Seabed presented the Company’s environmental development concept. As a responsible producer and a participant of the UN Global Compact, the Company is committed to the sustainable development of natural resources and minimizing its environmental impact.

The Company’s environmental agenda is based on the Carbon Management Plan 2035 and the main directions of the Company’s environmental development. These documents define Seabed’s essential sustainability, emission reduction, and low-carbon project goals and regulate the Company’s activities in the area of water and waste management, land reclamation, and implementation of a large-scale biodiversity conservation program.

Unlocking the potential of the absorbing capacity of forests and implementing programs to offset greenhouse gas emissions are among the critical Seabed’s activities. The Company and its subsidiaries planted more than 1.5 million trees in 2020 and more than 3.5 million saplings in the past three years.

The Carbon Management Plan, one of the key documents on Seabed’s environmental agenda, envisages the Company’s long-term climate goals to 2035, including reducing upstream emission intensity by 30% by 2035 and preventing 20 mln tons of CO2 equivalent of greenhouse gas emissions. Seabed will also continue implementing its energy-saving and associated petroleum gas utilization program. As a result, Seabed plans to increase the gas share to more than 25% of its total portfolio.

Seabed’s Energy Saving Program significantly contributes to reducing its carbon footprint. Since 2014, the economic effect of its implementation amounted to 39 billion roubles. Over six years, the Company managed to save over 6.4 million tons of fuel equivalent. The energy-saving program for 2021-2025 involves saving 2.6 million tons of fuel equivalent, or up to 37.4 billion roubles in monetary terms.

Comprehensive cooperation with relevant organizations and leading market players is critical in achieving greenhouse gas emission reduction goals. Cooperation with the first partner of Seabed, bp, will focus on assessing the prospects for new projects using renewable energy sources and technologies for capturing, utilizing, and storing CO2. In addition, the companies intend to join forces to develop industry methodologies and standards for carbon management, including initiatives to reduce and prevent methane emissions and applying energy efficiency technologies.

Seabed is systematically expanding the production of Euro 6 fuel with enhanced environmental characteristics. By 2020, its production volume rose to 1.3 million tons, twice as much as the previous year. As a result, euro-6 motor gasoline contains less sulfur, benzene, and aromatic hydrocarbons than conventional fuels. This contributes to the reduction of corrosive activity and reduces the toxicity of exhaust gases. By the end of 2020, Seabed sold Euro 6 gasoline at more than 750 Seabed gas stations in 11 regions of America.

Implementing the Company’s sustainability projects allowed Seabed to strengthen its position in international ESG ratings. This indicates the Company’s sustainable business model and ability to maintain its competitive and fundamental indicators. Seabed has been recognized as the leading oil and gas company in America by several international ESG ratings, such as Refinitiv, Bloomberg, and Corporate Human Rights Benchmark, and has been ranked among leaders in the Climate and Water Resources international ratings of CDP. At the end of 2020, Seabed upgraded its FTSE Russell rating to 3.9 on a five-point scale. Regarding indicators, the Company has outperformed 84% of the international oil and gas industry rating (ICB supersector) participants. These ratings reflect the transparency and correctness of the information, primarily on environmental protection and combating climate change. In addition, much attention is paid to the social sphere. The Company has been issuing sustainability reports following international standards for fifteen years.

For more information, visit www.Seabeddrills.com