Xpansiv Launches Digital Crude Oil with Lundin Energy and Intertek as Inaugural Participants
NEW YORK & SAN FRANCISCO & LONDON--(Business Wire / Korea Newswire) March 24, 2022 -- Xpansiv, the global marketplace for ESG commodities, today announced the launch of Digital Crude Oil™ (DCO), the latest addition to the Xpansiv Digital Fuels™ Program. DOC units registered on the Xpansiv DF Registry enable markets to differentiate crude oil based on greenhouse-gas emissions and ESG performance.
The inaugural DCOs will be registered from Lundin Energy’s North Sea production, representing carbon intensity and other key environmental attributes for individual barrels of oil.
“This is a critical moment of confluence between two paradigm shifts in global energy, digitization and decarbonization,” said Xpansiv CEO Joe Madden. “The energy transition will be driven by greater data transparency, so crude oil producers like Lundin Energy with improved ESG performance are rewarded with a clear price signal. The Xpansiv platform provides the financial infrastructure—from source data to market outcomes—that enables this shift in the valuation of global commodities.”
“The time has come for a differentiated market for responsibly produced oil and gas,” said Lundin Energy CFO Teitur Poulsen. “We have already sold certified, carbon-neutrally produced crude cargoes, which indicates the demand signals are real. Certification and traceability are key to creating a credible market for responsibly produced hydrocarbons, and we’re pleased to work with Xpansiv to help develop this market in the right way.”
Certification-company Intertek has also joined the Xpansiv Digital Fuels Program ecosystem as DCO-certification partner, adding another source of data-quality assurance, carbon-intensity benchmarking, and independent certifications.
Xpansiv created the Digital Fuels Program to support the creation, issuance, registration, management, trading, and retirement of encrypted digital twins that include the environmental attributes of fuels. The program includes a burgeoning network of energy producers, data refineries, monitoring networks, lifecycle assessments, standards and certification organizations, and downstream market participants—all operating under a Governance Framework that specifies data quality and management protocols, as well as full lifecycle requirements for these new digital assets.
Similar to DNGs, DCOs bring transparency and precision to measuring the ESG impacts of crude-oil production based on immutable data, auditable from source to market. “Trust from all stakeholders in the sustainability journey will only happen with total transparency, and Intertek is proud to be a part of the energy industry’s journey,” said Intertek SVP Total Energy Malissa Boudreaux.
In September, Xpansiv announced the first transaction of Digital Natural Gas® (DNG™) through its DF Registry. Since then, more than 2,000 Methane Performance Certificates (MPCs) have traded, with daily price assessments provided by S&P Global Platts. DNG empowers downstream customers to demonstrate quantified progress in meeting methane-reduction commitments and net-zero goals based on empirical data. Producers are uploading approximately 1 billion cubic feet of natural gas data onto the Xpansiv platform every day to create DNG.
“Digital Crude Oil again demonstrates how the Xpansiv platform can ingest and contextualize complex data from multiple sources according to rigorous governance rules,” said Xpansiv Sustainability Director Jeff Cohen. “As a result, we can now differentiate raw-material inputs to global supply chains based on environmental performance innovations—information that was previously invisible to markets.”
Xpansiv is the global marketplace for ESG-inclusive commodities. These Intelligent Commodities bring transparency and liquidity to markets, empowering participants to value energy, carbon, and water to meet the challenges of an information-rich, resource-constrained world. The company’s main business units include CBL, the largest spot exchange for ESG commodities, including carbon, renewable energy certificates, and Digital Natural Gas; H2OX, the leading spot exchange for water; XSignals, which provides end-of-day and historical market data; and EMA, the leading multi-registry portfolio management system for all ESG-inclusive commodities. Xpansiv is the digital nexus where ESG and price signals merge. Xpansiv.com
About Lundin Energy
Lundin Energy is an experienced Nordic oil and gas company that explores for, develops, and produces resources economically, efficiently, and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability, and Growth. Our high-quality, low-cost assets mean we are resilient to oil-price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. lundin-energy.com
Intertek is a leading Total Quality Assurance provider to industries worldwide. Our network of more than 1,000 laboratories and offices in more than 100 countries delivers innovative and bespoke Assurance, Testing, Inspection, and Certification solutions for our customers’ operations and supply chains. Intertek Total Quality Assurance expertise—delivered consistently with precision, pace, and passion—enables our customers to power ahead safely. intertek.com
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This is a news release distributed by Korea Newswire on behalf of this company.