Russian energy company Rosneft has signed agreements with Equinor and ExxonMobil to collaborate in lowering carbon emissions.
Russian energy company Rosneft has signed agreements with Equinor and ExxonMobil to collaborate in lowering carbon emissions.
It has signed an agreement with Equinor to reduce the carbon footprint from joint upstream projects in Russia. The companies will share experience and explore opportunities within such areas as reduction in flaring and methane emissions, energy efficiency and reporting of greenhouse gas emissions. They will also evaluate potential cooperation for the use of renewables, carbon capture, utilization and storage (CCUS) and low-carbon hydrogen solutions.
The Russian company has also signed an agreement with ExxonMobil to cooperate on applying lower carbon technologies on their projects. The companies will also consider carbon capture and storage (CCS) and the development of lower-carbon fuels, such as hydrogen and ammonia.
ExxonMobil has an equity share in about one-fifth of global CO2 capture capacity and has captured approximately 40% of captured anthropogenic CO2 in the world. Earlier this year, ExxonMobil established its Low Carbon Solutions business, and is evaluating multiple new CCS opportunities around the world. The business is also evaluating strategic investments in biofuels and hydrogen.
The International Energy Agency projects CCS could mitigate up to 15% of global emissions by 2040, and the UN Intergovernmental Panel on Climate Change estimates global decarbonization efforts could be twice as costly without wide-scale deployment of CCS.
