LONDON – Neptune Energy has set a carbon intensity target of 6kg CO2/boe for its E&P operations by 2030.
The company says this is well below the industry average of 18kg CO2/boe*.
Neptune plans to achieve its goal by capitalizing on its experience of capturing and storing CO2 (carbon dioxide) through long-established projects in Norway and the Netherlands, and the current PosHYdon project to generate offshore hydrogen via the company’s Q13a platform in the Dutch North Sea.
It also plans to reduce flaring and venting and will replace some operational equipment with new and more efficient technologies.
The company claims to have one of the lowest methane intensities in the sector at 0.02% and will pursue net zero methane emissions by 2030.
Methane is the primary component of natural gas. While its lifespan is shorter than CO2 – methane remains in the atmosphere for around a decade, compared with 200 or more years for CO2 – it has a much higher global warming impact, the company said.
* Source: IOGP (2018), Environmental Performance Indicators report