Global E&P company Neptune Energy (Neptune) is accelerating its focus on net zero with the announcement today (3rd March) that it will store more carbon than is emitted from its operations and the use of its sold products by 2030.
By eliminating total carbon dioxide (CO2) emissions from its production chain the company aims to go ‘beyond net zero’, in addition to refreshing its strategy on lowering carbon energy production and integrated energy hubs.
Neptune’s new strategy includes lowering its carbon energy production using methods such as electrification to decarbonise some of its ‘highest producing assets’ with a short-term focus on Norway.
Integrated energy hubs will also play a key role in the strategy and builds on the company’s experience with carbon capture and storage (CCS) in the Netherlands and Norway.
The L10 CCS project in the Netherlands – currently being developed by Neptune and partners – is expected to store up to 5 million tonnes of carbon per year when operations begin in 2026.
At 6kg CO2/boe (barrel of oil equivalent), the carbon intensity of Neptune’s portfolio is already considerably lower than the industry average of 15kg CO2/boe.
“Neptune has one of the lowest carbon intensities in the sector due to the steps we have taken already to reduce operational emissions,” said Pete Jones, CEO, Neptune Energy.
“We have both the infrastructure and the experience with electrification and CCS to now accelerate our ambitions.”
Part of the company’s decarbonisation efforts also includes net zero methane emissions – which currently sits at 0.02% of its operated production.