Russian integrated energy company Rosneft is teaming up with British Petroleum (bp) and signed a Strategic Collaboration Agreement to support carbon management and sustainability activities. Both companies will also develop common projects for carbon capture and hydrogen.
The agreement is about enabling additional years of partnership between the two oil giant companies. It contains the key elements of their cooperation on sustainability and works to identify carbon reduction activities and low carbon opportunities.
Considering that even more projects and activities are shaping the global energy transition to deliver more energy with less carbon, the parties are expecting from their collaboration to identify and develop new low carbon solutions and programs that will support their shared sustainability goals, as well as developing industry methodologies and standards on carbon management, including methane reduction initiatives and energy efficiency applications.
“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,” said Igor Sechin, Chief Executive Officer at Rosneft. “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.”
The two companies are also planning to jointly evaluate new projects regarding the use of renewables, opportunities for carbon capture, utilisation and storage (CCUS), as well as developments for hydrogen. It was also announced that their cooperation will cover further fields, like the development of 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 credits.
“We’ve been partners with Rosneft for many years now and we learn a great deal from each other,” commented Bernard Looney, bp Chief Executive Officer. “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.”
Rosneft and bp are planning to cooperate in social investment, including biodiversity as well.