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Xpansiv launches digital crude oil with Lundin Energy and Intertek as inaugural participants


Xpansiv launches digital crude oil with Lundin Energy and Intertek as inaugural participants

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. DCO units registered on the Xpansiv DF Registry enable markets to differentiate crude oil based on greenhouse-gas emissions and ESG performance. - BusinessWire

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. 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.

Joe Madden, CEO, Xpansiv

The time has come for a differentiated market for responsibly produced oil and gas. 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.

Teitur Poulsen, CFO, Lundin Energy

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.

Malissa Boudreaux, Intertek SVP, Total Energy

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. 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.

Jeff Cohen, Sustainability Director, Xpansiv

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