On 28 September 2021, Equinor and Rosneft signed an agreement on collaboration in carbon management.

The agreement builds on the two companies’ strategic partnership in Russia. Drawing on this longstanding cooperation and aiming to support the goals of the Paris Agreement, Equinor and Rosneft will join forces to develop low carbon solutions and reduce the carbon footprint from joint projects.

“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,” says Al Cook, executive vice president for Exploration and Production International at Equinor.

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.

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.

About Rosneft

Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Company’s main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing in Russia and abroad. The Company is included in the list of strategic companies and organizations of Russia. Company’s largest shareholder (69.50% of the equity) is ROSNEFTEGAZ OJSC, fully owned by the Russian Government, while BP holds 19.75% of shares, one share belongs to the state represented by Federal Agency for State Property Management, whereas the remaining shares are free floating.