INK participates in the tender selection under the Kyoto Protocol
JSC “UstKutNeftegas”, a subsidiary of Irkutsk Oil Company has applied for a tender held by Sberbank in relation to sale of ERUs (Emission Reduction Units) under the Kyoto Protocol. JSC ‘UstKutNeftegaz’ application is related to its joint implementation (JI) project titled ‘Associated Petroleum Gas Flaring Reduction at the Yaraktinsky oil and gas field’, with 588,000 tons of CO2 to be reduced in 2011-2012. Sberbank is Russia’s national dealer in carbon credits.
The gas re-injection facility was commissioned at the Yaraktinsky field in August. The plant’s capacity is 1 million cubic meters per day, the project calls for an increase in gas re-injection of up to 6 million cubic meters per day, and up to 96% of recovered associated gas will be utilized. This is the first of its kind project implemented in Russia where commercial gas re-injection has not been introduced until recently.
This technology enables the company to maintain formation pressure while increasing recovery of gas condensate from pay zones by 22%. The project is aimed at reduction of gas flaring at the fields, which will eventually decrease greenhouse gas emission in the atmosphere. Construction of the first stage of GCF as a part of Yarakta field’s development was financially supported by EBRD and Baikal Bank of Sberbank of the Russian Federation.
In end of September, Sberbank announced solicitation of applications for the 2nd tender related to projects implemented under the Kyoto Protocol. Application could be submitted from October 4 till October 21, 2010. The announced tender limit is 30 million tons of CO2 equivalent.
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