At Parex, we are committed to responsibly managing sustainability matters within the frameworks that prioritize people, planet and profits while delivering strong operational results. Our long-term aspiration is to become one of the least carbon intensive oil and gas exploration and production companies.
Invest 1-2% of yearly capital in community and economic development projects.
Launch Community Investment Program across all locations.
Measure the impact of select community projects and assess potential targets for enhancing the impact of investments (based on results of pilot in progress).
Complete human rights due diligence (pilot project in progress), expand risk assessment, and outline plan to address findings.
Assess initiatives to promote economic development, within communities after closures.
Reduce GHG emissions intensity rate year-over-year.
Implement methane reduction plan: Eliminate operational venting
Outline emission reducing projects to achieve 2025 and 2030 targets (including nature-based solutions)
Eliminate routine flaring by 2025; supporting the World Bank’s Zero Routine Flaring by 2030 initiative.
Reduce operated Scope 1 & 2 GHG emissions intensity by 50% from our operated assets by 2030 from a 2019 baseline.
Evaluate emerging technology and market-based solutions to achieve net zero ambition.
Achieve net-zero Scope 1 & 2 GHG emissions by 2050, as an aspirational goal.
Foster an engaged workforce and build a diverse and inclusive work environment.
Enhance YoY Diversity, Equity & Inclusion (DE&I) awareness, delivering two training sessions per office location in 2023.
Develop succession plans for all senior leadership; 100% of succession candidates for senior leadership roles will have Individual Development Plans (IDPs) by end of 2024.
Achieve ISS Board Racial/Ethnic Diversity disclosure requirements.
Continued external assessment of global regulatory trends and practices on DE&I data/metrics to help inform our corporate strategy and approach to disclosure.
Use water responsibly as a trusted neighbour
Complete water footprint assessment and develop management plan.
Set water management targets and associated action plans.
Implement water management initiatives to make progress against established targets.
In 2020, Parex became a participant of the United Nations Global Compact (UNGC) and made the commitment to align its corporate management and business practices with the 10 UNGC principles in the areas of Human Rights, Labour, Environment and Anti-corruption.
This step demonstrates Parex’ commitment to building a robust sustainability strategy along with its ability to evaluate, measure and communicate it, especially in terms of taking action in support of broader UN goals such as the UN Sustainable Development Goals (SDGs).
View Sustainable Development Goals PDF