Lundin Energy has revealed that it is accelerating its decarbonization strategy to target carbon neutrality for operational emissions from 2025.
The change, which saw the goal pushed forward from an original target of 2030, is underpinned by good progress on the electrification of the company’s main assets, investments in renewable energy to replace electricity usage and a commitment to invest in proprietary natural carbon capture projects to offset any residual, hard to abate emissions, Lundin Energy noted.
Electrification of the company’s main assets will result in over 95 percent of oil and gas production being powered by electricity from shore by 2023, according to Lundin Energy, which highlighted that the company has also entered into a partnership with Land Life Company BV to plant approximately eight million trees. This action will see an investment of $35 million between 2021 and 2025 and will capture approximately 2.6 million tons of CO2, Lunding Energy outlined.
The company’s total 2021 budget for renewables and reforestation investments is $70 million. This includes the Leikanger hydropower project in Norway, which is scheduled for final completion in the first half of 2021, the Metsälamminkangas wind farm project in Finland, which is due for completion at the start of 2022, and the first phase of the reforestation projects.
In January last year, Lundin Petroleum announced the launch of its decarbonization strategy, which targeted carbon neutrality by 2030, as well as a proposed name change to Lundin Energy, “to better reflect the business today and the clear actions and targets towards a lower carbon future”.
In a company statement at the time, Lundin Energy’s president and chief executive officer said he was very proud to announce the launch of the company’s decarbonization strategy. He added that the company’s name change represents its ambition to become carbon neutral, its position as a leading provider of oil and gas in the future and recognition of its role in the changing energy mix.
To contact the author, email andreas.exarheas@rigzone.com
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