The Russian government issued the carbon credits generated from the JI project to recover and utilize flare gas from the Yety Purovskoe Oilfield. One of Russia's largest oil companies, JSC Gazprom Neft (GN), along with JX Nippon Oil & Energy Corporation (NOE) and Mitsubishi Corporation (MC), have been jointly developing this project. This is the second time Russia has issued carbon credits on this project.
The Yety Purovskoe Oilfield is located in the Russian Federation's Yamal Nenets district. Before this JI project, the field's flare gas was simply burned off, but since August 2009 it has been recovered and re-utilized as gas and other fuel within Russia.
The Russian Government has approved this project as JI and already issued 290k tons of carbon credit in CO2 reduction from August through December 2009. This time, the Russian Government issued 750k tons of carbon credit in CO2 reduction from January through December 2010 (as the result of monitoring the amount of CO2 reduction and examination by third parties). This project will generate approximately 1,500k tons of carbon credit by December 2012.
GN, NOE and MC have been working together to develop this JI Project since their initial joint feasibility study. The partners share a commitment to this project and to promoting further businesses in the future that will reduce greenhouse gas emissions and help conserve our global environment.