A newly-formed Canadian oil company has established corporate responsibility performance measures against which it will produce all its reporting and track its progress.
Cenovus, which was created only last year, has listed indicators under seven headings – air, water, land, health and safety, workforce, aboriginal relations and energy efficiency.
The measures in every area are highly specific. Air, for example, requires the disclosure of direct greenhouse gas (GHG) emissions and intensity, bitumen GHG intensity, total gas flared and amount of carbon captured.
Such data is available in the company’s annual report this year, but is not verified by a third party – Cenovus intends to introduce this in 2011.
The performance measures follow Global Reporting Initiative guidelines, and Cenovus will align the metrics with standards produced this year by the Canadian Association of Petroleum Producers.
Jim Campbell, the company’s corporate responsibility vice-president, said: ‘As a newly formed company, reporting this year has presented some challenges, but we feel it is vital to let our stakeholders know how we’re doing. We will continue to work to improve our corporate responsibility reporting, and we look forward to providing a more comprehensive report next year.’
Cenovus, which is worth an estimated $27billion (£17bn, €20bn), operates mainly in Canada’s Alberta and Saskatchewan regions, although it has operations in the US.
It was formed last year after the split of the Encana Corporation.
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