Enabling a Sustainable Future
We outline the steps taken to align our business strategy with our commitment to creating enduring social, economic, and environmental impacts in the region. In the past six years, since we began our sustainability reporting journey, we have progressed, learned and made constant improvements. This has also helped us build resilience within our business, as well as enabled us to continue growing despite the impact of the COVID-19 pandemic.
This year’s sustainability report, titled “Legacy of Progress”, coincides with Crescent Petroleum’s 50th anniversary. The milestone offers an occasion to reflect on our progress and accomplishments over the past five decades. Additionally, it provides an opportunity to look ahead to reinforce our commitment to build social sustainability and empower the communities where we operate.
In 1971, the idea of sustainability was hardly a discussion among academics, and natural gas was considered a waste product. We sought to unlock the tremendous resources in the region by creating common value and have leveraged our understanding of the Middle East to help build lasting prosperity. Over the years, we have shifted our focus towards clean burning natural gas to supply cleaner electricity generation in the Kurdistan Region of Iraq (KRI), while reducing our carbon intensity each year.
Natural gas now accounts for close to 80% of Crescent Petroleum’s total production. It facilitates affordable electricity for millions of people, while allowing the region to avoid more than 42 million tonnes of CO2 emissions to date by displacing liquid fuels with natural gas. The carbon savings have amounted to the equivalent of removing 1 million cars off the road for two years and an associated cost savings of more than US$27 billion to the KRI Government to date.