We acknowledge the significant challenge posed by climate change and will become carbon neutral from 2025
Oil and gas will remain a major energy source for decades to come. Lundin Energy recognises that demand for hydrocarbons is expected to continue rising to meet the needs of a growing global population. Oil will still comprise a significant portion of the energy mix in 2040, alongside other forms of energy. Over this same time frame, to meet climate targets set out in the Paris Agreement, global annual greenhouse gas emissions will need to be halved.
We support the objectives of the Paris Agreement
We recognise the challenge posed by climate change and the role that forward-thinking oil and gas companies like us must play in addressing it. We acknowledge that the global response to climate change should include efforts to limit the temperature increase to 1.5 degrees and to reach a global peak of greenhouse gas emissions as soon as possible, as set out in the Paris Agreement.
Producing hydrocarbons in the upstream oil and gas sector is estimated to contribute around 5% of the world’s total carbon footprint. Therefore, in order to meet both future energy demand and climate targets, it is critical to decarbonise the production of oil and gas as much as possible.
This is the core aim of Lundin Energy’s strategy.
Our impact and ambitions
Lundin Energy operates with one of the lowest carbon intensity levels in the industry – about a quarter of the industry world average. By 2023, we aim to produce oil at less than 2 kg CO2 per barrel. If all oil in the world was produced this way, it would save 2 billion tonnes of CO2 per year, equivalent to removing over 1 billion passenger cars from the road.
Through our Decarbonisation Strategy, we are targeting carbon neutrality from 2025. This will strengthen our position as one of the most sustainable oil companies providing the best barrel of oil in the world: safe, responsible, low cost and low emissions.
Our key actions are also outlined in our Climate Change Strategy Statement.
Supporting development of a low-carbon industry
Lundin Energy Norway has an extensive R&D programme, supporting projects which look at new technology and equipment to increase the effectiveness of oil and gas operations and low-carbon emission technology.