GeoPark Publishes Its 2023 SPEED/Sustainability Report

Source: www.gulfoilandgas.com 5/3/2024, Location: South America

Strong Results in Emissions Reduction Strategy Underpin a Year of Social, Environmental and Governance Achievements
10.6 Kg CO2e/boe Emissions Intensity in 2023
7 Kg CO2e/boe in Core Llanos 34 Block

GeoPark Limited (“GeoPark” or the “Company”), a leading independent Latin American oil and gas explorer, operator and consolidator, announced the publication of its 2023 SPEED/Sustainability Report.

The SPEED/Sustainability Report outlines the Company’s advancements in environmental, social and governance areas, highlighting the significant reduction in 2023 of the Company’s Greenhouse Gas (GHG) emissions intensity. Two years after announcing its GHG emissions reduction strategy with ambitious short, medium, and long-term targets, GeoPark continues to make steady progress toward its 2050 net zero goal.

In the CEO letter presenting the Report, Andrés Ocampo, Chief Executive Officer of GeoPark, said: “GeoPark was built to be at the forefront of independent exploration and production companies in the region, with a focus on creating value and positively impacting all stakeholders. At the heart of our Company and our approach to sustainability lies our home-grown SPEED Value System, which has consistently guided our decisions and actions across five interlinked areas — Safety, Prosperity, Employees, Environment and Community Development. Deeply ingrained in our corporate culture, SPEED led us to further sustainability achievements in 2023.”

KEY SUSTAINABILITY HIGHLIGHTS

Strong Results in Emissions Reduction Plan
Through GeoPark efforts, emissions intensity fell to 10.6 kg CO2e/boe in 2023, 18% lower than 2022 and 26% less than the baseline set in the GHG emissions reduction plan announced in November 20211
Carbon intensity on the core Llanos 34 Block (GeoPark operated, 45% WI) fell 28% to 7 kg CO2e/boe in 2023, a 42% reduction from the already low baseline of 12.1 kg CO2e/boe
The improvement in the Llanos 34 Block, which supplies close to 7% of Colombia’s total oil production, reflected the first full year of interconnection to the national grid and resulted in an annual CO2e reduction of 100,000 metric tons
Facilities mitigating methane emissions led to an additional 20,000 metric tons of CO2e reduction and a 9.9 MWp photovoltaic solar plant further decreased emissions by 5,000 metric tons of CO2e

Top Accomplishments in Sustainability
In 2023, GeoPark received significant recognition for its overall sustainability efforts:

Recognized for the first time by MSCI as an ’ESG Leader’ with the Company’s rating upgraded to ‘AA’ from its ‘B’ initial rating in 2018
Obtained the ISO 45001:2018 occupational health and safety management certification for the first time and maintained the ISO 14001:2015 environmental management certification for the sixth consecutive year for the operations in Colombia, reaffirming GeoPark’s commitment to safe operations
Received Colombia’s top private sector prize for Corporate Social Responsibility, a Portafolio Award, from among 90 local and international companies
GeoPark’s Board of Directors rated as the third best in Colombia by KPMG’s Board Leadership Center after evaluating more than 30 boards in the country
Awarded the ‘Hechos de Sostenibilidad’ sustainability prize in the Decarbonization and Emissions Reduction category from the Colombian Petroleum Association (ACP)
GeoPark’s ‘Cuéntame’ grievance mechanism included by industry association IPIECA as an excellent example of community engagement in its global SDG Roadmap Progress Report
Included in the Bloomberg Gender-Equality Index for the second consecutive year, showcasing GeoPark’s cutting-edge gender policies
Joined the United Nations Global Compact and incorporated its principles into the Company strategy, culture, and daily activities
Joined the Business Ethics Leadership Alliance (BELA), a platform of over 390 companies in 60 industries that share ethics and compliance best practices

Selected Sustainability Metrics
ZERO Employees Total Recordable Injury Rate (TRIR)
ZERO Employees Lost Time Injury Rate (LTIR)
ZERO environmental fines or sanctions in our operations
ZERO barrels of crude oil spilled per million barrels produced
36.2% reduction in water consumption vs 2022
82.1% of social investment focused in rural areas
76.7% of employment generated was local
100% of employees are shareholders
100% of employees have their variable remuneration tied to water and climate change KPIs
38.9% of employees are women
47% of new employees are women

Andrés Ocampo, Chief Executive Officer of GeoPark, concluded: “Our goal is to deliver more energy, more value, and more shared prosperity. We are particularly proud of all the achievements and acknowledgments included in this report and look forward to delivering more and better results, year after year, and to building a more sustainable business.”

GeoPark’s SPEED/Sustainability Report followed the reporting frameworks set forth by the Global Reporting Initiative (GRI) and its annex on the oil and gas sector, the Sustainability Accounting Standards Board (SASB), the Sustainability reporting guide of IPIECA, the Task Force on Climate-related Financial Disclosure (TCFD), and the United Nations Global Compact Sustainable Development Goals (SDGs).


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