Rosneft, BP in carbon management pact

Russia’s Rosneft oil company and oil major BP signed an agreement to collaborate on carbon management and sustainability activities.

The strategic collaboration agreement ‎builds on the partnership between the two companies and confirms key elements of their ‎collaboration on work to identify carbon reduction activities and low carbon ‎opportunities.

The companies have agreed to ‎cooperate in identifying and developing new low carbon solutions and programs that will support ‎their shared sustainability goals. They will join efforts in aligning with developing ‎industry methodologies and standards on carbon management, like methane reduction ‎initiatives and energy efficiency applications.‎

New projects will be jointly evaluated, forecasting the use of renewables, ‎opportunities for carbon capture, utilisation, and storage (CCUS), as well as developments for ‎hydrogen.

Opportunities for low carbon solutions in downstream ‎businesses are also to be explored, including the development of advanced fuel.

The companies will ‎cooperate in sustainable development and social investment, including biodiversity.

BP chief executive officer Bernard Looney said: “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”‎.