Swedish oil and gas company Lundin Petroleum has launched its Decarbonization Strategy, which targets carbon neutrality by 2030.
Lundin Petroleum said on Monday that, in relation to its decarbonization strategy and to better reflect the business today and the clear actions and targets towards a lower carbon future, the board had proposed to change the name of the company to Lundin Energy.
Lundin said it had recognized the challenges of climate change combined with the increasing energy needs linked to growing global population, the international community’s commitment to reduce global carbon emissions and the role that forward-thinking companies can play in this.
With the strategy, the company has formalized 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.
Also, as previously announced, investment in renewable energy projects will be undertaken to replace net electricity consumption, providing these generate a good return to shareholders on a leveraged basis, Lundin added.
Roadmap to carbon neutrality by 2030
Lundin’s roadmap to reaching carbon neutrality by 2030 includes limiting average operated and non-operated portfolio carbon intensity to below 4kg CO2 per boe and from 2023 to below 2kg CO2 per boe starting from 2020.
In 2022, the company plans to fully electrify Edvard Grieg and Johan Sverdrup Phase 2 projects, to achieve carbon intensity for these assets of less than 1kg CO2 per boe.
From 2022, the company will replace all net electricity usage from power from shore, through investments in renewable power generation.
Effective from 2018, Lundin has been working to offset all business and operationally related air travel emissions through natural carbon capture.
Finally, by 2030, Lundin plans to achieve carbon neutrality across its operations as an oil and gas producer.
The board of Lundin Petroleum has proposed 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 March 31, 2020.
The board believes that with the production growth pathway set towards the target of 200 Mboepd, coupled with sustainable, low operating costs, and a carbon intensity which will be below 2 kg CO2 per boe in 2023 versus the world average of 18 kg CO2 per boe, it is clear that the company is transforming what it delivers as well as how it is delivered.
According to the company, Lundin Energy better reflects what the company is doing as an explorer and producer today and its role in supplying the energy transition with the most sustainable oil and gas production possible as an essential part of the future energy mix.
Alex Schneiter, President and CEO of Lundin Petroleum commented: “I am personally very proud to announce the launch of our Decarbonization Strategy, through which we are seeking to formalize 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.
“I am also pleased to announce that the board is proposing to change the name of the company to Lundin Energy. It represents our ambition to become carbon neutral, our position as a leading provider of oil and gas in the future and recognition of our role in the changing energy mix.”
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