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Lundin Energy AB has said that it has sold the world’s first ever certified carbon neutrally produced oil to Saras S.p.A, from its Edvard Grieg field, offshore Norway.
Lundin Energy’s Edvard Grieg field is the first oilfield in the world to be independently certified by Intertek Group, under its CarbonClear
TM certification. The field is certified as low carbon at 3.8 kg of CO
2 per barrel of oil equivalent (boe) for full life of field emissions, including exploration, development and production, five times less than the world average. In order to supply a fully carbon neutral barrel to Saras, residual emissions of 2302 t CO
World s first certified, carbon neutrally produced oil sold streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
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Lundin, which is a third-owned by Sweden s Lundin family, said the 600,000 barrel sale of Edvard Grieg crude oil to Italian refiner Saras had been certified carbon-neutral by certification company Intertek, taking into account all life of field emissions, from exploration through to development and production.
Lundin described the deal as a milestone as it intends all its production to be carbon neutral by 2025, saying the certification process provided a transparent pathway to carbon neutrality.
Norway is attempting to lead the way in the shift to carbon neutrality, with state-controlled Equinor targeting carbon-neutral operations by 2030, and full carbon-neutrality, including from the consumption of its products, by 2050.
Italian refiner Saras to buy first cargo Final use of oil still causes emissions
OSLO, April 26 (Reuters) - Sweden’s Lundin Energy has sold what it said is the world’s first oil cargo certified as carbon neutral at the point of production to Italian refiner Saras, the two companies said on Monday.
Oil companies are increasingly trying to market their products as cleaner in an effort to secure a future for the fossil fuel industry in a world where investors, activists and regulators are demanding action to halt climate change.
While Lundin’s crude from the Norwegian Edvard Grieg field was certified as carbon neutral from exploration, development and so-called scope 1 and 2 emissions, the major emissions caused by the oil’s final use, or scope 3, are not included.
Lundin Energy sells first carbon-neutral oil as fossil-fuel industry tries to go green theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.