FAR Limited is committed to achieving excellence in managing environmental, safety, health and social performance in all work places, activities and operations. It is acknowledged that, to be most effective and to achieve long term success, this should become part of the culture of the organisation, embedded into FAR’s philosophy, practices and business processes.
FAR is an oil and gas exploration company and explores for oil in a number of international jurisdictions. Offshore West Africa in Senegal waters, FAR with its partners made an important oil discovery in 2014. The development of this field is underway and oil production is expected to commence in 2022.
FAR considers that oil and gas will remain a large part of the global energy mix into the future. This policy co-exists with FAR’s objective of achieving corporate growth that meets broad community expectations as it moves towards being an oil and gas producer.
Recognition of Climate Change Concerns
FAR recognises that the use of oil and gas to meet the world’s energy needs has contributed to the rising concentration of greenhouse gases in the Earth’s atmosphere, particularly in the last 50 years. FAR acknowledges that there is substantial community concern globally about the impact of these gases with respect to global climate trends. FAR seeks to mitigate its impact where possible.
Acknowledgement of Responsibility
FAR recognises its responsibility to support national greenhouse gas emissions reduction initiatives where it can. FAR supports governments in their efforts to take action on these emissions whilst maintaining a secure and affordable energy supply during a transition to a lower emissions future. FAR acknowledges its own responsibilities in this context and its commitment to be part of a combined approach of a reduction in greenhouse gas emissions.
FAR acknowledges the Paris Agreement, which pledges to limit the rise in temperature to below two degrees Celsius and supports efforts to create a co-ordinated global emissions reduction process.
Greenhouse Gas Emission Inventories
FAR is not currently an oil or gas producer. Accordingly, FAR’s greenhouse gas inventories and emissions are currently negligible. This includes direct emissions, indirect emissions from purchased energy, as well as further relevant emissions in the corporate value chain. This is verifiable with a high level of assurance. As FAR looks to the future as a producer of oil and gas, FAR strives to do so in line with best industry practice and looks to do this in collaboration with host governments, joint venture partners and other stakeholders.
Emission Reduction Support and Actions
FAR supports efforts to reduce emissions in a world challenged to do the same. FAR’s greenhouse gas emissions are currently negligible. Accordingly, there is limited scope to reduce these further at present. At the same time, FAR undertakes prudent, practical and cost-effective actions to:
- Use energy-efficient products
- Use alternative, low emissions technologies
- Support stakeholders in their efforts to reduce their greenhouse gas emissions
- Regularly review opportunities to improve energy efficiency
- Use technology such as video conferencing to reduce air travel
- Encourage climate change considerations in our procurement and supply chains
- Embed climate change adaption into executive KPIs and associated incentives where appropriate
- Seek alternatives to flaring and venting hydrocarbons from exploration and future production wells
- Promote transparency by publishing a sustainability report in due course as FAR comes closer to oil or gas production
Further information and our full Climate Change policy can be found here.