Lundin Energy’s Edvard Grieg field offshore Norway is the first oil field in the world to be independently certified by Intertek under its Carbon Clear certification.
oil rig
The field is certified as low carbon at 3.8 kg of CO2 per barrel of oil equivalent for full life of field emissions, including exploration, development and production, five times less than the world average.
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In order to supply a fully carbon-neutral barrel to Saras, residual emissions of 2,302 tonnes CO2 were compensated through a high quality, nature-based carbon capture project, certified by the Verified Carbon Standard (VCS). The entire trade was independently certified as carbon neutral by Intertek, confirming that there were no net emissions released during the production of each barrel delivered to Saras.
According to the Lundin Energy statement, providing certified, low emission produced barrels to their customers ensures that they can continue the decarbonisation strategy, delivering a differentiated product to their end-users. From 2025, every barrel produced by Lundin Energy will be produced as carbon neutral.
Saras is a leading independent player in the Mediterranean refining industry, with a production capacity of about 15 million tons per year. Saras is actively seeking and developing various projects aimed at minimising its environmental footprint.
Nick Walker, President and CEO of Lundin Energy, commented: “We were the first company to have one of its field’s carbon emissions independently certified as low carbon, and this certified carbon neutral transaction with Saras is the next stage in what we believe will become a key value differentiator for Lundin Energy."
"The provenance of a barrel and how it is produced is increasingly important, as society and industry require lower carbon feedstocks to achieve emission reduction targets and meet the goals of the Paris Agreement."
"This trade has been enabled by our industry-leading decarbonisation strategy and offers a proof point of where the crude market is heading and the potential value that can be realised through efficient, industry-leading emissions reductions."
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Lundin Energy is an independent oil and gas exploration and production company formed from Lundin Oil in 2001. The company is based in Sweden and focuses on operations in Norway where it holds over 60 licenses. It is listed on the Stockholm Stock Exchange.
Lundin Energy operates with one of the lowest carbon intensity levels in the industry – about a sixth of the industry world average. Its Decarbonisation Strategy presented in 2020 targets carbon neutrality from 2025.
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