GeoPark Emissions Reduction Plan Wins at the Schneider Electric Sustainability Impact Awards

GeoPark one of six companies in Colombia to win; the only oil and gas company.

Source: Schneider Electric

GeoPark is one of the South American winners in the second version of the Schneider Electric Sustainability Impact Awards, organized by energy management and automation digital transformation leader Schneider Electric, in the ‘Impact on My Company’ category.

The award was for oil and gas exploration and production company GeoPark’s efforts to reduce greenhouse gas (GHG) emissions in its operations, through implementing an emissions reduction plan with specific goals that contributes to the fulfillment of the Nationally Determined Contributions (NDCs) of the countries where it operates.

The plan was implemented in 2022, when GeoPark reduced the GHG emissions intensity of its operations by 34.2% from the previous year. According to the Colombian Institute of Technical Standards and Certification (ICONTEC), the Company’s CO₂ emissions reduction in 2022 was some 130,000 tons.

Actions that made the achievement possible included interconnecting the Llanos 34 block to the national grid and starting operations of a 9.9MWp photovoltaic solar plant in the same block, as well as implementing energy efficiency processes in critical areas of GeoPark operations. The Company achieved further energy efficiencies through technology solutions, demonstrating its commitment to sustainability and becoming a benchmark for excellence in oil operations.

“I want to congratulate GeoPark for its sustainability progress and actions over the last year,” Schneider Electric’s Energy and Chemical Regional Leader Carolina Calderon said. “Achieving carbon neutrality is a goal that goes beyond the company and is shared by industry and society. We want to work together to share best practices and experiences, reduce greenhouse gas emissions and increase the efficiency of energy consumption to mutually promote industrial decarbonization. GeoPark has definitely played a prominent role in this journey over the past year.”

“These actions represent our commitment to our SPEED Value System, which is a guide for decision-making in our Company,” GeoPark’s Sustainability Manager Clara Sofia Gomez Botero said. “Low emissions intensity is a key element of our strategy, and is reinforced through black and white targets that will take us to net zero by 2050. We are proud to receive this award, which shows that we are moving in the right direction with our emissions reduction commitments, supporting the energy security of our operation and enabling us to continue creating value for our stakeholders from an increasingly responsible and sustainable operation.”

GeoPark’s emissions reduction plan is an illustration of the opportunities in the oil and gas industry to continue moving towards cleaner and more responsible operating models, a path in which technology is the key tool to achieve the most ambitious decarbonization goals while ensuring efficient and sustainable energy consumption.

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