Skip to main content
Canada’s most-awarded newsroom for a reason
Enjoy unlimited digital access
$1.99
per week
for 24 weeks
Canada’s most-awarded newsroom for a reason
$1.99
per week
for 24 weeks
// //

A drilling platform at Norway's giant offshore Johan Sverdrup field. Lundin said its crude from the Sverdrup field had been certified by Intertek Group.

STAFF/Reuters

Lundin Energy has sold an oil cargo certified as carbon neutral at the point of production to South Korean refiner GS Caltex in the first such sale of crude from Norway’s Johan Sverdrup field, the Swedish company said on Wednesday.

Oil companies are increasingly seeking to market their products as cleaner in an effort to secure a future for the fossil fuel industry when investors, activists and regulators demand action to halt climate change.

Lundin said its crude from the Sverdrup field had been certified by Intertek Group, which earlier this year also gave its stamp of approval to the oil firm’s first carbon neutral cargo from a different North Sea field.

Story continues below advertisement

The oil will be counted as carbon neutral from exploration, development and so-called scope 1 and 2 emissions, but the major emissions caused by the oil’s final use, or scope 3 emissions, are not included.

The Sverdrup oil platforms are powered by hydroelectric electricity from land and thus only emit 0.45 kilograms of CO2 emissions per barrel of oil equivalent produced, or around 2.5 per cent of the global average, Lundin said.

“Lundin Energy has then taken the further step to neutralize net residual emissions using high quality, natural carbon capture projects,” the company said in a statement on Wednesday.

It has previously said it will use tree-planting projects to neutralize such emissions.

“All future net production from Johan Sverdrup will be certified as carbon neutrally produced by Intertek under its CarbonZero standard,” Lundin said.

Intertek Group, which provided Lundin’s certification, is involved in testing and inspection and verification to ensure that products meet quality, safety, environmental and other standards for clients including Carrefour, ConocoPhillips and Unilever.

Lundin holds a 20 per cent stake in Equinor-operated Johan Sverdrup, western Europe’s largest oilfield with daily output of 535,000 barrels of oil equivalent per day. The other owners are Aker BP, TotalEnergies and Petoro.

Story continues below advertisement

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies