Environmental

As an oil and gas exploration and production industry participant, we are well-aware of the impacts and potential risks that our field operations pose to the environment and the surrounding ecosystem. We adopt best industry practices and guidelines in our management of the environmental risks arising from our operations in Canada and Argentina. We strictly comply with all relevant environmental laws and regulations in respective jurisdiction in which we operate in.

Our main emission sources are from diesel fuel, electricity, water and natural gas. With regards to emissions, our oil and gas businesses are strictly regulated under the respective Canadian and Argentine laws and regulations. Regulatory updates are continually monitored to ensure we remain compliant, and how potential amendments may impact operations.

We are committed to working closely with all stakeholders to decommission and reclaim inactive and non-producing wells to their original land use. A risk-based closure approach will be used to evaluate alternative remedial and reclamation options to reduce costs and expedite the closure of the dormant sites. This approach further allows us to identify more environmentally friendly ways to manage site reclamation activities.

Emissions

During 2022, the Group’s main emission sources were from diesel fuel, electricity, water, and natural gas consumption. Our oil and gas businesses are strictly regulated under the national laws and regulations of Argentina. Regulatory updates are continually monitored to ensure the Group is compliant, and how potential amendments may impact operations.

Although certain GHG emissions cannot be avoided due to the inherent nature of the upstream oil and gas industry, the Group endeavors to reduce emission where possible, such as preventing leaks, minimizing flaring and venting, and improving energy efficiency of its operations and facilities.

In 2022:

Direct GHG Emissions: 1,377 tonnes
Gross annual production: 399,380 bbl of crude oil
Calculated Carbon Intensity: 0.0034 tCO2-eq/bbl

In 2022:

Indirect GHG Emissions: 945 tonnes
Calculated Carbon Intensity: 0.0023 tCO2-eq/bbl

Measures adopted for the disposal of hazardous and non-hazardous waste include:

Scheduled inspection and maintenance of plant and equipment,
Transportation of contaminated material to approved waste management facilities for treatment, disposal and recycling, as applicable,
Training and education of employees,
Conduct pre-job briefing,
Spillage prevention programs and remedial action plans are imbedded as part of daily activities and operational practices,
Waste volume reduction initiatives,
Close supervision, and
Continuous improvement plans.

During the production process from the Group’s oil and gas operations, hazardous waste may be generated from possible minor spillage, replacement of spare partsand lubrication oil, filters, rags, soaker pads and other materials.
Hazardous and non-hazardous wastes are separated at origin. For hazardous waste, the treatment, collection, and final disposal is managed by qualified professional handlers. The Group provides directive for segregation and classification of non-hazardous waste to aid recycling initiatives.
In 2022, 5 m³ of hazardous waste was generated by Argentina operation.

Hazardous and non-hazardous wastes are separated at origin. The Group provides directive for segregation and classification of non-hazardous waste to aid recycling initiatives.
- The organic waste is buried and composted.
- The inorganic waste is incinerated.
- Non-hazardous waste that cannot be treated or recycled may be managed by direct landfill disposal or alternative methods, as appropriate.
In 2022. the Group generated 5 tonnes of organic and inorganic waste.
- Inorganic waste included plastic and glass.
- Organic waste was mainly the by-product from the facilities and camp.

The Group continues to comply with the annual environmental monitoring obligations of the provincial authority of Salta, and schedule for the plug and abandonment of dormant wells.

Use of Resources

To embrace the Group’s efficient energy use initiative, all staff are encouraged to minimize energy consumption, where practicable. Examples include encouraging the switching-off of any unnecessary lighting and unused electronic equipment, minimising the idling of motor vehicle engines when temporarily waiting, turning down air conditioning, etc.
Furthermore, the Group has a procurement policy of purchasing energy efficient equipment and extending the use of existing assets/ replacement intervals for sustainability.
The Group is committed to efficient energy use by regulating all operations in accordance with industry standards and regulatory requirements. Moving forward, energy use efficiency targets and steps to achieve them may be established, where appropriate.
The electricity consumption for 2022 was 22,360 kWh for the year, with an energy intensity of 0.056 kWh/bbl.

The Group uses a combination of vans, pickup trucks and cars for its personnel transportation. The Groups’ fleet of motor vehicles operate using compressed natural gas/ propane, gasoline or diesel. When evaluating vehicles for purchase/lease, the Group will consider factors including safety, reliability, maintenance cost, fuel efficiency, and price.
The diesel consumption for the year was 17,073 litres.

No packaging material is used by the Group’s oil and gas businesses.
In Argentina, the production of crude oil is stored in oil tanks at Los Blancos, before it is despatched to customers by oil tanker trucks capable of transporting approximately 35 m³ per trip.

Water consumption by the Group’s oil and gas business mainly arises from on-site facilities/camp daily usage i.e. drinking, catering, bathrooms, cleaning, dirt road. irrigation. No issues were encountered in sourcing fit for purpose water.
Conscious that water is a scare resource, the Group is always striving to preserve this natural resource by using it in the most economical ways without compromising health, safety and hygiene. The Group is committed to the sustainable use of water. Efficiency targets will be considered and implemented in future, where appropriate
During 2022, the Group’s water consumption was 506 m³.

Environment and Natural Resources

Sustainability initiatives and green culture permeates throughout the Group. We strive to operate in an environmentally friendly and sustainable manner by adopting green practices including:

Use of recycled paper,
Printers configured to print double sided by default,
Return of used printer and copier ink toner cartridge to manufacturer for recycling and reuse,
Switching-off lights, computers and office equipment when not in use,
Replacement with energy efficient alternatives, and
Adjustment of air conditioning settings to reduce power consumption.

For replaced furniture and computer equipment, the Group’s practice is to first offer these items to employees for personal use, before it is disposed or recycled.

New Times Energy recognises the potentially disruptive impact that climate change may bear on its oil and gas operations. The Group continues to deepen its understanding of climate change impacts by on-going risk assessments, and devising appropriate mitigation strategies.

Significant climate change related issues which may impact the Group include:

Increases the risk of employees’ health
Energy and water consumption

Increases the risk of flooding of facilities
Disruption to access roads and transportation routes

Increases in demand for oil and gas
Increases the risk of employees’ health

The Group responds to the challenges brought by climate change by having management mitigation measures and special emergency plans in place and ready.