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Rosneft and CNPC to expand research and development cooperation

20 October 2023

Rosneft and China National Petroleum Corporation (CNPC) signed a Memorandum of Understanding on research and technology development cooperation at the Fifth Russian-Chinese Energy Business Forum.

The Memorandum covers development of cooperation in exploration and production technologies, oil refining and petrochemicals, as well as energy transition technologies including new energy sources.

Rosneft and CNPC have been reliable partners for almost two decades now. The companies successfully cooperate in a variety of areas contributing to the development of the energy dialog between Russia and China.

Rosneft and CNPC cooperate through a Joint Coordination Committee (JCC) which was established by our companies in 2017 to explore new promising areas of cooperation. Among them are: cooperation in exploration and development of oil and gas fields, oil refining and petrochemicals, trading oil and petroleum products, research and technology development, personnel training, etc.

Rosneft and CNPC are co-organizers of the Russian-Chinese Energy Business Forum, which was established by order of the Russian President Vladimir Putin and Chinese President Xi Jinping. The Forum aims to develop a dialog between Russia and China in the energy sector, increase bilateral trade turnover, expand the portfolio of joint projects, and source investments and project financing.

As part of the agreement signed in February 2022, Rosneft and CNPC are also exploring prospects for cooperation in a number of areas of low-carbon development. In particular, this means reduction of greenhouse gas emissions, including methane, energy efficiency technologies, and CO2 capture and storage (CCS).

For reference:

Rosneft's cooperation with Chinese partners in the energy sector is comprehensive and covers all business segments, ranging from production and supply to hydrocarbon processing and petrochemicals.

Rosneft is one of the leading exporters of crude oil and petroleum products to China.

Besides, a joint oil production venture between Rosneft and Sinopec - Udmurtneft - has been operating in Udmurtia since 2006. Over the years of joint operations the company's production exceeded 103 million tons, more than 1.5 thousand new wells were drilled, and the volume of development drilling increased by 7.6 times.

Beijing Gas owns a 20% stake in Verkhnechonskneftegaz (a Rosneft subsidiary) which has been exploring and developing Verkhnechonskoye field, one of the largest in Eastern Siberia. Total recoverable C1+C2 oil and gas condensate reserves are 320 million tons.

Information and Advertising Department
Rosneft
 October 20, 2023

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.

Keywords: Social News 2023