Oil and gas companies can now apply for carbon neutral certification

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Although the concept of carbon neutrality applied to the oil and gas industry sounds like an oxymoron, companies can now apply for a certificate attesting their somewhat commendable environmental credentials.

Intertek Group PLC (LON:ITRK) has launched a carbon-neutral certification programme for products and services relating to fossil extraction.

The CarbonZero medal confirms that a company has achieved carbon neutrality by cutting the overall emissions as well as offsetting them via carbon capture technology or by planting trees somewhere.

Intertek, which is a total quality assurance provider to industries worldwide, previously launched the CarbonClear programme, which verifies actual emissions incurred per unit produced and standardised by industry.

 

The first CarbonClear certification was awarded in 2020 to Lundin Energy for its Edvard Grieg field in the Norwegian North Sea.

Lundin has also just received the first CarbonZero certification for the verified carbon neutral sale of 600,000 barrels of Edvard Grieg production.

In January 2020, Lundin announced it would target carbon neutrality by 2030.

The plan is to carry on with oil and gas extraction but it would limit the average carbon intensity across its operations and replace all net electricity usage from power from shore, through investments in renewable power generation.

It will also offset all business and operationally related air travel emissions through natural carbon capture.

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