Sweden's Lundin Petroleum has announced the launch of its decarbonisation strategy, which targets carbon neutrality by 2030.
Lundin also said that to better reflect its business today and hit its targets towards a lower carbon future, the company is proposing to change the name of the company to Lundin Energy. The proposed name change remains subject to shareholder approval at the company’s Annual General Meeting on 31 March 2020.
In a statement, Lundin said it recognises the challenges of climate change combined with the increasing energy needs linked to growing global population. With the decarbonisation strategy, Lundin has formalised its ongoing commitment to reduce its carbon footprint to the lowest possible levels, through an effective combination of emissions reductions, energy efficiency, targeted research and development and carbon capture mechanisms.
Alex Schneiter, President and CEO of Lundin Petroleum commented: “I am personally very proud to announce the launch of our Decarbonisation Strategy, through which we are seeking to formalise our commitment to reducing emissions and our carbon footprint, in order to supply the growing demand for all types of energy with the most sustainably produced product we can. We have a target of 2030 to reach carbon neutrality across our operations and we have set out a realistic and deliverable pathway towards this, which clearly differentiates us as an independent oil and gas producer in our industry.
Roadmap to carbon neutrality by 2030:
- From 2020 limit average operated and non-operated portfolio carbon intensity to below 4kg CO2 per boe and from 2023 to below 2kg CO2 per boe
- In 2022 fully electrify Edvard Grieg and Johan Sverdrup Phase 2, to achieve carbon intensity for these assets of less than 1kg CO2 per boe
- From 2022 replace all net electricity usage from power from shore, through investments in renewable power generation
- To offset all business and operationally related air travel emissions through natural carbon capture, effective from 2018
- By 2030 achieve carbon neutrality across our operations as an oil and gas producer