Pandion Energy Launches Strategy to Net Zero Carbon

Pandion Energy recognises that climate change is of critical importance to the future of the planet and supports the goal of the Paris Agreement to achieve a carbon neutral global economy.

The commitment to carbon neutrality has been achieved initially by offsetting CO2 emissions through programmes that are aligned with the UN Sustainable Development Goals.

Despite the Company’s carbon intensity per produced barrel being one of the lowest in the global E&P industry – ranging from 1.2 – 3.4 CO2e/boe for its net production – Pandion Energy recognises the importance of minimising its carbon impact as swiftly as possible.

Pandion Energy’s approach to maintaining its low carbon impact position is set out in its Strategy to Net Zero Carbon document and includes:

  • Pursuing exploration and appraisal opportunities only in areas with existing or plausible future access to renewable energy sources
  • Incorporating GHG emissions and the potential for future carbon reduction as a new investment criterion for Development and Production assets
  • Incorporating the cost of carbon in evaluating new investments

Pandion Energy aims to align our disclosures with the recommendations set forth by Task Force on Climate-related Financial Disclosures (“TCFD”) from 2021.

CEO of Pandion Energy, Jan Christian Ellefsen says:

A carbon light strategy has always been an imperative for Pandion Energy and our ongoing commitment to carbon neutrality alongside our new investment criteria represents a further positive step in our ambition to achieve Net Zero.

“As the rest of the world starts to move closer to Norway’s leading position on carbon emission reduction, we will continue our work to minimise our footprint and support other players in the sector to do the same.

We also see that further improvements to sharing of environmental data from operators to partners in all licences on the NCS, is an important step to reduce the industry’s climate footprint. Pandion Energy will be working actively towards a common industry standard for sharing and reporting on such data.”

Download Pandion Energy’s full Net Zero Strategy statement.

Pandion Energy awarded five APA licenses

The APA award was announced by the Minister of Petroleum and Energy, Tina Bru on Tuesday 19 January. For more information about the APA 2020 Licensing Round see Ministry of Petroleum and Energy’s website.

Pandion Energy has been awarded the following licenses:

  • License PL 1108 in block 35/9 is located on the Måløy slope, west of the Gjøa field and north-east of the Nova field. Pandion Energy has considerable experience in this area, including the Duva field development project. Pandion Energy has been offered a 30 percent participating interest in PL 1108
  • License PL 1119 in blocks 6406/2,3,5 & 6 is located in the central part of the Halten Terrace, adjacent to the Tyrihans Sør, Trestakk and the Lavrans fields, as well as multiple discoveries. Pandion Energy has been offered a 20 percent participating interest in PL 1119.
  • License PL 263 F is additional acreage to PL 263 D/E located in the Norwegian Sea. The PL263 D/E license announced a minor gas discovery in exploration well 6407/1-8 S in November 2020. Pandion Energy holds a 20 percent interest in the license.
  • License PL 820 SB is additional acreage to PL 820 S, located in the central part of the North Sea, northwest of the Balder and Ringhorne fields. In March 2020, the partnership announced the discovery of oil and gas in exploration well 25/8-19 S, including two sidetracks. Pandion Energy holds a 12.5 percent interest in PL820 S of which a 2,5 percent interest was acquired in December 2020 and is pending completion.
  • License PL 891 B is additional acreage to PL 891, located in the central part of the Norwegian Sea, north of Heidrun. In December 2020, the partnership announced a significant oil discovery in exploration well 6507/5-10 S. Preliminary estimates place the size of the discovery between 75 to 200 million barrels oil equivalent. Pandion energy holds a 20 percent interest in the license.

VP Exploration and Appraisal of Pandion Energy, Bente Flakstad Vold comments:

“In addition to expanding our exploration portfolio we have secured strategically important acreage surrounding the discoveries Pandion has taken part in during the past year, further strengthening our position in areas where we see additional upside potential.”