TIDMITRK
Intertek Group PLC
29 July 2020
29 JUly 2020
INTERTEK ISSUES WORLD'S FIRST CARBONCLEAR CERTIFICATION TO LUNDIN ENERGY'S
EDVARD GRIEG FIELD, JOINTLY DEMONSTRATING COMMITMENT TO A LOW CARBON
ENERGY FUTURE
Intertek, a leading Total Quality Assurance provider to
industries worldwide, announces the first certification awarded
under its new CarbonClear independent upstream carbon intensity
certification program. The first certification was awarded to
Lundin Energy, one of Europe's leading independent oil and gas
exploration and production companies, for its Edvard Grieg field in
the central North Sea.
The CarbonClear Certification is designed to drive transparency,
precision, and assurance of carbon emissions performance, while
also serving as a catalyst for accelerating investment and
performance in carbon footprint reduction across the energy sector,
reducing emissions for current and future generations. In a recent
independent survey*, 89% of investors said they would like oil
& gas companies to adopt certifications that verify carbon
transparency.
Intertek's CarbonClear is the world's first certification
program that independently verifies the upstream carbon intensity
per barrel of oil or gas equivalent. This program will enable
traders, refiners, regulators and other stakeholders to confidently
rely on certified and standardized emissions intensities, to
further compare and differentiate the value of production streams,
and how the purchase of commodities from these streams impacts a
company's or country's overall progress toward emissions targets
across the energy value chain.
Alex Schneiter, Chief Executive Officer of Lundin Energy, said:
"Oil and gas will continue to play an important role in the future
energy mix, but when it comes to emissions, we know not all barrels
of oil are created equally. At Lundin Energy, we are proud of our
Decarbonization Strategy, the investments made to materially reduce
emissions from Edvard Grieg production, our leadership on low
carbon intensity and our drive towards carbon neutrality by 2030.
The CarbonClear Certification for Edvard Grieg is an important part
of that strategy and creates an independent and verified validation
of one of the lowest carbon intensive fields in the world. If you
can certify the provenance of a barrel of oil, it should have clear
benefits for everyone in the value chain seeking to deliver a
product which has inherently reduced emissions intensity, aiding
the shift towards a lower carbon future and ultimately be an
enabler for the energy transition."
As stakeholders look for trusted mechanisms to evaluate carbon
emissions in the energy industry, CarbonClear provides Lundin
Energy with the credibility and assurance required to confidently
differentiate Edvard Grieg production in terms of emissions
performance. Further, the comprehensive CarbonClear process enables
producers to spot clear and actionable high-impact emissions
improvement opportunities by field across operations and supply
chains and compare detailed performance year-over-year versus
peers.
Today, an estimated 6% (Source: McKinsey(1) ) of total global
emissions originate from the production of oil and gas, but
emissions vary significantly from field to field and opportunities
exist to help operators gain transparency on where to improve to
reduce climate impacts.
André Lacroix, Chief Executive Officer of Intertek, said: "As
more and more companies and countries make commitments to emissions
reduction and even carbon neutral targets, stakeholders are looking
for ways to confidently verify progress and differentiate
performance in the market. Building on our position as the
industry-leading provider of Total Sustainability Assurance
solutions, Intertek's CarbonClear program enables companies to
demonstrate their end-to-end commitment to sustainability, further
incentivizing the industry in delivering the lowest carbon Oil
& Gas production in the world. In fact, we envision a future
where companies will require emissions certification before
acquiring assets to ensure acquisitions are in alignment with their
path to carbon reduction targets. Certification under the
CarbonClear program represents a historic shift in emissions
transparency in the energy sector and is a meaningful step in the
direction of emissions reduction. Our core purpose at Intertek
centres around quality, safety and sustainability, and we are
delighted to award the world's first Intertek CarbonClear
certification to Lundin Energy and support their commitment to
Sustainability and the drive toward a low-carbon future."
As part of the CarbonClear program, Lundin Energy's production
from the Edvard Grieg field will carry the CarbonClear
certification mark, and additional details of the certification are
publicly listed for verification by investors, traders, refiners,
regulators and other stakeholders in Intertek's Global
Sustainability Directory .
To learn more, or to participate in the CarbonClear program,
please visit our website intertek.com/CarbonClear or contact us at
CarbonClear@Intertek.com .
-ENDS-
Contacts
For further information, please contact:
Denis Moreau , Investor Relations
Telephone: +44 (0) 20 7396 3415
Email: investor@intertek.com
Malissa Boudreaux , VP Sales & Marketing
Global Resources
Telephone: +1 346 306 7342
Email: carbonclear@intertek.com
Jonathon Brill , FTI Consulting
Telephone: +44 (0) 20 3727 1000
Email: scintertek@fticonsulting.com
About Intertek CarbonClear
The world's first independent and standardized upstream oil and
gas carbon intensity certification program
Building on its position as the industry-leading provider of
Total Sustainability Assurance solutions, Intertek's CarbonClear
Certification program provides a unique platform to consistently
evaluate emissions across all stages of exploration and production,
validate and disclose the carbon impact or intensity per barrel of
oil equivalent (BOE) per field or across a company's portfolio, and
identify key areas for emissions improvement versus peers and other
industries, accelerating the transition to a lower-carbon economy.
Delivering Carbon Transparency. Assured.
intertek.com/carbonclear
About Intertek Sustainability Solutions
For more than 100 years, sustainability services have been core
to Intertek's global business, giving it a unique perspective and
advantage in this space. Today, organizations are responding to the
challenges of climate change by rapidly improving their
sustainability performance. The energy sector is a key part of this
movement, working to supply the world with lower-carbon solutions
whilst building resilience into the value chain to secure
sustainable energy for future generations.
Global Sustainability Directory
intertek.com/sustainability
About Intertek
Intertek is a leading Total Quality Assurance provider to
industries worldwide. Our network of more than 1,000 laboratories
and offices and over 46,000 people in more than 100 countries
delivers innovative and bespoke Assurance, Testing, Inspection and
Certification solutions for our customers' operations and supply
chains. Intertek Total Quality Assurance expertise, delivered
consistently with precision, pace and passion, enabling our
customers to power ahead safely. intertek.com
About Lundin Energy
Lundin Energy has grown from an oil and gas exploration company
into an experienced Nordic energy developer and operator. We
continue to explore new ideas, new concepts, and new solutions to
maintain our position as an industry leader in production
efficiency, sustainability, and decarbonisation. (Nasdaq Stockholm:
LUNE). For more information, please visit us at
www.lundin-energy.com or download our App
www.myirapp.com/lundin
*About the research
This research was conducted online by an independent research
consultant company from 10th to 15th July 2020 with n=506 Global
Institutional Investors (Location: Europe 36%, North America 28%,
South America 12%, Asia-Pacific 9% and Middle East & Africa
14%) with a sum of AUM (Assets Under Management) in excess of USD$1
trillion.
References:
1) McKinsey - January 2020 - https://www.mckinsey.com/industries/oil-and-gas/our-insights/the-future-is-now-how-oil-and-gas-companies-can-decarbonize
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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