Interest in CO2 sequestration projects to decline amid foreign economic situation - reserves commission

MOSCOW. June 1 (Interfax) - Oil and gas companies' interest in CO2 sequestration projects is likely to decrease for a short time, State Commission for Mineral Resource Reserves (GKZ) chief Igor Shpurov told reporters on the sidelines of a forum titled "Innovative Subsoil Use Technologies - Foundation of the Future Economy."

Generally speaking, almost all Russian oil and gas companies have shown interest to such projects, but the geopolitical situation has compelled them to put climate initiatives on hold, Shpurov said.

"Almost all companies have stopped because the foreign economic situation is not very clear, and the climate agenda is up in the air now. Everyone is waiting for changes. This is tied to the general climate agenda, and amid a breakdown in relations, the overall climate agenda has not taken shape yet," Shpurov said.

He also said that the GKZ expert and technical council reviewed the application filed by Tatneft in December to assess the suitability of the site near the Nizhnekamsk industrial zone for CO2 injection. However, the examination of this site will be carried out only after August, when the guidelines for the relevant procedure will be prepared.

Other companies have not applied to the GKZ with similar applications, Shpurov said.