Neptune secures renewable electricity supplies for German assets

05/05/2022

Neptune Energy has secured new renewable electricity supplies for its operated assets in Germany, reducing emissions by more than 11,000 tonnes of CO2 per year, a 40% reduction in the company's scope two emissions in the country.

Reducing emissions in the production of oil and gas is a key part of Neptune's lower carbon strategy. In addition to using electricity from renewable energy to power its onshore assets in Germany, Neptune uses electricity from shore at its operated Gjøa field in Norway and at its Q13a-A platform in the Netherlands.

Using electrical power from shore at these sites led to a reduction of an estimated 226,000 tonnes of CO2 emissions in 2021.

Neptune Energy's Director of Global Operations & Electrification, Mungo McLeish, said: "Electrification plays a critical role in our decarbonisation strategy. By the end of 2022, more than 35 kboepd of Neptune's net annual production will be electrified.

"With further electrification projects planned in Norway, we aim to have around 50 kboepd electrified by 2027, and will continue to investigate opportunities to electrify assets within our portfolio."

Under the new supply agreement in Germany, a Certificate of Origin has been issued to Neptune, guaranteeing electricity is provided from renewable energy sources.

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About Neptune Energy Group
Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 130,000 net barrels of oil equivalent per day in 2021 and 2P reserves at 31st December 2021 of 604 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.

More information: www.neptuneenergy.com