The Oil and Gas Climate Initiative (OGCI), whose members represent more than one-fifth of the world’s oil and gas production, is keen to develop new strategic partnerships with others working to limit climate change and to contribute more to the development and deployment of low emissions technologies.
To help us meet our ambition, we are launching OGCI Climate Investments, a partnership that will enable us to invest $1 billion over the coming years to support start-ups and help develop and demonstrate innovative technologies that have the potential to reduce greenhouse gas emissions significantly.
Our focus is on the following priorities:
Reducing our methane emissions.
We are working with expert partners to improve methane data collection and our understanding of the natural gas life cycle, and to select and deploy cost-effective methane management technologies.
Accelerating the deployment of carbon capture, use and storage (CCUS).
We are exploring solutions in areas that are currently obstacles for wide-scale deployment of CCUS: high capital and operating costs, the lack of stable policy support or a clear business model, and uncertainty around world storage capacity.
Improving industrial energy efficiency.
Improving energy and other operational efficiencies, such as flaring reduction, can save both greenhouse gas emissions and money. OGCI members are active individually, but our opportunity is to find technologies where collaboration between our companies and others within our industry can deliver a step change at a very large scale.
Contributing to transportation efficiency.
Our focus is on working closely with manufacturers in all modes of transportation, with the aim of developing more efficient engines and advanced fuel-engine combinations that minimize the sector’s greenhouse gas impact.
We are on the look-out for potentially game-changing technologies that could have a long-term impact on greenhouse gas reduction.