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The company says the renewable energy supply will result in a reduction in CO2 emissions of over 11,000 metric tons.

By Joseph Murphy

Neptune Energy has secured renewable electricity supplies for its operated hydrocarbon assets in Germany, the company reported on May 5, enabling it to cut annual CO2 emissions at the projects by over 11,000 metric tons.

Neptune aims to reduce the carbon intensity of its assets to 6 kg of CO2/barrel of oil equivalent by 2030, down from 6.4 kg at present. Without mitigation efforts, the company estimates its carbon intensity would increase to 22 kg of CO2/boe by the end of the decade, as a result of its assets maturing.

"Electrification plays a critical role in our decarbonisation strategy," Neptune's director of global operations and electrification, Mungo McLeish, said in a statement. "By the end of 2022, more than 35,000 boe/d of Neptune's net annual production will be electrified."

Neptune expects to produce 135-145,000 boe/d of oil and gas in total this year, up from 130,000 boe/d in 2021.

The company also uses renewable electricity from shore to power its Gjoa field in Norway and its Q13a-A platform in the Netherlands, allowing it to avoid 226,000 mt of CO2 emissions in 2021. 

"With further electrification projects planned in Norway, we aim to have around 50,000 boe/d electrified by 2026, and will continue to investigate opportunities to electrify assets within our portfolio," McLeish said. 

As part of Neptune's electricity supply agreement in Germany, the company said it had received a certificate of origin, guaranteeing that the power comes from renewable sources. It did not disclose the name of the supplier.