- Challenges in securing performance guarantees due to market-wide and Company-specific reductions in issuer appetite
- Increased losses on the Thai Oil Clean Fuels project
- Write-downs of receivables to protect cash flows in E&C
- Low activity levels with adverse operating leverage in E&C
- Bad debt provision for a client entering insolvency in Asset Solutions
- Delays to securing guarantees contractually required to deliver contracts awarded in the year
- Fragile financial position requiring a comprehensive financial restructure
Petrofac Limited
Greenhouse gas emissions & sustainability report data
In its 2023 reporting, Petrofac Limited disclosed greenhouse gas emissions of 167.0K tCO2e (Scope 1) + 4900 tCO2e (Scope 2) + 1.1 million tCO2e (Scope 3). By scope: Scope 1: 167.0K tCO2e; Scope 2: 4.9K tCO2e; Scope 3: 1.1M tCO2e. Figures are as stated in the company's own report and may use different boundaries, units or methods (for example market-based vs location-based Scope 2), so compare with care.
GHG Emissions
167.0K tCO2e (Scope 1) + 4900 tCO2e (Scope 2) + 1.1 million tCO2e (Scope 3)
2023
Renewable Energy
20% (target by 2023), 50% (target by 2030)
of total energy
📊 Emissions by Scope (2023)
| Scope | What it covers | Reported value |
|---|---|---|
| Scope 1 | Direct emissions from sources the company owns or controls (fuel combustion, company vehicles, process and fugitive emissions). | 167.0K tCO2e |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 4.9K tCO2e |
| Scope 3 | Other indirect emissions across the value chain (purchased goods, business travel, use of sold products, etc.). | 1.1M tCO2e |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
📈 Emissions by Report Period
| Report period | Headline emissions figure reported |
|---|---|
| 2023 | 167.0K tCO2e (Scope 1) + 4900 tCO2e (Scope 2) + 1.1 million tCO2e (Scope 3) |
| 2022 | 200.0K tCO2e (Scope 1 & 2 combined) |
| 2020 | 250.0K tCO2e |
Each row is the headline figure extracted from a different report; scope coverage and methodology can change between years.
✅ Reported Environmental Achievements
- 13% reduction in Group-wide Scope 1 emissions
- 15% cut in emissions at Malaysian operations
- 22% saving in electricity usage at Sharjah office, UAE
- Switched to 100% green energy in Mumbai office, India
- LEED Green Building certification for Chennai office
🎯 Climate & Sustainability Targets
🔜 Short-term
- Strengthen the Group’s balance sheet and secure the Financial Restructure
📅 Medium-term
- Achieve US$4 billion to US$5 billion in revenue (20% from energy transition projects)
- Achieve EBIT margins of 6% to 8%
- Achieve a strong balance sheet with net cash
- Net Zero (Scope 1 and 2 emissions) by 2030
🔭 Long-term
- Net Zero emissions by 2050
🌱 ESG Focus Areas
Climate change and GHG emissionsCircular economyDiversity and inclusionWorker welfareHuman rightsIn-country valueProcess safetyResponsible governanceAnti-bribery and corruptionEthical conduct