to celebrate the people, companies and projects which epitomize the best of the energy industry. The scheme particularly seeks to identify and recognize examples of innovation and originality; sound business practice; and commitment to environmental protection and employee welfare.
These awards are deliberated by a panel of independent experts, which represent all areas of the international energy industry, including OPEC Secretary General Mohammad Sanusi Barkindo, and Neil Atkinson, the Head of the Oil Industry and Markets Division at the International Energy Agency (IEA).