Geopark announces strategy and commitment to minimize emissions

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: “GPRK”), a leading independent Latin American company in the exploration, operation, and consolidation of oil and gas with operations and growth platforms in Colombia, Ecuador, Chile, Brazil, and Argentina, announced today that its Board of Directors has approved a greenhouse gas (GHG) emissions reduction strategy that covers short, medium, and long-term initiatives.

Quick, immediate, and aggressive goals

• Reduction of 35-40% of GHG emissions intensity from Scope 1 and 2 by 2025 or earlier.
• Reduction of 40-60% of GHG emissions intensity from Scope 1 and 2 for 2025-2030.
• Zero emissions from Scope 1 and 2 by 2050 or earlier.

Actions and strategy for reducing greenhouse gas emissions:

• Plan developed by the GeoPark team and supported by Kearney, a recognized international consulting firm.
• Start-up advantage with carbon intensity lower than the average in 2020: current intensity of 15.2 kg CO2e/boe, 28% below industry peers. .
• The main ongoing actions target the central block Llanos 34 (operated by GeoPark with a 45% stake) where the interconnection to Colombia's national grid (~70% hydroelectric) by 2022 is a decisive short-term catalyst for improving carbon emissions performance and operational reliability while reducing energy generation costs.
• In the Llanos 34 block, other ongoing initiatives include a photovoltaic solar plant that will be operational by the end of 2022 and subsurface and surface optimization projects.
• In the Platanillo block (operated by GeoPark with a 100% stake), the main ongoing actions include increasing gas use for power generation and subsurface and surface optimization projects.
• Short-term actions include the construction of additional photovoltaic solar plants, infrastructure to limit routine flaring and venting, and geothermal energy generation projects.
• Medium-term actions include small-scale hydroelectric projects and reforestation and afforestation initiatives, among others.
• Longer-term actions may include carbon capture, utilization, and storage projects and potential participation in carbon markets.

James F. Park, CEO of GeoPark, stated: “GeoPark was built for the long term to be the leader among independent exploration and production companies in Latin America, based on the principle that our operations create value and have a positive impact on all our stakeholders. The emissions reduction plan we are announcing is grounded in that principle, with low costs and low carbon intensity as key elements of our business model. We congratulate our team who has worked diligently to build a robust strategy with ambitious goals and executable initiatives that will generate real change in the short term.”

The GHG emissions reduction targets refer to the assets operated by GeoPark and are benchmarked against the year 2020.
GeoPark GHG emissions intensity 2020.
Peer group selected by Kearney.
Report to Congress, Ministry of Energy and Mines, p. 14.