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Partnering for Prosperity Partnering for prosperity Sustainability Report 2017 Table of contents CEO foreword 2 Performance highlights 4 About us 6 Our sustainability approach 12 Creating shared prosperity 16 Building a resilient work culture 22 Safeguarding our people 26 Operating responsibly 30 GRI content index 36 About this report Crescent Petroleum is pleased to present its third annual sustainability report covering the calendar year 2017. This report provides an account of Crescent of the materiality assessment conducted in Petroleum’s operational data and management the previous year. approaches in addition to its economic, We present our material topics in accordance environmental and social initiatives. with the core option of the GRI Standards, The report describes our performance from the most recent version of the internationally 1 January 2017 to 31 December 2017, covering recognised guidelines for sustainability all our operations in the United Arab Emirates reporting published by the Global Reporting and the Kurdistan Region of Iraq, with the Initiative (GRI). Wherever applicable, we have exclusion of our affiliate companies, unless attempted to make this report as complete stated otherwise. Depending on the availability and concise as possible. of historical information, we provided We welcome your feedback, suggestions or comparative data and illustrative case studies. questions regarding our sustainability journey To determine the material topics disclosed at [email protected]. in this report, we followed the outcomes of a peer benchmarking exercise and the results Sustainability Report 2017 / 1 We remain committed to creating a shared and lasting prosperity in the region by tackling its most pressing economic, social and environmental concerns. At Crescent Petroleum, we believe that, for a In our quest to help secure a low-carbon more prosperous tomorrow, businesses need to energy future for the region, ten years ago, act in harmony with governments, people and we partnered with the Kurdistan Regional the environment. Government (KRG) to produce natural gas in support of local electricity generation in the Throughout our existence, we have leveraged Kurdistan Region of Iraq (KRI). Our efforts our understanding of the Middle East to have enabled a nearly continuous provision promote energy and social sustainability. of electricity for institutions, businesses and In a region that holds over 42 per cent of the households across the KRI. world’s proven gas reserves, we have advocated In 2017, we extended our partnership with the use of natural gas as a source of fuel. In the KRG by signing a settlement agreement addition to being a more economical alternative that encourages us, along with the four other to diesel or gasoline, natural gas is the world’s members of the Pearl Petroleum consortium, cleanest fossil fuel, emitting less greenhouse gas to raise our gas production levels in the KRI by and nitrogen oxides than coal, oil or petroleum. 160 per cent over the next two years. To further weave a more prosperous future for the KRI, the agreement grants us the rights to appraise and develop two additional local blocks. CEO forewordCrescent Petroleum Complementing our natural gas advocacy In Khanke in the KRI, we partnered with the efforts, we entered into a year-long partnership AMAR International Charitable Foundation with the independent policy institute Chatham to run a healthcare centre and a vocational House, the Royal Institute for International training institute for thousands of internally Affairs, which conducts much-needed research displaced people. and events on the energy challenges and We remain committed to creating a shared opportunities of the Middle East. and lasting prosperity in the region by tackling Our pioneering spirit is reflected in the its most pressing economic, social and achievements of our people, who are our environmental concerns. Looking ahead, we partners in creating a safe, healthy and fulfilling seek to intensify our efforts to promote inclusive work environment. We are pleased to have growth, youth employability and women reduced our Recordable Injury Frequency rate empowerment through our operations and by over 50 per cent and achieved an LTI-free initiatives. To do so, we aim to further engage in year in 2017. Moreover, our people devised an partnerships with governments, industry peers, Asset Integrity Management programme to associations, employees and communities over prevent safety and environmental hazards. We the years to come. continuously nurture their innovation by offering them learning and advancement opportunities. Majid Jafar We recognise that investing in the well-being Chief Executive Officer of our communities is key to our longevity. Committed to empowering the more vulnerable segments of society in our areas of operation, we proudly sponsored the first 24-hour cancer fundraiser in the region, Relay for Life, to spread awareness on the disease while raising funds for patients in the UAE. Sustainability Report 2017 / 3 2017 Performance highlights Creating shared prosperity Building a resilient work culture Partnering with our communities Partnering with our to enhance the regional economy employees to create an and energy security. empowering workplace. Invested Spent Our workforce represents Empowering the youth; USD 1.3 bn 50% 41 17% in the KRI since 2007. of our procurement nationalities. of our workforce are budget in the KRI on between the ages of 22 local suppliers. and 30. Empowering local talent; Invested Increased average Empowering women; 82% USD 3.1 mn training hours by 22% of our KRI workforce are in local communities, a 37% of our UAE workforce local nationals. 42% increase from 2016. per employee from are women. 2015 to 2017. Crescent Petroleum Safeguarding our people Operating responsibly Partnering with our Partnering with our employees to create a safe suppliers to reduce our and healthy workplace. environmental footprint. Achieved Reduced near-miss Avoided Maintained a record of cases by zero zero major 3.4 mn MT oil spills for 2017. lost-time injury frequency 29% of CO2 emissions in 2017 rate (LTIFR) for the first from 2016. in the KRI by supporting time since the beginning of its transition from diesel our operations in Khor Mor. to natural gas. Drove Maintained a record of Reduced hazardous Recycled waste output by 1.6 mn km zero 18.1 tons in the KRI with fatalities and 71% of e-waste in 2017. occupational diseases from 2016. zero major or across all operations. minor accidents. Sustainability Report 2017 / 5 About us Crescent Petroleum is the first and largest private upstream oil and gas company in the Middle East. Since our inception in 1971, we have exhibited an unwavering commitment to operating in a manner that honours our employees, communities and the environment from which we draw our strength. Crescent Petroleum Setting standards Professional and fair conduct Through our daily business operations, we Our Employee Handbook inspires us to nurture endeavour to strictly comply with all applicable solid and lasting relationships with our various laws and regulations of the countries we serve. stakeholders by guiding us to conduct business with professionalism and integrity. Our internal policies emphasise our zero- tolerance approach to bribery, corruption, fraud The corporate culture described in the or kickbacks across our operations. handbook, for instance, mandates conducting due diligence on any third party before engaging in any business deal. The handbook also outlines disciplinary actions related to employees’ misconduct and non-compliance. Our mission To creatively unlock the benefits of energy resources and have a transformative impact on the communities that we serve. Our values Ethics Safety consciousness We maintain integrity in all our business We adhere to strict safety standards. We dealings, remaining honest, professional and anticipate and work to prevent risks before fair, even in the most difficult situations. they materialise. We avoid actions that may endanger another person or adversely affect their health or well-being. Enterprise Courage We pride ourselves on our creativity, agility, Our boundless ambition makes us passionate initiative and can-do attitude. We are guided about undertaking new and daring projects. by resourcefulness, not red tape. When put to the test, whether individually or as a team, we find solutions not excuses. Responsibility Care We are accountable for our actions and We treat employees as family and are follow through on our commitments. We courteous and respectful towards one admit our mistakes and make sure we learn another. We embrace our social responsibility, from them. committed to making the world a better place. Sustainability Report 2017 / 7 Our operations Crescent Petroleum is a regional upstream oil and gas company experienced in acquiring, exploring and developing petroleum concessions as well as producing crude oil, petroleum products and natural gas. UK London Key 2017 facts Production Market presence Average Total Gross Production: Total Reserves and Resources: Employs 633 professionals c.84,345 boepd*. P-50 Total Risked in-place across the UAE and the KRI. Resources 75 Tcf* and 7 *Barrels of oil equivalent per day billion barrels of oil. *Trillion cubic feet Is the only international oil and gas company to have maintained continuous presence in Iraq for the past 26 years. Produces gas in the KRI Extended petroleum that supplies over four development agreement million citizens
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