Kistos’ main objectives are to generate value for shareholders and other stakeholders while maximising our credentials for sustainability and low-carbon production. We want to make returns to shareholders in a way that benefits current and future generations
We recognise that the world needs to move on from fossil fuels such as coal towards more sustainable sources of energy. This is not straightforward, but Kistos is an energy business that fully embraces the Net Zero 2050 agenda. Our founding principle is to be part of the energy transition by producing hydrocarbons with the lowest-possible carbon footprint.
Natural gas will be critical to Europe’s transition to a low-carbon future, so our approach involves increasing our reserves and production capacity of natural gas with low Scope 1 and Scope 2 greenhouse gas (GHG) emissions. Oil will also remain part of Europe’s energy mix for the foreseeable future and it will be important to minimise the carbon footprint of those barrels.
We already proudly produce gas in the Dutch and UK sectors of the North Sea through the unmanned Q10-A platform, which is powered by renewable wind and solar energy, and from the Greater Laggan Area (GLA).
Our Board continues to leverage its extensive experience to identify opportunities for acquisitions in the energy sector as well as operational improvements while fully embracing the Net Zero 2050 and energy transition agenda.
In May 2021, we acquired Tulip Oil Netherlands (renamed Kistos NL1) and its subsidiary Tulip Oil Netherlands Offshore (Kistos NL2). This deal provided us with a 60% interest in, and operatorship of, the producing Q10-A gas field, as well as other oil and gas discoveries in the Dutch sector of the North Sea.
Then, in January 2022, we agreed to acquire a 20% interest in the GLA gas fields west of Shetland from TotalEnergies. This will further increase our gas production capacity and provide an additional foothold in the UK from which we can continue to grow our business.
Our third acquisition in three years was completed in May 2023 when we acquired Mime Petroleum AS (renamed Kistos Energy Norway AS (KENAS)). Marking our entry into the Norwegian Continental Shelf (NCS), this transaction added significant oil reserves and resources to our portfolio and further diversified our production base.
Kistos also acquired EDF’s onshore UK gas storage assets in Cheshire in 2024. These new assets could be potentially deployed to support the energy transition in the future.
Beyond our business strategy, it is important to manage the environmental, social and governance (ESG) issues associated with our Group through responsible business practices. See the ESG page for a summary of our ESG strategy, issues and goals.