North Sea operator sells ‘world’s first’ certified, carbon neutrally produced oil

North Sea operator sells ‘world’s first’ certified, carbon neutrally produced oil

North Sea operator Lundin energy has traded the world's first ever certified, carbon neutrally produced oil.

A total of 600,000 barrels of crude from the Swedish firm's Edvard Grieg field, offshore Norway, have been sold to Italian energy company Saras S.p.A's refinery in Sarroch, Sardinia.

In order to supply a fully carbon neutral barrel, more than 2,300 tonnes residual CO2 emissions were captured using high quality, nature-based solutions, Lundin said.

The Edvard Greig field in the Norwegian North Sea is the first in the world to be independently certified by Intertek, under its CarbonClear certification.

It produces 3.8 kg of CO2 per barrel of oil equivalent (boe) for full life of field emissions, including exploration, development and production.

Lundin said that from 2025, every barrel it produces will be carbon neutral in line with the goals set out in the Paris Agreement.

Nick Walker, the firm's president and CEO, commented: “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.

“The provenance of a barrel and how it is produced is increasingly important, as