The two energy giants Rosneft and Equinor have just signed an agreement that will see them work together on carbon management. Both sides have a longstanding relationship and several joint projects, and the new agreement will build further on this partnership.
Rosneft and Equinor’s cooperation aims to work towards achieving the goals of the Paris Agreement, as both sides will engage in developing low carbon solutions to reduce CO2 emissions from their common projects.
Equinor has vowed to support such projects wherever the company invests, and it has the basis of decades’ worth of experience in its home country, Norway, as was made clear by Equinor’s executive vice president for Exploration and Production International, Al Cook. In a comment on the recent collaboration, he also mentioned that the Norwegian energy giant very much looks forward to sharing “best practice to address climate change”.
The agreement between both partners outlines several directions, in which their efforts will be focused. Among them is the exploration of opportunities in the realm of reducing flaring and methane emissions, reporting of greenhouse gas emissions, as well as energy efficiency.
Carbon capture also on the Rosneft agenda
Furthermore, the energy companies will also join forces to study the potential for using renewable energy sources, low-carbon hydrogen solutions and carbon capture, utilization and storage (CCUS) technology.
Rosneft and Equinor will be using their combined experience to identify low carbon solutions specifically in their joint upstream projects that are located in Russia. And that is also where they will be looking into different sustainability solutions that are in alignment with the United Nations Sustainable Development Goals and the recognized environmental, social and governance (ESG) frameworks.
This is the latest in Equinor’s moves this year to expand its carbon capture and hydrogen efforts around the world, as we’ve covered previously.