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 Loone y 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”.