News listings
50% off advertising

energy-pedia climate change

Norway flagNorway

Europe / Caspian / CIS >>> Norway

Norway: Lundin Energy accelerates carbon neutrality to 2023 with absolute emissions reduced by over 50 percent


15 Sep 2021

Highlights

  • Carbon neutral across operations by 2023 – Scope 1, 2 and Scope 3 supply chain emissions(1)
  • Absolute operational emissions reduced by over 50 percent by 2023, significantly faster than required by the Paris Agreement and in line with a 1.5°C maximum temperature increase
  • Company emissions intensity will be approx. 1 kg CO2 per boe(2) by 2023, one of the lowest in the world
  • Residual emissions neutralised using high quality, certified natural carbon capture projects, secured at competitive pricing
  • Further actions planned to continue reducing residual operational and supply chain emissions
Photo - see caption

Lundin Energy has committed MUSD 800 to reach carbon neutrality, 70 percent of which has already been spent on electrification of the Johan Sverdrup and Edvard Grieg platforms and three renewable energy projects. As a result of the electrification of our main producing assets by the end of 2022, the Company’s carbon intensity will be at an industry leading low level of approx. 1 kg CO2 per boe, over 15 times better than the industry average.

Through the sourcing of high quality, proprietary natural carbon capture projects and carbon credit offtake agreements all future residual emissions will be neutralised. Independent third party due diligence and certification on all of these projects has been obtained, to ensure quality and credibility. Alongside significant reductions in Scope 1 and 2 emissions, the Company has also taken further steps to actively reduce the Scope 3 emissions for which it has influence or control over, such as through a hybrid support vessel fleet and the sourcing of carbon neutral materials.

Photo - see caption
Lundin Energy accelerates carbon neutrality to 2023

Photo: Leikanger-Hydropower (Source: Lundin Energy)

Nick Walker, President and CEO of Lundin Energy, commented:

'Acceleration of carbon neutrality by two years to 2023 is a key differentiator for our business and one which is based on an absolute operational emissions drop of over 50 percent compared to 2020 levels, in a time when our production is projected to have grown by 40 percent. The defining factor has been the full electrification of our main producing assets by the end of 2022, which when coupled with our focus on reducing operational emissions across other areas of the business, has created a unique position from which I believe significant value will be created. It will further distinguish Lundin Energy as an industry leader and provide tangible examples of how oil and gas production can meet the needs of the energy transition, whilst also decarbonising more rapidly than the Paris agreement requires.'

(1) Scope 3 supply chain emissions include supply vessels, logistics and travel.
(2) Across Scope 1 and 2 emissions.

Original article link

Source: Lundin Energy





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 350

Completed Deals

Completed Upstream Deals: 6179

Company Profiles

Current Company Profiles: 2797

Corporate Activity

Current Corporate Activity articles: 3772

Companies Looking

Current number of articles: 448

Company Sales

Current Company Sales articles:1496

Geostudies

Current Geostudies articles: 819

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

OPC
SLR Consulting logo
Syntillica
Rose & Assocs 149
Government of South Australia
energy365
Union Jack Oil 149
KL Publishing
Bayphase
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com