Synthesis of conventional and alternative energy sources is currently the optimal solution for the development of the global energy sector, said Igor Sechin, Chief Executive Officer of Rosneft, at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

According to the CEO, the search for new energy sources never stops, and today a number of promising technologies are being actively developed. However, their full-fledged implementation is still far away, as modern technological solutions in this area are too expensive and inferior to traditional energy sources in a number of parameters.

“For many years, great hopes have been placed on the use of hydrogen. However, low-carbon hydrogen still accounts for less than 1% of all production volumes. According to the Deloitte consulting company, the introduction of “green” hydrogen fuel will cost almost 10 trillion dollars by 2050,” Igor Sechin noted, adding that the cost of green hydrogen varies from 200 to 400 dollars per barrel of oil equivalent, which, under current conditions, makes it uncompetitive with oil and gas.

He also emphasized that the use of cheaper methods of hydrogen production does not allow to reduce the carbon footprint, as the production of so-called “gray” hydrogen exceeds the emissions arising from the full cycle of production and use of gasoline.

The introduction of space solar energy is also costly, Igor Sechin emphasized. The CEO noted that the cost of a satellite capable of converting solar energy into electricity in space exceeds 30 billion euros, and there is still no technology that would allow to transmit huge amounts of energy to Earth from space.

Rosneft's CEO also drew attention to the search for alternatives in energy storage. “Alternative types of batteries are emerging that already offer certain advantages but are not yet ready for widespread adoption. For example, sodium-ion batteries reduce charging time by 75% and perform better in low-temperature conditions, but they lag significantly behind existing lithium-ion counterparts in terms of energy density and lifespan,” Igor Sechin said.

“As we can see, full-scale implementation of all these technologies is still a long way off. Therefore, today the optimal solution is a synthesis of conventional and alternative energy sources,” summarized the CEO of Rosneft.

Department of Information and Advertising
Rosneft Oil Company
June 21, 2025