- Social challenges due to community dynamics and socio-political changes in the regions.
- Concerns about environmental performance and demands from investors and stakeholders concerning climate change and environmental compliance.
- Insufficient support for policies promoting low carbon alternatives, strong market competition, or high costs associated to emerging technologies such as carbon capture and storage (CCS).
- Decreasing oil demand in line with global emission reduction targets.
- Security challenges in the region.
SierraCol Energy
Greenhouse gas emissions & sustainability report data
In its 2023 reporting, SierraCol Energy disclosed greenhouse gas emissions of 301.3K tCO2e/year (Scope 1 & 2). By scope: Scope 1: 302 ktCO2e/year; Scope 2: 52 ktCO2e/year; Scope 3: 8.9K ktCO2e/year. 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
301.3K tCO2e/year (Scope 1 & 2)
2023
Renewable Energy
76%
of total energy
Water Usage
128.7K Megalitres/year
2023
Waste
14.2K tons/year
2023
Energy Use
764.0K MWh/year
2023
📊 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). | 302 ktCO2e/year |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 52 ktCO2e/year |
| Scope 3 | Other indirect emissions across the value chain (purchased goods, business travel, use of sold products, etc.). | 8.9K ktCO2e/year |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
✅ Reported Environmental Achievements
- 47% reduction in scope 1 and 2 emissions vs 2020 baseline. On track for a 60% reduction in 2024.
- Replaced 41 MW of crude oil self-generation with energy from the national grid. On track for 57MW replacement by end of 2024.
- No surface water used in water-stressed areas.
- Signed 18 conservation agreements with local communities for 5 years, for the protection of 75.6 hectares and rehabilitation of 39 hectares of strategic ecosystems.
- Established an alliance with a company that uses Waste Electrical and Electronic Equipment.
- Initiated a project to utilise organic material for composting, achieving a reuse of 67.8 tonnes.
- Recycled 22 tonnes of material (paper, cardboard, etc.).
- Assessed new environmental legislation for licensing and reporting, finding no significant impact on operations.
- Managed 43 environmental licences and permits without material non-compliance issues.
🎯 Climate & Sustainability Targets
🔜 Short-term
- Reduce conventional waste to disposal by 25% by 2024.
- Establish 30 conservation agreements with local communities by 2024.
- 100% of construction activities with produced water recirculation by 2025.
- 100% firefighting test with recirculated produced water by 2025.
📅 Medium-term
- Achieve 60% reduction in scope 1 and 2 emissions by 2024.
- Replace 57MW of crude oil self-generation with energy from the national grid by end of 2024.
- Eliminate routine gas flaring by 2025.
🔭 Long-term
- Aspire to carbon neutrality by 2030.
🌱 ESG Focus Areas
Climate Change & EmissionsWater ManagementCommunity & SocietyHuman CapitalEmployee Health & SafetyAsset Integrity, Process Safety & SecurityCorporate Governance & Compliance, Ethics and TransparencyEconomic Performance