Climate:

Our target is to achieve, by the year 2010, an annual reduction of 1.5 million tons of CO2 equivalent on equity basis. Results will be calculated by assessing the amount that would have been released if no special measures had been taken, and by comparing that figure against actual performance.

Challenges:

The group recognizes that a heavy commitment is required to reduce the contribution of human activity to global warming. It supports the Kyoto protocol, and believes that this lays the basis for a global collaboration to combat climate change.

Measures:

A comprehensive program on cutting carbon dioxide emissions has given the Group valuable experience in developing and adopting effective solutions in this area. Since the group has removed about a million tons of carbon dioxide annually from its well-stream for storage beneath the seabed. This method is also being applied to all Group's development in their locations, where some 700 000 annual tons of the greenhouse gas will be returned to a formation beneath the reservoir. In addition to emission-reducing measures in its own facilities, the Group has invested USD 10 million in the World Bank's prototype carbon fund. This utilizes the flexible mechanisms provided by the Kyoto protocol, and invests in energy projects which can reduce carbon dioxide emissions in developing countries.

Results:

The Group nation oil industry is one of the most emission-efficient in the world. Its averages about 40 kilograms of carbon dioxide per unit produced (kg per produced scm o e). That compares with an average of roughly 130 kilograms per produced unit on a global basis, according to figures from the International Association of Oil and Gas Producers (OGP).