January 27 (Renewables Now) - Oil and gas exploration and production company Lundin Petroleum AB (STO:LUPE) today initiated its decarbonisation strategy, which involves investments in renewables and targets carbon neutrality by 2030.
Moreover, the company announced a proposed name change to Lundin Energy AB to better reflect its new strategy. The amendment is subject to approval by the company’s shareholders at the annual general meeting scheduled for March 31, 2020.
Lundin, which is based in Sweden but has a focus on operations in Norway, has committed to lower its carbon footprint to the lowest possible levels through a mix of emissions reductions, energy efficiency, targeted research and development (R&D) and carbon capture mechanisms.
The new strategy envisages limiting average operated and non-operated portfolio carbon intensity to below 4 kg carbon dioxide (CO2) per barrel of oil equivalent (BOE) from 2020 and to below 2 kg CO2 per BOE from 2023. Another objective is to replace all net electricity usage from onshore power from 2022 by investing in renewables and offset all business and operationally related air travel emissions through natural carbon capture, effective from 2018.