Norwegian energy giant Equinor has partnered up with Moscow-headquartered Rosneft to develop low carbon solutions.
The agreement to collaborate in carbon management builds on the two companies’ strategic partnership in Russia.
Drawing on this longstanding cooperation and aiming to support the goals of the Paris Agreement, Equinor (OSLO: EQNR – NOK 215.95) and Rosneft (LSE: ROSN – 8.48p) will join forces to reduce the carbon footprint from joint projects.
Under the terms of the deal, the companies will share experience and explore opportunities within such areas as reduction in flaring and methane emissions, energy efficiency and reporting of greenhouse gas emissions.
They will also evaluate potential cooperation envisaging opportunities for the use of renewables, carbon capture, utilization and storage (CCUS) and low-carbon hydrogen solutions.
The agreement aims to identify low carbon solutions in the companies’ joint upstream projects in Russia, as well as engage in joint activities in the area of sustainability based on the United Nations Sustainable Development Goals.
Al Cook, executive vice president for exploration and production international at Equinor, said: “Equinor aims to proactively support emissions reductions wherever we invest based on our decades of experience from Norway. We are happy to work together with Rosneft and share best practice to address climate change.”