Since inception, OQEP has proven its enduring commitment to environmental integrity, mitigating climate change, health and safety, employee wellbeing, sustainable development and other ESG-related issues are directly aligned with its operations, investments, and corporate strategy.
OQEP has developed a Sustainability Strategy underlining its commitment to operating as a socially and environmentally responsible corporate citizen. The strategy sets out OQEP’s principles and methodology for undertaking a number of corporate social responsibility initiatives in alignment with Oman Vision 2040 and the UN’s Sustainable Development Goals (SDGs).
The guiding principles of ESG are present through OQEP’s sustainability strategy. From an environmental perspective, OQEP aims to achieve net zero by 2050, with a short-term target of a 25% greenhouse gas (GHG) reduction by 2030.
OQEP has launched eight Corporate Social Investment (CSI) initiatives and has made remarkable strides in social investments.
Key governance initiatives include mandatory cybersecurity training, HSSE training and ethics training for all employees and new hires on the OQ Code of Conduct, whistleblowing, and conflicts of interest.
OQEP has a strong commitment to decarbonisation and the reduction of its greenhouse gas (GHG) emissions, aiming to achieve net zero in scope 1 and scope 2 by 2050 and a 25% reduction in absolute emissions by 2030 against a 2021 baseline.
We have already achieved an outstanding GHG intensity in operated assets below 15kg CO2/boe. This achievement was made possible by transitioning from diesel to gas for power generation and adopting cutting-edge technology, surpassing the OGCI 2025 target ahead of time.
Another example of our decarbonisation efforts is the innovative SMART Fugitive Methane Leak Detection tool, which OQEP deploys to reduce GHG emissions by detecting and repairing leaks.
OQEP is actively pursuing several energy projects aimed at reducing greenhouse gas (GHG) emissions. Among the most significant initiatives is the electrical connection between Block 60 and the governmental electricity distribution network, which is slated for completion by mid-2025. Once this project is completed, energy production in Block 60 will transition away from burning gas and diesel. Additionally, the company is collaborating with OQ Alternative Energy on a solar energy project that will have a production capacity of approximately 35 megawatts per hour.
We leverage smart integrated technologies to deliver innovative and sustainable solutions that meet business goals. OQEP has embraced digitalisation to optimise HSSE practices. These technologies include electronic permits to work, incident and HSE statistics reporting, incident investigation, journey management plans, and emergency notification and response workspaces for response teams.
OQEP is going beyond conventional techniques to take advantage of even the most complex opportunities. 3D WAZ seismic acquisition, coupled with advanced seismic processing such as FWI PSDM, RTM, advanced geological analysis, modelling, and advanced high-resolution logging technology have been widely used by OQEP to explore, find, appraise, extract, and deliver oil and gas resources.
OQ Group publishes its Sustainability Report, highlighting key details of performance of the OQ Group and its business units across an array of ESG (Environmental, Social, and Governance) metrics. The detailed annual report reflects OQ Group's commitment to operating and growing in a sustainable manner while generating shared value for all our stakeholders.