PRIO IS AN OIL AND GAS COMPANY THAT SEEKS TO REDUCE THE ENVIRONMENTAL IMPACT OF ITS OPERATIONS AND TO INNOVATE IN ORDER TO MAKE THE ENERGY SECTOR EVOLVE, COMMITTED TO THE ENERGY TRANSITION TO FIGHT CLIMATE CHANGE.
STRATEGIES FOR REDUCING EMISSIONS
PRIO adopts a strategy to reduce relative CO2 emissions per barrel of oil produced. This is achieved through two main fronts:
The choice of new developments and the way in which PRIO operates are designed to maximize efficiency and minimize operational risk, including carbon risk. In this regard, the company is wagering on tiebacks to concentrate production in a smaller number of production units, avoiding new emissions.
PRIO operates mature fields and employs the best engineering practices to revitalize its assets, ensuring that production continues to grow. Moreover, it encourages innovation and pursues various initiatives in order to avoid new emissions, such as the use of gas turbines for power generation, minimizing excess flare gas.
COMMITMENT WITH TRANSPARENCY
PRIO understands the importance of transparency regarding its emissions, and is committed to participating in non-profit programs such as the Carbon Disclosure Project (CDP) and the Science Based Targets Initiative (SBTi) as soon as they become available to companies in the oil & gas sector. CDP helps companies disclose their environmental performance, and SBTi adopts science-based targets to further reduce emissions.
PRIO carried out its first inventory in partnership with Witt O'Brien's; subsequently, and independently, the 2022 and 2021 emissions were inventoried. The calculations were audited and verified by KPMG and followed the methodology of the Brazilian GHG Protocol Program, structured by FGVces and WRI (World Resources Institute).
RATE OF RELATIVE EMISSIONS
PRIO is the company with the second lowest relative emissions compared to other oil and gas exploration and production operations in the Campos Basin, according to data provided by the firm Rystad Energy, for 2022.