Decarbonisation Strategy
Roadmap to carbon neutrality by 2030:
- From 2020 limit average operated and non-operated portfolio carbon intensity to below 4kg CO2 per boe and from 2023 to below 2kg CO2 per boe
- In 2022 fully electrify
Edvard Grieg and Johan Sverdrup Phase 2, to achieve carbon intensity for these assets of less than 1kg CO2 per boe - From 2022 replace all net electricity usage from power from shore, through investments in renewable power generation
- To offset all business and operationally related air travel emissions through natural carbon capture, effective from 2018
- By 2030 achieve carbon neutrality across our operations as an oil and gas producer
Proposed name change to
The Board of
The Board believes that with the production growth pathway set towards the target of 200 Mboepd, coupled with sustainable, industry leading low operating costs and a carbon intensity which will be below 2 kg CO2 per boe in 2023 versus the world average of 18 kg CO2 per boe, it is clear that the Company is transforming what it delivers as well as how it is delivered. Lundin Energy better reflects what the Company is doing as an explorer and producer today and its role in supplying the energy transition with the most sustainable oil and gas production possible as an essential part of the future energy mix.
“I am personally very proud to announce the launch of our Decarbonisation Strategy, through which we are seeking to formalise our commitment to reducing emissions and our carbon footprint, in order to supply the growing demand for all types of energy with the most sustainably produced product we can. We have a target of 2030 to reach carbon neutrality across our operations and we have set out a realistic and deliverable pathway towards this, which clearly differentiates us as an independent oil and gas producer in our industry.
“I am also pleased to announce that the Board is proposing to change the name of the Company to Lundin Energy. It represents our ambition to become carbon neutral, our position as a leading provider of oil and gas in the future and recognition of our role in the changing energy mix.”
For further information, please contact:
VP Investor Relations Tel: +41 22 595 10 14 edward.westropp@lundin.ch | Investor Relations Officer Tel: +41 795 23 60 75 sofia.antunes@lundin.ch | Manager, Tel: +46 701 11 26 15 robert.eriksson@lundin-petroleum.se |
Forward-Looking Statements
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and
Attachment
Lundin Petroleum - Decarbonisation Strategy and Name Change -V5 20200127en
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