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Rosneft and BP sign sustainability and carbon management collaboration agreement

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Oilfield Technology,

Rosneft Oil Company and BP have signed a Strategic Collaboration Agreement focused on ‎supporting carbon management and sustainability activities of both companies.

The agreement ‎builds on years of partnership between the two companies and formalises key elements of their ‎collaboration on sustainability and work to identify carbon reduction activities and low carbon ‎opportunities.

Rosneft and BP have agreed to ‎cooperate in identifying and developing new low carbon solutions and programmes that will support ‎their shared sustainability goals. The companies also intend to join efforts in aligning with developing ‎industry methodologies and standards on carbon management, including methane reduction ‎initiatives and energy efficiency applications.‎

Rosneft and BP will also jointly evaluate new projects envisaging the use of renewables, ‎opportunities for carbon capture, utilisation and storage (CCUS), as well as developments for ‎hydrogen.

The companies intend to work together on opportunities for low carbon solutions in downstream ‎businesses, including the development of advanced fuel as well as evaluate the potential for the ‎development of natural forest sinks and trading of forest carbon-offsets credits. The companies will ‎cooperate in sustainable development and social investment, including biodiversity.

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.”‎

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