Tamarack Valley Energy Ltd. Releases 2024 Sustainability Report
TSX: TVE
CALGARY, AB, May 9, 2024 /CNW/ - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") is pleased to announce the release of the 2024 Sustainability Report (the "Report"), which reflects our 2023 performance and marks the fifth consecutive year Tamarack has delivered this document to our stakeholders. The Report highlights the Company's ongoing commitment to environmental, social and governance ("ESG") principles and sustainable practices. The full Report can be accessed through the Company's website at www.tamarackvalley.ca.
Advancing ESG Initiatives to Support Long-Term Sustainability
- Stakeholder Alignment – A Materiality Assessment was conducted, indicating a high degree of alignment on the perceived priority ranking of significant ESG topics, between both internal and external stakeholders.
- Health & Safety Diligence – Demonstrated our commitment to Health & Safety in 2023 with the completion of 13 emergency response plan simulations and 1,353 inspections completed internally on operating and development sites, which compared to four and 927 respectively in 2022.
- Enhanced Water Management – Reduced YoY freshwater consumption intensity and total freshwater withdrawals by 40% and 16% respectively, with initiatives under way to further reduce freshwater usage.
- Lower Methane Emissions Intensity – Achieved a 56% improvement in methane emissions intensity versus our 2020 baseline.
- Liability Reduction – Abandonment and reclamation activities, combined with asset divestments, resulted in a $75MM reduction to decommissioning obligations. Annual spending for ARO is consistently 50% higher than that required by the Alberta Energy Regulator.
- Increased Diversity – Furthered diversity in the workforce, with ethnic and Indigenous representation at 15.6% and 10.42% respectively, and increased Board level gender diversity to 38%. Tamarack was recognized, for the second consecutive year, as part of the Report on Business 2024 Women Lead Here program, for female representation at the highest leadership levels in the organization.
Strategic Infrastructure Partnership Supporting Emissions Reduction & Indigenous Communities
Tamarack's business has materially transformed over the past three years, with >90% of production now coming from our core Clearwater and Charlie Lake assets. The Company's Clearwater asset position evolved largely as the result of ...
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