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Climate Change

Our Commitment on Climate Change

Climate change is an important global issue requiring cooperative action by governments, industries and communities around the world. Valeura welcomes the ambition of the 2015 Paris Agreement to strengthen the global response to climate change. Valeura is committed to playing its part by providing a cleaner form of energy that supports social and economic development now and for future generations. As the world moves towards a low carbon economy, natural gas will play an important role as a transition fuel helping to meet the primary energy demands of society, whilst offsetting more carbon-intensive fuels like coal and liquid hydrocarbons. Natural gas has the lowest carbon intensity of all non-renewable energy sources with about half the emissions of coal at the point of combustion.  Responsible and reliable sources of natural gas should be utilised to fill the void that cannot be met by renewable energy sources during the energy transition to a lower carbon world.

Valeura is proud to be working in Turkey to provide a source of domestic natural gas. Currently, Turkey is heavily reliant on imported oil and gas in its energy mix and this has increased pressure to utilise domestically-sourced coal for power generation. Additional sources of domestic natural gas will assist Turkey by replacing coal with natural gas, thus lowering the country’s carbon emissions, reducing the demand for energy imports and enhancing energy supply security.

Valeura is committed to reducing the direct impact from our activities in the communities in which we operate. We are focused on minimising any flaring from wells, lowering GHG emissions, and reducing waste in all our operations.

In everything we do, we strive for continuous improvement.

Our Commitment on Green House Gas (GHG) Emissions

Flaring of natural gas is one of the most significant sources of GHG emissions in oil and gas production with the global average in the industry being 1.4% of the total hydrocarbons produced (IOGP 2015). Through both its historic gas production business and its deep tight gas appraisal play, Valeura has strived to be a leader in flare reduction, and has not conducted routine flaring during production operations – 0.0% of the hydrocarbons produced for customers.

Under specific circumstances, new exploration wells drilled by Valeura may require limited flaring during short-term testing. Also, some future development wells may require flaring during clean-up, prior to commencing commercial production. Any flaring is strictly limited to short, predetermined periods. Valeura’s flaring reduction strategy is enabled by its ongoing access to the regional natural gas transportation network in the Thrace Basin. New wells are immediately tied into the existing infrastructure eliminating the need to flare gas.

Valeura operates in a manner aimed at minimising its environmental impact, including reducing greenhouse gas emissions, and believes its practices are highly compatible with the priorities of best-in-class international operators.