It is becoming increasingly incumbent on nations and their economies to transition to a low-Carbon energy future. Gabon is no exception and Capitaine Energy is committed to being a long-term partner with Gabon. With success in future projects, Capitaine will adopt protocols to ensure low GHG emissions, whilst providing for sustainable local development. Capitaine will apply Canadian ethical standards and governance to its business practice.
Many private investment organizations, which previously invested extensively in hydrocarbon resources are now wary of the negativity surrounding the climate risks associated with oil/gas and some investor segments have already turned away from fossil fuels completely. However, the "transition" to a low-carbon future will be a multi-decade process and investment in new hydrocarbon resources will still be needed in the short to mid-term. To meet these needs, particularly in Gabon, Capitaine Energy intends to play a significant role.
Investment groups that have elected to stay the course, are placing greater emphasis on low carbon intensity, GHG emissions in Stage 1, upstream (exploration/development) operations, and will only support projects that can attain a top quartile, volume weighted emissions performance. Due to its historic flaring practices, studies done at Stanford University in the U.S., place Gabon unfavourably with respect to several of its neighbours [viz. Note 3]; however, Capitaine Energy coming in with a "clean slate" and given its extensive experience and knowledge base in Gabon, is well positioned to manage these challenges. Tested oils in the area of interest are lighter, paraffinic crudes, in the 30 to 35 deg API range, which in conjunction with a development implementing gas reinjection and minimal flaring, should align with top quartile ESG performance similar to Gabon's neighbour Equatorial Guinea.
Capitaine Energy will implement a best practice approach to maintain top quartile ESG performance and is committed to responsible field development, using gas re-injection when no alternative market or facility is available for produced gas; it will implement leak detection and repair (LDAR) monitoring for methane, volatile organic compounds (VOC's) and other fugitive emissions. Before commencement of any development project, an expert assessment of its environmental and social impacts, and the health and safety risks to personnel will be commissioned and the recommendations and the appropriate measures required to deal with these effects will be implemented.
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