Swedish oil and gas exploration and production company Lundin Petroleum has launched a decarbonisation strategy, which aims to achieve carbon neutrality by 2030 and increase investments in renewables.

The firm is also considering changing its name to Lundin Energy to better reflect its new strategy.

The proposed name change, however, is subject to approval by the company’s shareholders at the annual general meeting scheduled on 31 March 2020.

Lundin commits to lower carbon footprint

Lundin said that the new strategy formalises its committed to lower its carbon footprint by working on emissions reductions, energy efficiency, targeted research and development (R&D) and carbon capture projects.

The new strategy aims to limit average operated and non-operated portfolio carbon intensity to below 4kg CO2 per barrels of oil equivalent (boe) from 2020 and to below 2kg CO2 per boe from 2023.

In 2022, the company intends to fully electrify Edvard Grieg and Johan Sverdrup Phase 2, in order to bring the carbon intensity of the two assets to less than 1kg CO2 per boe.

Additionally, the decarbonisation strategy aims to replace all net electricity usage from onshore power from 2022 by investing in renewables. It seeks to offset all business and operationally related air travel emissions through natural carbon capture.

Last year, Equinor offloaded 16% stake in Lundin Petroleum for about $1.56bn and acquired a direct stake of 2.6% in the Johan Sverdrup field for $910m.

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.

“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.”