BAKU, Azerbaijan, Sept.29
By Leman Zeynalova – Trend:
Norway’s Equinor and Russia’s Rosneft are set to reduce carbon footprint from joint projects, Trend reports with reference to Equinor.
The companies have inked a deal to join forces to develop low carbon solutions to meet the target set by the Paris Agreement.
Al Cook, executive vice president for Exploration and Production International at Equinor, noted that the company aims to proactively support emissions reductions wherever it invests.
Under the agreement, 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.
Equinor and Rosneft will also evaluate potential cooperation envisaging opportunities for the use of renewables, carbon capture, utilization and storage (CCUS) and low-carbon hydrogen solutions.
The agreement aims to identify low carbon solutions in the companies’ joint upstream projects in Russia, as well as engage in joint activities in the area of sustainability based on the United Nations Sustainable Development Goals and recognized environmental, social and governance (ESG) frameworks.
Equinor aims to increase the share of gross capex to renewables and low carbon solutions to over 30 percent in 2025 and increase renewable energy capacity to 4-6 GW in 2026. Equinor intends to reduce the upstream CO2 intensity of its globally operated oil and gas production to below 8kg CO2/barrel of oil equivalent (boe) by 2025. The current global industry average is 17kg CO2/boe.
In 2020, the company’s upstream operated CO2 intensity improved from 9.5 to 8.0 kg CO2/boe. This positive development is largely a result of increased production levels from Johan Sverdrup, which is electrified and therefore has minimal emissions, and also increased gas export from the Troll field. In addition, the Peregrino field in Brazil, was shut down for most of the year, resulting in a further reduction in Equinor’s overall upstream carbon intensity.
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