Two US Majors Join OGCI
Two US majors and one independent have joined the Oil and Gas Climate Initiative (OGCI) with effect from September 24. ExxonMobil, Chevron and Occidental are the first US firms to have done so and cover 5% of global oil and gas production, thus increasing OGCI’s share to about 30%.
OGCI launched in 2014 by European companies and aims to increase the ambition, speed and scale of the initiatives undertaken by its members to help reduce man-made greenhouse gas emissions. In November 2016 it pledged to invest extra $1bn over the next ten years on this – through OGCI Climate Investments Fund – including on projects such as carbon capture use and storage (CCUS). But one year later when it announced its first three investments, it gave NGW only a rough idea of their scope. “New OGCI members are aligned with the OGCI collective goals, including recognition and support of the Paris Agreement and collective reporting; they will also reinforce the capacity of OGCI’s work programs. In addition, each will commit $100mn to the OGCI Climate Investments fund,” said OGCI.
ExxonMobil CEO Darren Woods said: “Our mission is to supply energy for modern life and improve living standards around the world while minimising impacts on the environment.” His Chevron counterpart Michael Wirth added: “We are pleased to be joining OGCI to work constructively on addressing the risks of climate change.”
Occidental CEO Vicki Hollub said her company was advancing CO2 enhanced oil recovery as a form of CCUS: “We are the industry leader in this technology, which has the potential to help achieve global goals for reducing emissions and welcome the opportunity to work with OGCI.”
The three newcomers join OGCI’s ten members: UK BP, China's CNPC, Italian Eni, Norwegian Equinor, Mexico's Pemex, Brazil's Petrobras, Spain's Repsol, Saudi Aramco, Anglo-Dutch Shell and French Total.