Moscow — Russia’s largest oil producer Rosneft said on Tuesday that its board had approved a new strategy through 2030 aimed at achieving zero emissions net by 2050, ahead of the deadline set by President Vladimir Putin.
Climatologists have said the balance between the greenhouse gases we emit and those removed from the atmosphere must be zero by 2050 to avoid catastrophic levels of global warming.
Russia, the no to the world. 4 greenhouse gas emitter, however, said it was aiming for carbon neutrality no earlier than 2060.
Rosneft, in which BP has a nearly 20% stake, said the company will meet its emissions targets “through a number of actions,” including low-cost power generation. emission, elimination of routine gas flaring and energy savings and carbon capture and storage technologies.
As part of the efforts to achieve this goal, the share of natural gas in total hydrocarbon production will increase to 25% by 2025.
Achieving a set of strategic goals is expected to help more than double the company’s free cash flow by 2030, said Rosneft, who is led by Igor Sechin, a close ally of President Vladimir Putin.
The “Rosneft-2030” strategy also targets a hydrocarbon production of 330 million tonnes of oil equivalent per year, he said.
Production growth will be mainly driven by the flagship Vostok Oil project, new major projects (notably the Russkoye, Yurubcheno-Tokhomskoye, Severo-Danilovskoye and Severo-Komsomolskoye fields) and gas projects (Rospan, Kharampur and others).
- Reuters (Report by Vladimir Soldatkin; edited by Jason Neely and Barbara Lewis)