I am pleased to present Buru Energy’s 2022 Sustainability Report.
It builds on our inaugural report from 2021 and sets out our continued commitment to managing our Environmental, Social and Governance (ESG) responsibilities, and the paths to measuring and improving our ongoing sustainability performance and reporting.
In 2021, we began mapping our ESG efforts and priorities in line with the Global Reporting Initiative (GRI) standards and aligning our climate disclosures with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
In 2022, we made significant progress refining our efforts across the ESG spectrum, working toward aligning our actions and long-term goals of protecting our people, the communities of the lands on which we operate, the environment, and our reputation as a responsible and trusted aspiring diversified energy company.
Our vision is to be a premier Australian diversified energy company, committed to business and financial success, and having a positive impact on society and the environment.
We are committed to safely and sustainably contributing to Australia’s energy sector, taking an active role in the transition to a lower carbon future and towards our aspiration to reach net zero scope 1 and 2 emissions by 2050.
Buru Energy’s continued success is dependent on attracting and retaining the best people. Creating a safe and healthy workplace environment for everyone, where professional development is supported and encouraged, diversity is viewed as an organisational advantage and obstacles to optimum performance are removed, are key to Buru Energy delivering on its strategy.
The last year has been one of significant activity across all facets of the company, and each-and-every-day our teams have never lost sight of the most important priority; the safety of themselves and their work colleagues. To this end, I am pleased to report that 2022 saw no lost time injuries across our operations and represented an improvement in safety performance from the previous year. However, with a number of first aid injuries and medical treatment cases incurred during the year, we must remain vigilant to ensure we continue to improve our safety performance in line with our goal of Zero Harm.
In addition to the focus on personal safety, the Company actively promotes a culture that values diversity and inclusion and continues to be a staunch supporter of remuneration equality. We also continue to invest in the training and development of our people; and provide flexible working opportunities for our employees.
For the first time in the Company’s history, in 2022, Buru Energy’s operating footprint extended beyond its primary activities in the Kimberley region of northwest Western Australia to the Pilbara region of Western Australia, with potential exploration areas in South Australia.
Across these areas, our relationships with the Aboriginal people of the lands on which we operate, and the broader community, are central to our activities. We remain committed to protecting cultural heritage and pride ourselves in building strong, enduring, and respectful relationships with Aboriginal people through authentic dialogue, understanding and common goal setting. At an operational level, we strive to be a valued employer and contributor to local communities.
Although our current revenue stream is derived from crude oil production, 2022 saw progress toward developing our natural gas business following our discovery of a potentially sizeable conventional onshore gas resource in the northwest of Western Australia. In the short to medium term, and in conjunction with renewables and carbon capture, and storage (CCS), we consider that natural gas complements the decarbonisation of the energy sector and as such, we are investing our efforts in this area.
In 2022, we have also continued our investment in our dedicated energy transition subsidiaries involved in carbon capture and storage, natural hydrogen, and battery minerals exploration.
We recognise that these areas are potentially key ingredients of a new energy economy and we are actively deploying our resources to ensure the Company can provide energy solutions in the future that reflect evolving government regulations, consumer preferences and investor sentiment.
Our focus is on delivering long-term, sustainable growth to shareholders by exploring and developing hydrocarbon and non-hydrocarbon resources.
Economic value created from our operations is distributed to our many stakeholders, including shareholders, our Traditional Owner partners, suppliers, our employees and local communities.
We execute our strategy and conduct our business in accordance with established corporate governance principles, the performance of which we continue to report to the Regulator as part of our annual disclosures. We continue to refine our policies and procedures to ensure the Company is meeting not only its minimum obligations, but it is well placed for future sustained growth.
As Buru Energy’s new Chief Executive Officer, I want to assure you that we will maintain the business mindset and momentum that we have created in recent years when it comes to our focus on sustainability. It is our business strategy for long-term growth and critical to our future.
I would like to thank the entire Buru Energy team for their commitment to a sustainability mindset while demonstrating our values. I am extremely proud of what we have accomplished in 2022 and look forward to an even bigger 2023.
As you read through this report further, I invite you to provide your thoughts and comments via info@buruenergy.com.
Thomas Nador
Chief Executive Officer