Russian Firms Eye Net-Zero

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Russia's top oil producers Rosneft and Lukoil have adopted new long-term strategies that strive for carbon neutrality by 2050 — although both companies have set an objective of oil production growth. Rosneft's 2030 strategy, called "Reliable Energy and Global Energy Transition," envisages oil and gas output of 330 million metric tons (6.2 million boe/d) by the end of the decade. This would mean a nearly 22% increase from the 5.01 million boe/d that Rosneft produced in the third quarter of this year. The steps are largely in line with the 2035 carbon management plan it announced a year ago, although they do include some additions and fine-tuning. It now plans to phase out routine flaring of natural gas by 2030 rather than by 2035 and it has lowered its methane intensity goal to less than 0.2% from a previous target of less than 0.25%. Scope 1 and 2 emissions are to be reduced by 25% by 2030 from their 2020 levels.

Corporate Strategy , Low-Carbon Policy
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