Lundin Sells ‘World-First’ Carbon-Neutral Certified Oil, says a press release published on their website.
- First-ever certified carbon neutrally produced oil
- No net emissions to release during the future production
Lundin sells ‘carbon neutral’ oil
Oil and gas company Lundin Energy has sold first-ever certified carbon neutrally produced oil from the Johan Sverdrup field offshore Norway.
Lundin said on Wednesday that all its future barrels of oil sold from the Johan Sverdrup field would be certified as carbon-neutral under Intertek’s CarbonZeroTM standard.
The field is independently certified at 0.45 kilogram of CO2e per barrel of oil equivalent which is around 40 times lower than the world average. This includes emissions from exploration, development, and scope 1, 2, and 3 emissions.
Residual emissions from net production at Johan Sverdrup will be neutralized using high-quality, natural carbon capture projects, certified by the Verified Carbon Standard.
First carbon neutrally produced cargo
Lundin added that the first carbon neutrally produced cargo from Johan Sverdrup was sold to GS Caltex in Korea. The two-million-barrel cargo will load in July 2021 to be delivered to Korea and was sold as carbon neutrally produced at market price.
As a result, there will be no net emissions released during the future production of Lundin’s Johan Sverdrup net barrels, which amounts to approximately 100 thousand barrels of oil per day currently and increasing to approximately 150 mbopd when Phase 2 of the field comes on stream in the fourth quarter of 2022.
It is worth noting that the Johan Sverdrup field is the second in Norway to have its emissions independently certified by Intertek. From 2025, all barrels produced by Lundin Energy will be carbon neutral in their production.
Nick Walker, president, and CEO of Lundin Energy said: “Since we sold our first cargo of certified, carbon neutrally produced oil from Edvard Grieg earlier this year, we have seen significant interest in the market for this clearly differentiated product.
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Source: Lundin
