DNV GL – Oil & Gas CEO Elisabeth Tørstad says “Cost management is a top priority for the industry right now but it’s still possible to reduce our environmental footprint without breaking budgets. Cost-effective measures can be implemented across the lifecycle of assets and throughout the supply chain. Our papers will advise and support decisions in this critical area. Greater transparency by the industry on environmental risk management processes and sustainability reporting will give the sector much needed credibility and speed up sustainability improvements as a business advantage.”
The framework proposed in A cost-efficient approach to reducing environmental impact, is based on internationally recognized guidelines (IPIECA, API and IOGP) for sustainability reporting. It can also be used alongside other sustainability reporting initiatives or company specific sustainability KPIs. Aligned with UN Sustainable Development Goals for the environment, it covers a wide range of indicators, including emissions to air and discharges to sea (i.e. hydrocarbon spills, produced water, etc) for specific offshore assets. It is based on a three-step integrated approach: reporting and accounting of emissions and discharges; impact and risk assessment; and prioritizing cost-efficient environmental improvements.
“Our approach allows better informed decisions to be made on how and where to improve the environmental performance of a single or multiple mix of assets,” explains Ms Tørstad. “This will support operators in reporting and communicating with stakeholders, as well as in their efforts for continuous improvements and benchmarking. It will also increase control and opportunities for improving global environmental risk management.”