Objective of reducing greenhouse gas emissions
LUKOIL has set an objective to reduce GHG emissions by 2030. The plan is to cut back on controlled emissions, decreasing them by 20% vs. 2017. The said objective is tantamount to a 10 million ton reduction of gross greenhouse gas emissions under comparable conditions.
The Company's effort to cut back on its greenhouse gas emissions is underpinned by its track record of low-carbon projects that is comparable to that of the leading oil and gas majors.
The Company has a high level of APG utilization. It continues to maintain such levels at its new fields, and proceeds with its projects covered by the World Bank's "Zero Routine Flaring by 2030" initiative.
Enhanced energy efficiency is yet another strategic area that is conducive to GHG reduction. The Company has an ongoing Energy Conservation Program (covering Russian entities), and investment projects as part of which foreign refineries undergo construction, revamping, or equipment upgrades.
LUKOIL has a long track record of managing renewables projects and proceeds with such projects in and outside of Russia.
New Areas of Activity
In addition to those above listed, the Company continues to look for the best possible process solutions to reduce GHG emissions and takes compensatory measures.