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Rosneft and ExxonMobil to Cooperate in Carbon Management

29 September 2021

Rosneft Oil Company and ExxonMobil have signed a Memorandum of Understanding to cooperate to assess the potential of lower-carbon technologies to reduce greenhouse gas emissions. The companies will consider the prospects of new projects initially focused on carbon capture, utilisation and storage and the development of lower-carbon fuels, such as hydrogen and ammonia.

The MoU has been signed to continue the cooperation between the two companies and signals their intent to implement lower-carbon projects, as well as exchange their respective experience and technological solutions in promising areas.

Note for Editors:

Rosneft is a member of the UN Global Compact, thus confirming its commitment to the highest principles of sustainable development. Rosneft publishes details of its ESG activities annually in its sustainability reports.

In 2020, the Company developed an Environmental Vision, which, along with the 2035 Carbon Management Plan, has become a key component of Rosneft’s long-term environmental agenda, defining the basic principles of its environmental activities.

The Environmental Vision combines three priority areas as follows:

  • carbon management,
  • biological diversity preservation, and
  • environmental protection activities (water and air protection, land remediation, industrial waste management).

Rosneft shares and actively supports international and national climate change goals. In 2020, Rosneft was the first Russian oil and gas company to set climate targets through 2035 as part of its Carbon Management Plan. The plan includes:

  • Prevention of direct and indirect greenhouse gas emissions of 20 million tonnes CO2-equivalent.
  • A 30% reduction in the intensity of direct and indirect emissions in oil and gas production.
  • A methane emission rate below 0.25%.
  • Zero routine flaring of associated gas.

The Carbon Management Plan also envisages zero routine flaring of associated petroleum gas. This indicator has already reached the target 95% at some of Rosneft’s subsidiaries, including Samotlorneftegaz, RN-Vankor, RN-Purneftegaz, Kharampurneftegaz, North Chaivo, Bashneft Dobycha, Sorovskneft, etc.

The Company is developing cooperation in carbon management and sustainability with foreign partners. Rosneft entered into cooperation agreements with BP, Baker Hughes, and Ministry of Economy, Trade and Industry of Japan (METI) to assess, among other things, the prospects for decarburization (the use of CO2 capture, utilization and storage technologies).

The Company’s activities are highly praised by the global investment community that considers socially responsible investments a long-term trend. FTSE Russell, a division of the London Stock Exchange, has confirmed that Rosneft is a member of the FTSE4Good Index Series - in terms of its indicators, the Company is ahead of 90% of the participants in the international oil and gas industry rating of the Industry Classification Index (ICB supersector).

Rosneft is recognized as the leading Russian oil and gas producer in a number of international ESG ratings, including Refinitiv and Bloomberg. In April 2021, the international agency Sustainalytics twice improved the Company’s position in its rating. With a score of 33.9, Rosneft became the best among Russian oil and gas companies.

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world.

ExxonMobil is an industry leader in CCS technology. The company has an equity share in about one-fifth of global CO2 capture capacity and has captured approximately 40 percent of all the captured anthropogenic CO2 in the world. Earlier this year, ExxonMobil established its Low Carbon Solutions business, and is currently evaluating multiple new CCS opportunities around the world that have potential to be commercially viable with supportive policies. The business is also evaluating strategic investments in biofuels and hydrogen to bring those lower-emissions energy technologies to scale for hard-to-decarbonize sectors of the global economy.

To learn more, visit exxonmobil.com, the Energy Factor and Carbon capture and storage | ExxonMobil.

Information and Advertising Department
Rosneft
September 29, 2021

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.