Viaro Energy is committed to the highest standards of ESG and associated reporting, with strong independent oversight from its board of directors. Our business strategy and internal policies are informed by the UN’s Sustainable Development Goals and the NSTA corporate governance principles. We are proud to commit to materially contributing to Net Zero by 2050, in line with the North Sea Transition Deal and the 2015 Paris Agreement.
Through the establishment of an ESG Capability Management Framework and ESG Committee, Viaro Energy is developing robust Sustainability Reporting Disclosures in line with industry best practices. As part of this process, we have carried out a Double Materiality Assessment and ongoing Stakeholder Engagement. Our first Sustainability Report will be ready in the second half of 2023.
– Francesco Mazzagatti, CEO of Viaro Energy
At Viaro Energy, we believe in applying the principles of sustainability to the transition away from fossil fuels, at the stage when the global economy remains heavily reliant on them. We see our main contribution as securing a continuous supply of clean and affordable domestic energy sources, essential for the UK’s economic stability. Our operations are conducted in accordance with these core values:
We primarily invest in gas assets operated by companies with the resources, capabilities, and strategic goals to support the transition and reduce the overall carbon emissions of North Sea oil and gas production. More than 70% of our investments are natural gas assets.
Our investments include both new developments and mature assets in the North Sea. We seek to preserve the stability of the UK energy supply by supporting exploration opportunities and through the use of existing resources to their fullest potential.
We carefully review plans for assets whose reserves are fully recovered from our operating partners to make sure that we are endorsing the most sustainable solutions available. When our assets cannot be repurposed as carbon capture storage projects, we support decommissioning activities in line with the NSTA strategy.
Viaro Energy is dedicated to supporting impactful environmental and social responsibility initiatives, as well as adherence to the highest corporate governance principles:
Environmental Responsibility: We are working to identify worthy projects and initiatives in support of our active carbon-offsetting strategy, aimed at reducing any potential environmental impact associated with our operations. We are also in the process of defining a policy for a transition to renewable energy consumption within our organization.
Social Responsibility: We make contributions to causes that resonate with our employees and affect vulnerable groups. In 2023, we established the Viaro/RockRose Energy Charity Fund for this purpose. In recent years, we have also supported underprivileged families, healthcare workers affected by the COVID-19 pandemic, and research into Parkinson’s disease.
Corporate Governance: We recognise the NSTA’s corporate governance principles, which state that all licensees are expected to follow an appropriate and recognised corporate governance code. This is applied in our corporate governance procedures that are fit for that purpose, with active employee training.
For more information on our ESG practices and initiatives, please visit the RockRose Energy website.