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Union Jack Oil Plc’s Biscathorpe project receives positive carbon intensity study

“This study is an excellent overview of the green credentials for any potential future development decision at Biscathorpe,” said executive chairman David Bramhill.

() has received a carbon intensity study on the Biscathorpe hydrocarbon project, and highlighted that the study reached positive conclusions.

The 45%-owned onshore UK project was graded by consultant GaffneyCline at AA for carbon intensity as a potential long-term oil producing operation. Moreover, GaffneyCline estimated that Biscathorpe is significantly less intense than the average project in the UK (based on other onshore analogues).

According to the consultant, Biscathorpe project will have a carbon intensity of just 3.06 grams carbon dioxide per megajoule of energy it produces, and, with the addition of certain gas-to-grid technologies to the project GaffneyCline believes the metric could drop to 1.49.

“This study is an excellent overview of the green credentials for any potential future development decision at Biscathorpe,” said executive chairman David Bramhill.

“Union Jack’s growth strategy is aligned with our carbon management practice for all of our development projects in the future in order to achieve significantly lower carbon intensities than the industry average.”

“The board of Union Jack believes that in these environmentally aware times, investors will only wish to commit to investments in companies and projects that support a transition to a low-carbon economy.

“As part of our ongoing strategy in respect of the environment going forward, we commit to be totally transparent in respect of our projects and on how our carbon management practice is implemented.”

Bramhill added: “Biscathorpe represents a material and financially robust opportunity to secure an indigenous oil resource which would generate local and regional economic benefits displaying environmental advantages through its lower carbon footprint when compared to imported hydrocarbons.”

Read More: Union Jack Oil Plc’s Biscathorpe project receives positive carbon intensity study

2021-07-19 02:43:00

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