Kistos’ main objectives are to generate value for shareholders while maximising the company’s sustainability and low-carbon footprint credentials.
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 a hydrocarbon business that fully embraces the Net Zero 2050 agenda. Our founding principle is to be part of the energy transition by producing gas with the lowest possible carbon footprint. Producing 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 2 GHG emissions. We already proudly produce gas in the North Sea through the unmanned Q10-A platform, which is powered by wind turbines and solar energy to minimise its carbon footprint.
In the first half of 2021, we purchased Tulip Oil Netherlands (renamed Kistos NL1) and its subsidiary, Tulip Oil Netherlands Offshore (renamed Kistos NL2). This deal provided us with 60% interests 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 Greater Laggan Area (GLA) gas fields West of Shetland from TotalEnergies. This will further increase our gas production capacity and provides an additional foothold in the UK from which we can continue to grow our business.
Beyond our business strategy, it is important to manage the environmental and social issues associated with our Company through responsible business practices. On the following pages, we summarise how we identified our priority ESG issues and our new ESG strategy and goals.