VAALCO send its 2021 report on Environmental, Social, and Governance (“ESG”), and it now is available on its website, www.vaalco.com, under the “Sustainability” tab.
VAALCO´s ESG-created initiatives in the report cover from 2019 to 2021. The Company is constantly consulting with the Sustainability Accounting Standards Board (“SASB”) to prepare qualitative and quantitative information data.
Their primary focus is the oil and gas exploration and production sustainability accounting standard. This year Vaalco decided to take a more critical step toward the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”).
“We continue to emphasize capturing, monitoring, analyzing, and ultimately presenting our ESG performance with our stakeholders. I am pleased to present VAALCO’s 2021 Annual ESG Report.” Commented Chief Executive Officer George Maxwell about their release.
He also said, “In what has been a busy year for the team, the continued progress that we are making across all aspects of our operating and social performance is very positive.”
At last, he highlighted, “Importantly, we grow with our commitment to defining a clear emissions reduction strategy. We also, continue to acquire new competencies into our team. The appointment of an ESG Process Engineer with extensive oil and gas experience will enable the Company to take a pragmatic look at our operating base to design a suitable decarbonization pathway. I look forward to providing further updates in due course.”
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The Company has its base in Huston, Texas. Also has an independent energy company with production, development, and exploration assets in the West African region. It has a 63% participation interest in the Etame Marin block, located offshore Gabon. To date has produced over 126 million barrels of crude oil and of which the Company is the operator.