Rosneft Oil Company and bp have signed a Strategic Collaboration Agreement focused on supporting carbon management and sustainability activities of both companies. The agreement builds on years of partnership between the two companies and formalises key elements of their collaboration on sustainability and work to identify carbon reduction activities and low carbon opportunities.

Based on their longstanding partnership and taking into account the profound changes shaping the global energy transition to deliver more energy with less carbon, Rosneft and bp have agreed to cooperate in identifying and developing new low carbon solutions and programs that will support their shared sustainability goals. The companies also intend to join efforts in aligning with developing industry methodologies and standards on carbon management, including methane reduction initiatives and energy efficiency applications.

Rosneft and bp will also jointly evaluate new projects envisaging the use of renewables, opportunities for carbon capture, utilisation and storage (CCUS), as well as developments for hydrogen.

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.

Commenting on the agreement signed, Rosneft Chief Executive Officer Igor Sechin said, “Rosneft and bp are united not only through the longstanding successful partnership in various areas but also in the intention to leverage this experience in future prospective projects outlined in this agreement. Joint efforts of our two companies, as the world energy industry leaders, will not only strengthen our corporate aims in sustainable development, but will also provide a significant contribution to overcoming the challenges the industry and the society face in the climate action and the satisfaction of growing global economy demand for energy resources. This is necessary for balanced social and economic development and life quality improvement”.

bp Chief Executive Officer Bernard Looney said: “We’ve been partners with Rosneft for many years now and we learn a great deal from each other.  That’s important, and I believe that this agreement can be an important catalyst for progress. 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.”