COVER STORY - THE ENERGY TRANSITION
Responsible Offshore Energy Production OGI sits down with regular contributor, energy infrastructure and technology company, Yinson. Yinson provides a good example for offshore energy companies and the role they can play in their journey towards building a more sustainable energy supply system. With a fleet of 8 FPSOs around the world, Yinson is involved in multiple offshore energy production projects, along with their renewable energy goals, which we learn more about below. Yinson Renewables 175 MWp Rising Bhadla 1&2 Solar Plants. OGI: Can you talk about your sustainability journey? Yinson: Since setting sustainability as a core value in 2018, Yinson has embarked on an ambitious journey that puts sustainability considerations at the core of all our decision-making. This has required us to step out into the unknown to pioneer, innovate, and forge new partnerships toward achieving our goals and targets. We aim to enhance long-term shareholder value with due regard to the environmental, economic, social and governance aspects by being a reliable and adaptable partner to all our stakeholders. Yinson contributes directly to seven SDGs across our business divisions. We advocate and invite businesses across our value chain to do the same and encourage their contribution to the wider SDGs. You may read about our commitment to the UN SDGs on our website: https://www.yinson.com/our-commitment-toun-sdg/ Some notable recent sustainability milestones include the announcement of our climate goals, improvements to our various sustainabilityrelated ratings, raising RM 1.0 billion through Malaysia’s first Sustainability-Linked Sukuk Wakalah Programme and the release of our inaugural TCFD-aligned climate report. Today, ESG considerations form part of our employee compensation evaluations, supplier selection
and project selection as examples of how we are integrating ESG into how we operate. OGI: Can you talk about your climate goals? Yinson: At Yinson, we aspire to be part of the solution towards solving the global climate issue. In line with the Paris Agreement, Yinson established our climate goals to be carbon neutral by 2030 and net zero by 2050 in May 2021. Yinson’s climate goals roadmap provides a forward-looking trajectory of Yinson’s carbon profile up to 2050, highlighting specific action plans and operational changes to reduce carbon emissions. The projected key milestones for emissions reductions of Yinson Production is also outlined within the roadmap, providing a realistic direction towards the achievement of our climate goals. We ensure that our climate actions are aligned with our Group strategies. We believe this alignment will create greater value for our stakeholders and the wider community. Yinson announced our support for the TCFD framework in August 2021 and aims to work towards implementing the recommendations. In December 2021, Yinson released our first climate report aligning with the TCFD recommendations, outlining our strong governance and commitment to transparency in climate disclosures covering the four core elements – Governance, Strategy, Risk
FPSO Helang is currently deployed in Miri, Malaysia
Management, and Metrics and Targets. OGI: What is Yinson’s role in the oil and gas lifecycle? Yinson: Yinson is an energy infrastructure and technology company with businesses in offshore production, renewables, green technologies and offshore marine. Yinson Production designs, constructs, and operates industry-leading production assets for the offshore oil and gas industry towards improving global access to stable and affordable energy. Yinson’s services primarily contribute to the development and production phases of the offshore oil and gas field lifecycle. In the development phase, Yinson uses our experience to ensure that the FPSO is designed and constructed to be fit for purpose at the intended location, while in the production phase, hydrocarbons are produced and processed safely and with an uptime close to 100%. An FPSO asset is designed to receive and process hydrocarbons, and then store them until they can be offloaded. Essentially, Yinson is the de facto production arm of the oil companies we work for. OGI: What are some key projects you are currently working on around the world? Yinson: Yinson Production has a fleet of 8