Rosneft and BP collaborate to support carbon management

Rosneft Oil Company and BP have signed a strategic collaboration agreement for supporting carbon management and sustainability activities.

Building on years of partnership between the firms, the agreement formalises core aspects of their collaboration on sustainability. They will work towards identifying carbon reduction activities and low carbon opportunities.

The two firms have agreed to cooperate in finding and developing new low carbon solutions and programmes to support their shared sustainability goals.

They also plan to combine efforts in aligning with new industry methodologies and standards on carbon management, such as on methane reduction initiatives and energy efficiency applications.

The firms will also analyse new projects on the use of renewables, opportunities for carbon capture, utilisation and storage (CCUS), and developments for hydrogen.

Russian firm Rosneft and BP plans to work together on tapping opportunities for low-carbon solutions in downstream businesses, including the development of advanced fuel. They will also cooperate in sustainable development and social investment.

Rosneft CEO Igor Sechin said, “Rosneft and BP are united not only through the longstanding successful partnership in various areas but also in the intention to leverage this experience in future prospective projects outlined in this agreement. Joint efforts of our two companies, as the world energy industry leaders, will not only strengthen our corporate aims in sustainable development, but will also provide a significant contribution to overcoming the challenges the industry and the society face in the climate action and the satisfaction of growing global economy demand for energy resources. This is necessary for balanced social and economic development and life quality improvement.”

BP CEO Bernard Looney said: “We’ve been partners with Rosneft for many years now and we learn a great deal from each other. That’s important, and I believe that this agreement can be an important catalyst for progress. We both believe in the power of partnership and look forward to bringing together the best of Rosneft and bp to develop low-carbon solutions and drive down emissions.”

Meanwhile, RBC reported that the Russian firm is considering LNG projects in the Arctic and other regions, with annual total capacity of up to 95 million tonnes.

These projects form part of Russia’s plans to increase LNG production from 30.5 million tonnes in 2020 to 140 million tonnes a year by 2035.