Gazprom Neft has completed two transactions to sell emission reduction units (ERUs) it received under the Kyoto Protocol.
The company has disposed of 3.93 million ERUs (each unit is equivalent to one tonne of CO2); which is more than 13 times greater than the volume put up for sale in May 2011, when Gazprom Neft reached the first such agreement.
The ERUs were received for completing joint ventures (JVs) at four of the company’s sites: Ety-Purovskoe, Yaraynerskoe, Sugmutskoe and Romanovskoe (the latter two combined into a single project), which are operated by Gazpromneft-Noyabrskneftegaz and a subsidiary of Muravlenkovskneft.
“We aim to minimise our environmental impact, so we are increasing our utilisation of associated petroleum gas or APG which reduces hydrocarbon emissions into the atmosphere. In 2011, Gazprom Neft expanded the number of Kyoto Protocol projects from one to three, allowing us to significantly improve their economic indicators for sellable ERUs and make up for some of the cost of putting in the infrastructure to utilise associated gas,” said the Chairman of Gazprom Neft Management Board Alexander Dyukov.