Lundin Petroleum’s board members proposed a name change from ‘Lundin Petroleum’ to ‘Lundin Energy’. Credit: Lundin.

Swedish oil and gas firm Lundin Petroleum has launched its Decarbonisation Strategy, a roadmap to become carbon neutral by 2030.

This latest move seeks to improve energy efficiency by cutting emissions from operations and developing carbon capture mechanisms.

Lundin also plans to invest in renewable energy projects as a means to replace its own net electricity consumption. This assumes the projects will generate a good return for its shareholders.

It plans to limit average operated and non-operated portfolio carbon intensity. It has set a target of below 4kg CO2 per boe from 2020. It has set a further target of below 2kg CO2 per boe from 2023.

It has also proposed to fully electrify the Edvard Grieg and Johan Sverdrup phase two platforms in 2022. This will achieve a carbon intensity for these assets of less than 1kg CO2 per boe.

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The company has also committed to replacing all net electricity usage from power from shore. It will achieve this through investments in renewable sources of power generation.

Lundin Petroleum president and CEO Alex Schneiter said: “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.”

The company also said that its board members have proposed a name change from ‘Lundin Petroleum’ to ‘Lundin Energy’.

Schneiter added: “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.”

Recently, Lundin Petroleum ruled out the standalone development of the Alta and nearby Gohta discoveries in the Barents Sea off Norway.

In September, Equinor divested its 16% stake in Lundin Petroleum.