British oil major BP and Russian energy giant Rosneft on Thursday inked a deal to cooperate on joint energy transition projects. The collaboration will include projects in hydrogen and low-carbon technologies. Both companies aim to achieve net carbon neutrality by 2050. Under the new agreement, BP and Rosneft intend to deliver more energy with less carbon through new low-carbon solutions, methane reduction, and energy efficiency.
BP and Rosneft will also jointly evaluate new projects involving the use of renewables, opportunities for carbon capture, utilisation, and storage (CCUS), as well as developments for hydrogen. The strategic partnership will cover upstream and downstream businesses, including the development of advanced fuels.
Rosneft itself is already weighing in production of greener and cleaner fuels, such as biodiesel, renewable jet fuel, and hydrogen. The two companies will also study the issue of natural forest sinks, biodiversity, and carbon credit trading under the existing EU carbon border tax.
