A $1 billion (€904 million) investment has been agreed between the Oil and Gas Climate Initiative (OGCI) and ten oil and gas majors to develop low emissions technologies.
Each of the ten member companies, which include BP, Shell, Total, Repsol, CNPC, Statoil and Saudi Aramco, have pledged investments of $100 million into the commercial deployment of these technologies.
OGCI Climate Investments will aim to launch successfully-developed new technologies among the member companies and beyond. It will also identify ways to cut the energy intensity of both transport and industry.
The investment represents an unprecedented level of oil and gas industry collaboration and resource-sharing. This additional investment will complement the companies’ existing low carbon technology programs and will draw on the collective expertise and resources of the member companies.
In a joint statement, the heads of the 10 oil and gas companies say: ‘The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge.’