Russian and UK oil giants signed a strategic collaboration agreement on carbon management and sustainability activities.
Rosneft and BP will also jointly evaluate new projects envisaging the use of renewables, opportunities for carbon capture, utilisation and storage, as well as developments for hydrogen.
Rosneft CEO Igor Sechin said:
• Joint efforts of our 2 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
The companies intend to work together on opportunities for low-carbon solutions in downstream businesses, including the development of advanced fuel, methane reduction initiatives and energy efficiency applications.
BP CEO Bernard Looney said:
• We’ve been partners with Rosneft for many years now and we learn a great deal from each other
• 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
Rosneft´s 2035 Carbon Management Plan include the prevention of greenhouse gas emissions of 20 mln tonnes in CO2 equivalent, a 30% cut in the intensity of direct and indirect emissions in oil & gas production, methane emission rate below 0.25%, and zero routine flaring of associated extracted gas.
Within 10 years, BP aims to have increased its annual low carbon investment 10-fold to around $5 billion a year.
By 2030, BP aims for emissions from its operations and those associated with the carbon in its upstream oil & gas production to be lower by 30-35% and 35-40% respectively.