February 24, 2020 / 4:16 PM / a month ago

Oil, gas producer Kosmos targets 2030 operational carbon neutrality

LONDON (Reuters) - Oil and gas producer Kosmos Energy, which plans to produce at least 62,000 barrels of oil equivalent per day this year, aims to make its operations carbon neutral by 2030, it said on Monday.

To achieve its target, Kosmos plans to increase the weighting of gas in its portfolio, improve the carbon footprint of its operations and invest in so-called nature-based solutions such as wetlands restoration and reforestation projects.

Kosmos Energy said its next steps would include developing a target for so-called Scope 3 emissions, meaning greenhouse gases emitted from the end-use of its products, for example diesel or petrol in a passenger car.

Some integrated oil companies such as BP and Repsol, which have refining and marketing units, have Scope 3 targets already. However, Kosmos would be among the first pure oil and gas producers to develop a such a goal.

Mediterranean-focused oil and gas producer Energean has committed to reducing its net carbon emissions to zero by 2050.

Kosmos, which has specialized in exploring for new barrels, also said it would “not seek access to new frontier oil basins”.

The company posted a loss of $36.6 million for the fourth quarter earlier on Monday, and said its Chief Financial Officer Thomas Chambers would retire in May.

Kosmos shares were down 15% in London by 1545 GMT, tracking a 5% drop in Brent crude oil

Reporting by Shadia Nasralla; Editing by David Evans and Jan Harvey

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