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Senior executives of Rosneft, BP, and Equinor discuss best hydrocarbon management pactices

November 18, 2019/ 11:14

Moscow. Rosneft has held a seminar on “Corporate Concepts of Hydrocarbon Management”, which was attended by the Company’s senior executives and managing representatives of foreign energy majors, including BP Russia President David Campbell, Equinor Russia President Elisabeth Birkeland Kvalheim, and Vice Presidents of the relevant units of these companies.

The seminar has been arranged to exchange information on strategic initiatives aiming to reduce the greenhouse gas emissions significantly. The attendees discussed some innovative technology developments with reference to this topic and agreed upon establishing a continuous exchange of experience mechanism.

Addressing the seminar participants, Rosneft Oil Company Chief Executive Officer Igor Sechin noted, “The industry faces the challenge of eliminating energy inequality, which does not mean abandoning oil and gas, but rather the balanced development of conventional and renewable energy, the improvement of the climate neutrality of oil and gas business, and the introduction of energy-efficient technologies.”

By implementing its projects, Rosneft expands access to environmentally friendly energy resources and reduces greenhouse gas emissions. Environment protection is an integral part of the Rosneft-2022 Strategy. The Company aims to achieve leadership positions in minimizing the environmental impact and ensuring the eco-friendliness of its production and also plans to enter the upper quartile of international companies in terms of unit greenhouse gas emissions. In this regard, the Company is increasing the level of associated petroleum gas utilization and gradually changing the structure of production in favour of more environmentally friendly products.

The accumulated volume of Rosneft’s green investments has amounted to 240 billion roubles (over $4 billion) in the past five years. Over the same period, Rosneft has invested more than 125 billion roubles (over $2 billion) in associated gas utilization technologies.

The Company’s Strategy related to compliance with the 17 Sustainable Development Goals of the UN, approved by the Board of Directors in December 2018, established the “Fighting the Climate Change” as one of the key five goals.

In June 2019, Rosneft joined the initiative of the world’s leading oil and gas companies to reduce methane emissions. The signed Guidelines are aimed at increasing the effectiveness of the efforts to reduce methane emissions at all stages of the gas industry supply chain, promoting rational policy and regulations of methane emissions.

As part of the HSE Committee, a Hydrocarbon Management Subcommittee has been created to assist in achieving strategic goals in combating climate change.

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