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    Neptune Targets Emissions Cut by 2030


With Covid-19 and low oil prices wreaking havoc on the upstream industry, sustainability has never been more important, Neptune says.

by: Joseph Murphy

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Natural Gas & LNG News, Europe, Corporate, Exploration & Production, News By Country, Norway

Neptune Targets Emissions Cut by 2030

Private equity-backed Neptune Energy is targeting a substantial reduction in its carbon and methane intensity in the North Sea over the next decade, it announced on April 6.

The company aims to achieve a carbon intensity to 6 kg CO2/barrel of oil equivalent by 2030, which is 60% less than the level forecast if no action was taken. It plans to reach this goal by building on its experience in carbon capture and storage in Norway and the Netherlands, and advancing its PosHYdon offshore hydrogen project in the Dutch North Sea.

Neptune is a partner at the Snohvit field in the Barents Sea, where CO2 is separated from gas and re-injected into the field's reservoirs.

PosHYdon is a pilot project to produce hydrogen at Neptune's Q13a platform, 13 km from Scheveningen. Working with various industry and science organisation, Neptune plans to install a 1-MW electrolyser at the site, producing hydrogen for delivery to a second platform nearby, where it will be used for power generation.

Neptune already boasts among the lowest carbon and methane intensities in the industry, it said. Its methane intensity is 0.02% and it is targeting net zero methane emissions by 2030. "As our sector deals with the twin challenges posed by the Covid-19 pandemic and lower commodity prices, sustainability has never been more important," Neptune chairman Sam Laidlaw said.