Under the new strategy, Rosneft has brought forward the target to achieve zero routine flaring to 2030, 5 years earlier than previously planned, and set a methane intensity reduction of below 0.2%.
use of low-carbon power generation
zero routine flaring
usage of energy-saving technologies
carbon capture and storage technologies
use of natural forest offsets
In addition, the company aims to gradually switch its vehicle fleet to low-carbon fuels, as well as produce and sell aviation fuels with lower carbon footprint.
Rosneft hopes its new climate targets will help achieve Russia's goals under the Paris climate deal, which target carbon neutrality by 2060.
In its updated strategy, the company plans to increase production of hydrocarbons to 330 million mt of oil equivalent, or 6.63 million b/d of oil equivalent, by 2030.
This would be 29% higher than 256.2 million mt of oil equivalent, or 5.13 million boe/d of hydrocarbons produced in 2020.
Rosneft aims to achieve this target through production growth at ongoing large projects and its Vostok Oil megaproject, which will link up some of the company's vast resources in the north of Krasnoyarsk Territory with the Northern Sea Route, a development priority for Russia that will allow shipping to both European and Asian markets.
The cluster contains combined estimated resources of over 6 billion mt, or around 44 billion barrels, of premium crude, which has a low sulfur content ranging from 0.01%-0.04%.
The company plans to produce 100 million mt/year, or 2 million b/d of oil at Vostok Oil by 2030.
Rosneft also sees the share of gas in its total hydrocarbons production rising to 25% by 2025 on the back of the Rospan and Kharampur projects, which have a total annual production capacity of 45 Bcm of gas.
In 2020 gas accounted for slightly over 20%.
Rospan, a gas & gas condensate project in West Siberia, is expected to drive the company's production of hydrocarbons and reach annual production of over 20 Bcm of gas, 5 million mt of gas condensate and more than 1 million mt of propane and butane in the near future.