Sweden’s Lundin has brought forward its target for reaching carbon neutrality by two years to 2023, the company announced on September 15, representing the most ambitious climate target for an oil company of its size.

The company, whose flagship project is the Edvard Grieg field in the Norwegian North Sea, said the target covered Scope 1, 2 and 3 emissions. It plans to deliver on this goal with the help of natural carbon capture projects, such as forestation initiatives, and carbon credit offtake agreements. These projects have undergone due diligence and their climate credentials have been certified.

In absolute emission terms, Lundin is targeting a 50% cut by 2023. It has set aside $800mn for its mission to reach neutrality, of which 70% has already been spent on electrifying platforms at Edvard Grieg and the larger Equinor-led Johan Sverdrup project, in which Lundin has an interest.

In other news, Equinor will provide an extra 2bn cubic metres of gas supply for Europe from two key fields in the gas year beginning October 1, helping ease unprecedented shortages on the market.

Gas price futures for October delivery at the Dutch TTF surpassed $840 per 1,000 cubic metres last week, following a strong rebound in demand in recent months coupled by supply shortages. Norway is Europe’s second-biggest gas supplier after Russia, shipping 107 bcm in piped supplies last year.

Equinor announced on September 20 it had obtained the approval of authorities to ramp up supplies from the Troll and Oseberg fields this coming gas year. Deliveries from Troll will rise from 36 to 37 bcm, while shipments from Oseberg will be raised from 5 to 6 bcm.

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