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Rosneft agrees with DeGolyer & MacNaughton to estimate CO2 geological storage resources at its license area

28 October 2021

Rosneft and DeGolyer & MacNaughton Corp., as part of ХIV Eurasian Economic Forum in Verona, signed an Agreement to estimate CO2 geological storage resources at the Company’s license areas in Russia.

The estimation will be completed based on methodological recommendations of SPE’s CO2 Storage Resources Management System (SRMS), as well as International Organization for Standardization (ISO) standards.

The study will include the overall economic evaluation of CO2 use for enhanced oil recovery (EOR) processes and recommendations for pilot application of this method at the Company’s license areas. CO2 EOR is one of the main approaches for generating economic benefits from potential carbon storage. According to experts’ estimates, existing projects currently using this method can deliver incremental production of 8-18%.

Carbon Capture and Storage (CCS) is one of the key technologies ensuring reduction of emissions. It involves carbon capture and its subsequent injection into deep reservoirs ensuring its safe storage on a permanent basis.

Rosneft has already completed a series of independent studies on potential CO2 capture and storage projects. According to preliminary estimates, the volume of potential CO2 storage is currently estimated at 240 -1,000 bln tons, with an average estimate of around 500 bln metric tons (Gigatons). Thus, even according to the more conservative estimates, the CO2 storage may technically accommodate Russia’s CO2 emission volumes if captured for over 100 years.

For reference:

Rosneft is the first Russian company that presented the Carbon Management Plan to 2035 with clear targets for green-house gas (GHG) emission reduction. The Plan includes the following targets:

  1. Prevention of direct and indirect GHG emissions in the amount of 20 million tons of CO2 equivalent. ;
  2. Upstream direct and indirect emission intensity reduction 30%;
  3. Achievement of methane emission intensity below 0.25%;
  4. Zero routine flaring of associated gas.

Rosneft gives top priority to reducing methane emissions. Recognizing its responsibility, in 2019 Rosneft joined the initiative of leading international oil and gas companies and signed the Methane Guiding Principles focusing on reducing methane emissions across the natural gas supply chain, which provide for consistent reduction of methane emissions, improved accuracy of methane emission data, and increased transparency.

Rosneft is implementing a comprehensive program to improve production processes, and initiatives to reduce methane emissions. Expansion of this program and introduction of innovative technologies - unmanned aerial vehicles, laser and thermal imaging scanning devices, ultrasonic detectors - will help reduce the intensity of methane emissions below 0.25%.

Unmanned aerial vehicle scanning is used to reduce methane levels in the transportation system. Drones are widely used in a number of Rosneft subsidiaries, such as at the sites of Samotlorneftegaz and RN-Krasnodarneftegaz. The use of drones increases the efficiency and accuracy in identifying problem areas in the low temperatures of the Far North.

The Company is developing cooperation with foreign partners in the area of carbon management and sustainable development. Rosneft has signed cooperation agreements with BP, Baker Hughes, ExxonMobil, and the Japanese Ministry of Economy, Trade and Industry (METI) to support its long-term emission reduction goals. The agreements provide, among other things, for new joint projects involving the application of CCS technologies.

The global investment community, which views socially responsible investing as a long-term trend, gives high marks to the company's performance. FTSE Russell, a division of the London Stock Exchange, confirmed that Rosneft was included in the international FTSE4 Good Index Series. "Rosneft was recognized as the best Russian oil and gas company in a number of international ESG ratings - Refinitiv, Bloomberg. Rosneft became the best among the majority of comparable international and Russian companies in the ESG Sustainalytics rating with a score of 33.8. Rosneft was also the only Russian company included in the Top-100 ESG of Vigeo Eiris the Best Emerging Market Performers Ranking.

Information and Advertising Department
Rosneft
October 28, 2021

These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.