Russian oil company Rosneft and British oil giant BP have signed an agreement to support carbon management and sustainability activities, BP announced in a statement on Thursday.
The companies have agreed to cooperate in identifying and developing new low carbon solutions and programs that will support their shared sustainability goals “based on their longstanding partnership and taking into account the profound changes shaping the global energy transition to deliver more energy with less carbon.”
They will also join forces in aligning with developing industry methodologies and standards on carbon management, including methane reduction initiatives and energy efficiency applications.
The companies will jointly evaluate new projects envisaging the use of renewables, opportunities for carbon capture, utilization and storage (CCUS), as well as developments for hydrogen, BP said.
"The companies intend to work together on opportunities for low carbon solutions in downstream businesses, including the development of advanced fuel as well as evaluate the potential for the development of natural forest sinks and trading of forest carbon-offsets credits. The companies will cooperate in sustainable development and social investment, including biodiversity," it added.
"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," BP Chief Executive Officer Bernard Looney was quoted as saying in the statement.
By Sibel Morrow