Lundin Energy : Johan Sverdrup barrels certified as carbon neutrally produced

Lundin Energy AB (Lundin Energy) is pleased to announce that all future barrels of oil the Company sells from the Johan Sverdrup field will be certified as carbon neutrally produced under Intertek Group plc's (Intertek) CarbonZeroTM standard.

The field has been independently certified at 0.45 kg CO2e per boe1, approximately 40 times lower than the world average2. Lundin Energy has then taken the further step to neutralise net residual emissions using high quality, natural carbon capture projects.

Nick Walker, President and CEO of Lundin Energy, commented: 'Since we sold our first cargo of certified, carbon neutrally produced oil from Edvard Grieg earlier this year, we have seen significant interest in the market for this clearly differentiated product. With the certification of our Johan Sverdrup barrels as CarbonZeroTM, we now have a significant volume of crude being traded as carbon neutrally produced, which I believe will drive significant value for Lundin Energy. As the energy transition continues to accelerate, providing certified, zero emission produced barrels to our customers ensures that they can continue the decarbonisation pathway, delivering a differentiated product to their end users. From 2025, every barrel delivered by Lundin Energy, will be carbon neutrally produced.'

Saehong Hur, President and CEO of GS Caltex Corporation, commented: 'We are very proud to purchase the first Johan Sverdrup cargo certified as carbon neutrally produced. At GS Caltex, we are striving to reduce our carbon footprint as part of our commitment to good environmental, social and governance practices. In line with our efforts to expand environmentally-friendly activities, the purchase of Lundin Energy's certified carbon neutrally produced crude oil is another meaningful step on our path toward a more sustainable and green economy. GS Caltex would like to work together with Lundin Energy further in the future.'

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Lundin Energy is an experienced Nordic oil and gas company that explores for, develops and produces resources economically, efficiently and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability and Growth. Our high quality, low cost assets mean we are resilient to oil price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. (Nasdaq Stockholm: LUNE).

Forward-looking statements

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