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Rosneft to work with Equinor, ExxonMobil on lower-carbon technologies

Highlights

Production of hydrogen, ammonia studied

Rosneft aims to be net zero by 2050

Russia's energy giant Rosneft said Sept. 29 it will cooperate with ExxonMobil and Norway's state-controlled Equinor on the development of lower-carbon solutions in joint projects, as well as potential use of alternative energy sources in new ones.

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The agreement signed Sept. 28 will see Rosneft and Equinor assess their joint projects for the reduction of greenhouse gas emissions and aim to achieve zero routine flaring of associated petroleum gas by 2030, the Russian company said.

"Aiming to support the goals of the Paris Agreement, Equinor and Rosneft will join forces to develop low carbon solutions and reduce the carbon footprint from joint projects," Eqinor said in a release.

In addition, the two companies will consider implementing new low-carbon projects using wind energy, application of CO2 capture and storage technologies, and production of blue and green hydrogen.

Rosneft and Equinor both aim to achieve net carbon neutrality by 2050.

Equinor has been active in the Russian market for over 30 years, with current equity production at 23,000 b/d of oil equivalent.

Its joint projects with Rosneft include the North Komsomolskoye oil and gas condensate field in West Siberia and North Danilovsky in East Siberia, the Kharyaga oil field, as well as a pilot project for development at the Domanik formation.

ExxonMobil deal

On Sep. 29, Rosneft has also signed a separate memorandum of understanding with ExxonMobil to work on lower-carbon technologies in order to reduce greenhouse gas emissions.

The two companies will first focus on new CCUS projects, as well as the production of hydrogen and ammonia.

ExxonMobil holds a 30% stake in Sakhalin 1 via Exxon Neftegaz. Despite Western sanctions causing the company to curtail some of its other operations in Russia, Sakhalin 1 has not been affected by the restrictions.

Since the beginning of the year, Rosneft has signed deals on carbon management with several other partners, including BP, Baker Hughes and Japan, as it continues to work on its 2035 climate targets.

The company's low-carbon agenda includes prevention of greenhouse gas emissions of 20 million mt in CO2 equivalent, reduction of upstream emissions intensity by 30% compared to 2019 levels, a methane emission rate below 0.25% and zero routine flaring of associated gas.