Rosneft (ROSN.MM), Russia’s number one oil producer, announced its plans to build three carbon capture and storage (CCS) hubs by 2030.
The announcement was made by the company’s first vice president Didier Casimiro, and is said to be part of Rosneft’s strategy to become carbon-neutral by 2050.
The strategy was approved in December 2021, and under it, Rosneft will aim to increase the share of its natural gas in total hydrocarbon production to 25% by 2050.
Casimiro also pointed out earlier that Rosneft will strive to reach its goal ‘regardless of export potential.
The pilot project for the three carbon capture and storage hubs is currently still under development, but the locations of the CCS hubs have already been disclosed.
One of them will be built in Russia’s largest oil field, the Samotlor Field.
The other two are to be constructed in Nefteyugansk and on Russia’s far-eastern island of Sakhalin.
To help realize the large-scale carbon capture project, other oil majors will be joining forces with Rosneft, such as ExxonMobil and BP, who is the largest private shareholder of Rosneft with a nearly 20% share.
Rosneft said the choice of location for the future carbon capture hubs was dictated by the scale of CO2 emitted by fossil fuel operations in those regions.