Aiming to support the goals of the Paris Agreement, the companies will join forces to develop low carbon solutions and reduce the carbon footprint from joint projects.
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
- opportunities for the use of renewables
- carbon capture, utilization and storage and low-carbon hydrogen solutions
- development of hydrogen business (blue and green)
The company also sets interim ambitions, aiming to reduce net carbon intensity with 20% by 2030 and 40% by 2035.
Al Cook, Equinor's executive VP for Exploration & Production, 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
According to its website, the company has 70 employees and produces approximately 10,000 barrels of oil equivalent per day from its assets in the country.
In 2012 Equinor entered into a strategic cooperation with Rosneft, it covers several joint projects:
- the North Komsomolskoye pilot project for viscous oil development in West Siberia
- a pilot project for the development of Domanik limestone formation in the Samara region
- offshore exploration. Equinor has also a 49% stake in AngaraOil
- the holder of 12 conventional onshore exploration and production licences in Eastern Siberia