Energean: Best ESG Energy Growth Strategy Europe 2021

Exploration and production company Energean has assets and projects in nine countries around the Mediterranean and North Sea. Over the past five years, it has increased reserves and resources nearly sixfold through organic growth and strategic acquisition. Energean’s flagship project is an Israeli offshore gas development; in Greece, it is exploring the potential of underground storage for captured carbon. The company, listed on the stock exchanges of London and Tel Aviv, is a signatory of the United Nations Global Compact and has pledged to become net-zero by 2050. It adheres to recommendations from the Task Force on Climate Related Financial Disclosure, and in the Carbon Disclosure Project, Energean’s performance was ranked in the top third of exploration and production companies. It made progress on several medium-term targets in 2020, including increased production and revenues. It switched to renewable sources in Prinos, Greece and in 2021 rolled this strategy out across the operated Italian portfolio so cutting Scope Two emissions. Energean is aiming for a medium-term CO2-intensity target of less than half the global average for the oil and gas industry. The company has 620 employees and contractors from 23 nationalities, and the board and senior management teams are about one-third female. It prioritises employee wellbeing and promotes healthy lifestyles via online resources. The CFI.co judging panel recognises repeat programme winner Energean with the 2021 award for Best ESG Energy Growth Strategy (Europe).