Rosneft Sets Goal to Achieve Net-zero Emissions by 2050

Tuesday, December 21, 2021

Russia's largest oil producer Rosneft said on Tuesday that its board has approved new strategy through to 2030 with the aim of achieving net-zero emissions by 2050, earlier than President Vladimir Putin's deadline.

Climate scientists have said the balance between the greenhouse gases we emit and those removed from the atmosphere must be zero by 2050 to prevent catastrophic levels of global warming.

Russia, the world's no. 4 greenhouse gas emitter, however, has said it targets carbon neutrality by no earlier than 2060.

Rosneft, in which BP holds an almost 20% stake, said the company will reach its emission targets "through a number of actions," including low-carbon power generation, eliminating routine flaring of gas and energy-saving and carbon capture and storage technologies.

As part of efforts to reach that goal, the share of natural gas in total hydrocarbon production will grow to 25% by 2025.

Achieving a set of strategic targets is expected to contribute to a more than doubling of the company's free cash flow by 2030, said Rosneft, which is managed by Igor Sechin, a close ally of President Vladimir Putin.

The "Rosneft-2030" strategy also targets hydrocarbon production of 330 million tonnes of oil equivalent per year, it said.

Output growth will be driven mainly by the flagship Vostok Oil project, large new projects (including Russkoye, Yurubcheno-Tokhomskoye, Severo-Danilovskoye and Severo-Komsomolskoye fields), and gas projects (Rospan, Kharampur and others). 

(Reporting by Vladimir Soldatkin; editing by Jason Neely and Barbara Lewis)

Categories: Industry News Emissions Activity Production Decarbonization

Related Stories

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Indonesia's Medco Starts Production at Natuna Sea Fields

CNOOC Puts Into Production New Oil Field in South China Sea

Petrovietnam, Petronas Extend PSC for Offshore Block

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com