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Rosneft and Equinor Agree on Cooperation in Carbon Management

29 September 2021

Rosneft and Equinor have signed a Cooperation Agreement on carbon management.

This agreement is based on a longstanding partnership between two companies and confirms their commitment for joint development, testing and implementation of cutting-edge technology solutions on carbon management.

The companies will assess their joint projects for the potential of using technologies and equipment for detection, measurement and reduction of greenhouse gas emissions, primarily, of methane emissions, and will also strive to achieve zero routine flaring of associated petroleum gas by 2030.

Rosneft and Equinor will look into the prospects for implementation of new projects envisaging the use of alternative energy sources, including wind energy, application of CO2 capture and storage technologies, and development of hydrogen business ("blue" and "green" hydrogen).

The companies will join their efforts to develop low-carbon design standards for new and existing joint projects in the Upstream.

For reference:

Rosneft is the first Russian oil and gas company, which presented a comprehensive Carbon Management Plan-2035 with clear targets on greenhouse gas emission reduction. The plan includes:

1. Prevention of direct and indirect greenhouse gas emissions of 20 million tonnes CO2-equivalent

2. A 30% reduction in the intensity of direct and indirect emissions in the Upstream;

3. Achievement of methane emission rate below 0.25%;

4. Zero routine flaring of associated gas.

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.

Partnership between Rosneft and Equinor

Rosneft and Equinor are longstanding partners. In 2012, the companies signed a strategic cooperation agreement. In 2017, under this Agreement the companies set up a joint venture - OOO SevKomNeftegaz, which operates development of the Severo-Komsomolskoe field.  In December 2019, the Joint Venture commenced the first field development stage, and in January 2021 the field produced its first million tons of oil and condensate.

Since December 2020, Rosneft and Equinor have been partners in OOO Angaraneft, in which the Norwegian company owns 49%. Angaraneft holds the license for the Danilovsky License Area, within which the Severo-Danilovskoe field is located.  In August 2021, the field cumulative oil production exceeded 1 million tons.

Since 2018, the companies have in place an agreement for cooperation in industrial and fire safety, labor and environment protection, and transportation safety, including in the course of implementation of their joint oil and gas projects.

Information and Advertising Department
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.