Union Jack Oil Plc (LON:UJO) has revealed the highlights of a GaffneyCline authored Carbon Intensity Study on the West Newton project, onshore East Yorkshire.
The group said the study had positive conclusions including an AA rating for carbon intensity for its potential upstream crude oil production, confirming it is significantly lower than the UK average and also when compared to other onshore analogues.
According to the GaffneyCline report, West Newton could produce the equivalent of just 5 grams of CO2 per megajoule of energy created and that could be reduced further, to 3.5, with the application of gas-to-grid technologies.
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"This study is an excellent overview of the green credentials for any future development decision at West Newton,” David Bramhill, Union Jack chairman said in a statement. “The AA rating achieved indicates the efforts made by the operator, Rathlin Energy (UK) Limited, to ensure that projects under its stewardship comply with best practice.”
He added: “Union Jack`s growth strategy is aligned with our carbon management practice for all of our development projects in the future in order to achieve significantly lower carbon intensities than the industry average.
"The board of Union Jack believes that in these environmentally aware times, investors will only wish to commit to investments in companies and projects that support a transition to a low-carbon economy.
“As part of our ongoing strategy in respect of the environment going forward, we commit to be totally transparent in respect of our projects and on how our carbon management practice is implemented."