RussNeft registers first climate project, potential output of 401,300 cubic meters

MOSCOW. Jan 29 (Interfax) - RussNeft has registered its associated petroleum gas utilization project in the carbon credit registry in the Tagrinskoye field area of the Khanty-Mansi Autonomous District.

"The associated petroleum gas is sent to a gas-piston generator to generate electricity instead of being flared according to the project. This not only reduces greenhouse gas emissions, but also replaces traditional energy sources," the Russian Energy Ministry's energy agency, whose experts validated the climate project, said.

Equipment modernization work began in 2022. The project is expected to release 13,623 carbon credits during the first crediting period until May 19, 2027.

The project will be implemented from 2024 and envisions 401,340 tonnes of CO2-eq over 10 years, equivalent to 401,340 carbon units. These units will be issued after the project's results are verified.

There are currently 96 climate projects are registered in the carbon unit registry, envisioning the issuance of over 101.5 million carbon units, of which 36.5 million carbon units are already in circulation.