Lundin Energy AB has committed USD 800 million to reach carbon neutrality, 70% 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 approximately 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.
Nick Walker, President and CEO of Lundin Energy, comments, “Acceleration of carbon neutrality by 2 years to 2023 is a key differentiator for our business and one which is based on an absolute operational emissions drop of over 50% compared to 2020 levels, in a time when our production is projected to have grown by 40%. 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.”