SEOUL, June 18 (Korea Bizwire) — GS Caltex Corp., South Korea’s second-largest refiner by sales, is taking the lead in environmental, social and governance (ESG) management by introducing carbon neutral crude oil for the first time among domestic energy companies.
The company said on Thursday that it has purchased 2 million barrels of carbon neutral crude oil produced in Norway’s Johan Sverdrup oil field by Lundin Energy AB, a Sweden-based oil and gas exploration and production company.
This is the world’s first crude oil that is certified as carbon neutral.
The crude oil that GS Caltex purchased will be shipped next month and arrive in South Korea by September.
The Johan Sverdrup oil field is an offshore oil field that is located 140 kilometers west of the city of Stavanger in Norway. The oil field has a reserve of 2.7 billion barrels with its daily crude oil production volume estimated at about 500,000 barrels.
The carbon emissions of this crude oil are about 40 times lower (0.45kg CO2e/boe) than other oil produced in conventional oil fields.
The crude oil from Johan Sverdrup recently acquired the CarbonClear low carbon certificate and Verified Carbon Standard (VCS) from Intertek Group.
Ashley Song (email@example.com)