Brazilian national oil company Petrobras is set to join the the Oil and Gas Climate Initiative (OGCI), an initiative launched in 2014 by ten large oil firms to tackle climate change challenges.
Petrobras’ inclusion is subject to the approval of the OGCI Climate Investments Members’ Agreement by the Petrobras Board of Directors.
The OGCI’s current members are BP, CNPC, Eni, Pemex, Repsol, Saudi Aramco, Shell, Statoil, Reliance Industries, and Total.
Welcoming Petrobras to the initiative, Bob Dudley, chair of the OGCI’s CEO Steering Committee and group chief executive of BP, said: “International and national oil companies have come together in the OGCI to work to reduce greenhouse gas emissions, a key challenge for our industry and the world. Petrobras’ participation will increase the critical mass and momentum of our work and extends our coverage into important new geography – South America.”
Petrobras CEO Pedro Parente said: “By joining OGCI, one of the industry’s leading initiatives on climate change response, Petrobras renews its commitment to reducing emissions and to a more efficient energy matrix and reinforces its strategic command to be fully prepared for a low carbon world. We are excited to join other OGCI member companies in their efforts to deliver the organization’s ambitious goals.”
Taken together, oil and gas production by OGCI member companies represents more than a quarter of the world’s oil and gas production.
The Oil and Gas Climate Initiative aims to increase the ambition, speed, and scale of the initiatives that members undertake as individual companies to reduce the greenhouse gas footprint of their core oil and gas business – and to explore new businesses and technologies.
OGCI’s billion-dollar investment arm, OGCI Climate Investments, supports the development, deployment, and scale-up of low emissions technology.
The initiative in October 2017 announced its first three investments, moving forward the organization’s commitments into concrete action to spur the growth of promising low carbon technologies.
Those investments include Solidia Technologies, a US-based cement and concrete production company whose patented technology allows for the production of cement in a way that generates fewer emissions; Achates Power, a company developing more efficient vehicle engines; and a project that aims to design a full scale gas power plant with carbon capture and storage, including industrial CO2 sequestration capability.
Offshore Energy Today Staff