Lundin earnings surge in Q1 on higher output, prices
Apr 29, 2021 2:40:pm
Summary The Swedish company gained from increased contributions from Johan Sverdrup and Edvard Grieg, as well as higher prices.
by: Joseph Murphy
Posted in:
Lundin earnings surge in Q1 on higher output, prices
Core earnings at Sweden s Lundin Energy surged to $1.02bn in the three months ending March 31, up from $581mn a year earlier, the company said in financial results posted on April 29.
The company also enjoyed a growth in free cash flow to $526mn from $406.7mn a year earlier, while its net income for the period came to $68.9mn, marking a reversal from a $310.6mn loss in Q1 2020. Lundin also reduced its net debt to $3.46bn by the end of March, compared with $3.91bn three months earlier.
When is a Cargo of Oil Certified Carbon Neutral ?
Posted 27/04/2021 11:07
Sweden s Lundin Energy has sold to Italian refiner Saras what it said is the world s first oil cargo certified as carbon neutral at the point of production, 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 emissions, are not included.
Lundin sells world s first carbon-neutral oil
Apr 26, 2021 6:50:am
Summary The carbon-neutral oil trade offers a proof point of where the crude market is heading, the Swedish oil company said.
by: Joseph Murphy
Posted in:
Lundin sells world s first carbon-neutral oil
Sweden s Lundin Energy said on April 26 it had sold the world s first ever certified carbon neutrally produced oil to a refinery owned by Italy s Saras on Sardinia.
The oil came from the Edvard Grieg field off Norway, which Lundin noted had been independently certified by Intertek to emit only 3.8 kg of CO
2/barrel of oil equivalent in full field-life emissions. The residual 2,302 metric tons of CO
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.