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Lundin Energy sells world’s first carbon neutrally produced oil

Lundin Energy sells world’s first carbon neutrally produced oil

 

Oil and gas company, Lundin Energy, has announced that it has sold the world’s first certified carbon neutrally produced oil to Saras from its Edvard Grieg field, offshore Norway.

Lundin Energy’s Edvard Grieg field is the first oil field in the world to be independently certified by Intertek Group under its CarbonClearTM certification. The field is certified as low carbon at 3.8 kg of CO2 per barrel of oil equivalent (boe) for full life of field emissions, including exploration, development and production, five times less than the world average.

Nick Walker, President and CEO of Lundin Energy, commented: “We were the first company to have one of its field’s carbon emissions independently certified as low carbon, and this certified carbon neutral transaction with Saras, is the next stage in what we believe will become a key value differentiator for Lundin Energy. The provenance of a barrel and how it is produced is increasingly important, as society and industry require lower carbon feedstocks to achieve emission reduction targets and meet the goals of the Paris Agreement. This trade has been enabled by our industry leading decarbonisation strategy and offers a proof point of where the crude market is heading and the potential value that can be realised through efficient, industry leading emissions reductions.”

In order to supply a fully carbon neutral barrel to Saras, residual emissions of 2,302 tonnes CO2 were compensated through a high quality, nature-based carbon capture project, certified by the Verified Carbon Standard (VCS). In addition, the entire trade was independently certified as carbon neutral by Intertek. As a result, there were no net emissions released during the production of each barrel delivered to Saras.

Nick Walker, President and CEO of Lundin Energy, commented: “We were the first company to have one of its field’s carbon emissions independently certified as low carbon, and this certified carbon neutral transaction with Saras, is the next stage in what we believe will become a key value differentiator for Lundin Energy. The provenance of a barrel and how it is produced is increasingly important, as society and industry require lower carbon feedstocks to achieve emission reduction targets and meet the goals of the Paris Agreement. This trade has been enabled by our industry leading decarbonisation strategy and offers a proof point of where the crude market is heading and the potential value that can be realised through efficient, industry leading emissions reductions.”

In order to supply a fully carbon neutral barrel to Saras, residual emissions of 2,302 tonnes CO2 were compensated through a high quality, nature-based carbon capture project, certified by the Verified Carbon Standard (VCS). In addition, the entire trade was independently certified as carbon neutral by Intertek. As a result, there were no net emissions released during the production of each barrel delivered to Saras.

Source: powerengineeringint.com

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Published: 26-04-2021

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