Bureau Veritas started determination (independent expert review) of the joint implementation project (JIP) on Associated Gas Utilization at the Yaraktinskoe field, which is planned to be implemented within the frameworks of the Kyoto Protocol. The contract of sale and delivery of emission reduction units released as a result of the implementation of gas re-injection project at the Yaraktinskoe field was signed between UstKutNeftegaz (subsidiary of IrOC) and Stichting Carbon Purchasing Intermediary in August, 2009.
In August, 2009, JSC ‘UstKutNeftegaz’ (subsidiary of INK) and Stichting Carbon Purchasing Intermediary (Netherlands) signed a sale and delivery contract for reduction of emission units released as a result of implementation of the gas re-injection project at the Yaraktinskoe field.
Established in 1828, Bureau Veritas is the largest international group rendering services relating to quality, HSE and social responsibility. Bureau Veritas cooperates with Russian oil and gas companies to reduce their emissions and conducts determination of joint implementation projects and occasional verification of emission reduction units. Project Design Documents are available in English at the Bureau Veritas website for commentary from March 22 to April 20, 2010.
Project Design Documents
After the expert review is completed, the next step is to submit an application and documents to the Carbon Units Operator to participate in the competitive selection for approval of joint implementation projects. In accordance with an Order of the Russian Government dated October 28, 2009, No.843, the Carbon Units Operator is Sberbank.
Re-injecting gas into the formation will be commissioned at the Yaraktinsky field in 2010. It will allow for almost complete elimination of flaring gas, considerable reduction in the emission of greenhouse gasses, and preservation of valuable hydrocarbons for future generations. To implement this environmental project, the European Bank for Reconstruction and Development provided the company with a loan amounting to a total of ?90 million.