Swedish oil firm Lundin Petroleum AB said Jan. 27 it will seek to make its operations carbon neutral by 2030, cutting emissions from operations, boosting energy efficiency and developing carbon capture mechanisms.
The board also proposed to change the company's name to Lundin Energy AB, it said in a statement.
The company also seeks to invest in renewable energy projects as a means to replace its own net electricity consumption, provided that this will generate a good return, Lundin said.
"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."
Lundin did not immediately provide cost or investment estimates for its plans. The company is due to present its fourth-quarter earnings, as well as a detailed strategy update, on Jan. 31.
Percussion Petroleum II will pursue the same acquisition and development strategy as its predecessor, which sold its position in the Permian Basin’s Northwest Shelf to Spur Energy Partners in mid-2019.
A court-ordered sale of one-time shale high-flyer Alta Mesa Resources fell through due to a lack of financing on March 9, a day when oil prices and shares of U.S. oil producers plummeted.
Although the industry learned a lot during the last downcycle, oil and gas companies won’t have the same access to capital in the latest slump and will likely only be able to invest the cash they generate.