LIME PETROLEUM ANNUAL REPORT 2021
Sustainability and environmental commitment Lime is actively seizing opportunities for developing energy projects in the Norwegian Continental Shelf that enhance economic value while engaging and developing its highly qualified workforce, as well as collaborating in the creation of a more sustainable future for generations to come. Climate change has become a major concern as rising levels of greenhouse gases accumulate in the atmosphere causing disruptions in ecosystems that could be irreversible. Lime is committed to forming part of the solution to slow down climate change and has joined initiatives for energy transformation as the Wind Units project to electrify the Brage field and a Carbon Capture and Storage (CCS) project.
Program. This will not only reduce the CO2 footprint for producing the oil and gas but will also result in more gas for export to a gas-starved European continent. Several solutions have been considered for electrification, including cables from land, and offshore wind turbines. Currently offshore wind is looking like the most likely solution, with a possible start-up in 2024, reducing CO2 emissions by some 60%.
Although many efforts have been made in recent years to mitigate climate change, it is evident that a greater amount of CO2 emissions will need to be removed over the next years and decades if net-zero goals for 2050 are to be met. In a world with ambitious goals for decarbonization whilst acknowledging the need for energy, having a strategy for carbon reduction is a required necessity.
Carbon capture and permanent storage in geological formations will play an integral role in helping reduce global emissions. Lime’s analyses considering the number of carbon capture projects in Europe, the time that it takes to develop them, and the levels of CO2 emitted by industrial sites, suggest that there will be a shortage in CO2 storage capacity of up to 40 million tonnes per year by 2030.
A major concern to Lime is to reduce our own carbon footprint. Lime seeks to find low-carbon solutions for both exploration and production. Reducing the number of dry wells drilled, by employing state-of-the-art exploration technology to select drilling locations, is one aspect. Direct reduction of emissions during operations is another. For the drilling of the Fat Canyon exploration well in the fall of 2021, the Borgland Dolphin semisubmersible rig was chosen. Part of the rig-decision was the fact that Borgland Dolphin, according to Rystad Energy, has one of the lowest carbon footprints for all the rigs operating on the Norwegian Continental Shelf. Lime is also working closely with the partners in the Brage unit to electrify the platform - the Brage Climate Response Page 12
