GeoPark significantly reduces Greenhouse Gas (GHG) emissions, advances sustainability goals

GeoPark, a leading independent oil and gas exploration and production company, reduced the greenhouse gas (GHG) emissions intensity of its operations by 34.2% in 2022 compared to the previous year.

The Colombian Institute of Technical Standards and Certification (ICONTEC) certified that GeoPark reduced CO2 emissions by almost 130,000 metric tons of CO2 in 2022. This means that its emissions intensity fell to 12.1 kilograms of CO2 for each barrel produced, from 18.4 kgCO2/bbl in 2021. The achievement was made possible by successfully integrating clean energy sources into GeoPark’s operations and implementing processes that improve energy efficiency in its blocks.

The advances are part of GeoPark’s ambitious 30-year Emissions Reduction Plan announced in November 2021. In the plan, GeoPark committed to reduce the intensity of its Scope 1 and 2 emissions by 35-40% by 2025 and 40-60% by 2030, achieving zero emissions no later than 2050.

Regarding the progress made in the GHG Emissions Reduction Plan, “We know that low emissions intensity is a key element of our business model, as it makes us more competitive and contributes effectively to the mitigation of the effects of climate change,” said GeoPark Director of Strategy, Sustainability and Legal, Mónica Jiménez. “We are pleased to share this decisive progress in the emissions reduction commitments, which in addition to supporting the energy security of our operation, enable us to continue creating value for our stakeholders from an increasingly responsible and sustainable operation.”

Main milestones in GeoPark’s emissions reduction in 2022

The main projects GeoPark has implemented to integrate energy sources with lower emissions are:

• Connecting Llanos 34, GeoPark’s main asset and one of the highest oil-producing blocks in Colombia, to the national power grid (SIN) in July 2022. This project guarantees a supply of more than 50MW of energy, 70% of which is from renewable sources, replacing electricity generated from fossil fuels.
• Commissioning a solar plant with almost 10MW capacity in Llanos 34 during the last quarter of 2022, providing zero-emissions energy to the Block.

Energy efficiency projects in processes such as fluids transport by pipeline, artificial lift systems and separating fluids produced in the fields also contributed to reducing GHG emissions in 2022.

GeoPark will continue to advance in its GHG Emissions Reduction Plan in 2023, focusing on measuring and managing methane emissions, promoting energy efficiency in different processes and implementing new clean energy solutions in its operations.

For more information about GeoPark’s commitment to reducing GHG emissions, visit https://www.geo-park.com/es/esg/entorno-ambiental/accion-por-el-clima/ or view the 2022 ‘SPEED/ESG’ Sustainability Report: https://www.geo-park.com/wp-content/uploads/2023/04/GeoPark-Reporte-SPEED-ESG-2022.pdf#page=15

ABOUT GEOPARK

GeoPark is a leading Latin American oil and gas exploration and production company with assets in Colombia, Ecuador, Chile and Brazil, and which has been listed on the New York Stock Exchange since 2014. It is the second largest oil producer in Colombia with almost 8% of the country’s total production. Since it was founded GeoPark has had an Integrated Values System called SPEED, which summarizes its commitment in five critical areas: Safety, Prosperity, Employees, Environment and Community Development. SPEED has been key for GeoPark in attracting the best talent, being the preferred partner and the best neighbor, and developing a successful, safe and sustainable operation.

More information: conexiones@geo-park.com