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British Banks Have Abandoned North Sea Oil

British Banks Have Abandoned North Sea Oil

Virtually all British banks have…

Nordic Oil Firm Sells World First Certified Carbon Neutral Oil

Sweden-based Lundin Energy said on Monday that it had sold the world’s first certified crude oil produced with net-zero emissions from an oilfield offshore Norway.

Lundin Energy, which is active in many areas offshore Norway, Western Europe’s largest oil and gas producer, said that the crude oil was certified carbon-neutral across the full life, including exploration, development, and Scope 1 and 2 emissions from production.

The oil, pumped at Lundin Energy’s Edvard Grieg field offshore Norway, was sold to Italian refiner Saras SpA for its Sarroch refinery in Sardinia. 

The Edvard Grieg field is the first oilfield in the world to be independently certified by Intertek Group under its CarbonClear certification, Lundin Energy said.

To supply a fully carbon-neutral barrel to Saras, residual emissions of 2,302 tons of carbon dioxide (CO2) were compensated through a nature-based carbon capture project, certified by the Verified Carbon Standard (VCS).

Lundin Energy says that all the barrels it produces will be carbon neutral in their production from 2025 onwards. 

“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,” said Nick Walker, President and CEO of Lundin Energy.

The Nordic company is not the only one looking to appeal to customers and investors with carbon-neutral crude.

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In January this year, a unit of U.S. Occidental said it had delivered the world’s first shipment of carbon-neutral oil, or oil where emissions associated with the entire crude lifecycle—wellhead through the combustion of end products—have been offset. The delivery of the oil, produced by Occidental in the Permian, “is a first step in the creation of a new market for climate-differentiated crude oil,” Oxy Low Carbon Ventures said.

By Tsvetana Paraskova for Oilprice.com

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