July 8

Bureau Veritas Certification (Bureau Veritas) completed determination procedures on the project design document for the joint implementation (JI) project entitled “Associated Petroleum Gas Flaring Reduction at the Yarakta Oil Field, Irkutsk region, Russia” and performed by JSC “UstKutNeftegas”, a subsidiary of Irkutsk Oil Company.
Завершена независимая экспертиза проекта по закачке газа в пласт на Ярактинском месторождении

Bureau Veritas Certification (Bureau Veritas) completed determination procedures on the project design document for the joint implementation (JI) project entitled “Associated Petroleum Gas Flaring Reduction at the Yarakta Oil Field, Irkutsk region, Russia” and performed by JSC “UstKutNeftegas”, a subsidiary of Irkutsk Oil Company.

As has been previously reported, construction of gas cycling facilities at the Yarakta oil & gas field will result in emissions reduction: associated gas will be re-injected and not flared.

Bureau Veritas Certification auditors thoroughly analyzed the project design documentation and they conducted interviews with project participants. They determined that construction of the gas cycling facilities leads to additional emissions reduction of greenhouse gases, amounting to over 588 tons of CO2 equivalent over the period from July 1, 2011 to December 31, 2012. The project fully conforms with the requirements of Article 6 of the Kyoto Protocol to the United Nations Framework Convention on Climate Change and Russian Federation legislation. Independent experts state that the project can be recommended for approval by Russia’s Ministry of Economic Development in accordance with Article 6 of the Kyoto Protocol and Russian Federation government Decree #843 dated October 28, 2009.

The company’s next step is to apply for a tender on JI projects held by Sberbank, Russia’s national dealer in carbon credits.

Successful start to the first project for gas cycling with condensate production in Russia Irkutsk Oil Company significantly increases oil and condensate production in 1H10