World’s first certified, carbon neutrally produced oil sold

Lundin Energy AB (Lundin Energy) is pleased to announce that it has sold the world’s first ever certified carbon neutrally produced¹ oil to Saras S.p.A (Saras), from its Edvard Grieg field, offshore Norway.

Highlights

• First ever certified carbon neutrally produced crude oil sold to Saras’ refinery in Sarroch, Sardinia
• Transparent pathway to carbon neutrality:
  • Edvard Grieg certified as a low-carbon field, at 3.8 kg CO₂ per boe
  • 600,000 barrels of Edvard Grieg crude supplied
  • Resulting 2,302 tonnes residual CO₂ emissions captured using high quality, nature-based solutions
• Independent testing and certification specialist Intertek, certified full life of field CO₂ emissions of every barrel as carbon neutral
• From 2025, all barrels produced by Lundin Energy will be carbon neutral in their production
  
  

Lundin Energy’s Edvard Grieg field is the first oil field in the world to be independently certified by Intertek Group plc (Intertek), under its CarbonClear^TM certification. The field is certified as low carbon at 3.8 kg of CO₂ per barrel of oil equivalent (boe) for full life of field emissions, including exploration, development and production, five times less than the world average². 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). In addition, the entire trade was independently certified as carbon neutral by Intertek under its CarbonZero^TM standard. As a result, there were no net emissions released during the production of each barrel delivered to Saras.

As one of the elementary feedstocks of the global economy and energy system for decades to come, it is imperative that the provenance of every barrel of oil is accounted for, thereby beginning the decarbonisation of the entire value chain in line with the Paris Agreement goals. As the energy transition continues to accelerate, providing certified, low emission produced barrels to our customers ensures that they can continue the decarbonisation pathway, delivering a differentiated product to their end users. From 2025, every barrel produced by Lundin Energy, will be produced as carbon neutral.