North Sea producer NEO embraces decarbonisation
North Sea oil and gas producer NEO Energy said May 5 it was now committed to investing in the technology necessary to lower its carbon footprint.
“NEO recognises that climate change is one of the world’s greatest challenges and that it demands thoughtful and urgent action,” the company said.
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NEO this week published a low-carbon transition plan that spells out ways it will reduce its carbon emissions. Broadly speaking, it said it would look for ways to reduce the per-barrel carbon intensity of its oil equivalent production by 50% by 2030.
Elsewhere, the company said it aligned itself with policies in place across the UK to realise a net-zero economy by 2050 while continuing to invest in technologies needed during the energy transition.
“Through creative thinking, innovation, agility and adaptability we will be a positive agent for change in how the UK oil and gas industry contributes to the energy transition,” CEO Russ Alton said.
The UK’s government in April announced a target to reduce its greenhouse gas emissions by 78% by 2035 versus the level in 1990, incorporating for the first time international aviation and shipping emissions into its reduction plan.
NEO acknowledges the road ahead will not be an easy one, saying certified carbon offsetting may be necessary to compensate for what it said were unavoidable emissions from its production and other activities.
The ambition, the company added, is to be a leading sustainable producer on the UK’s continental shelf.