What is the Oil and Gas Climate Initiative?

It's no secret that the oil and gas industry is taking its toll on the environment. As a result, its sparked projects like the Oil and Gas Climate Initiative. Also known as OGCI, the initiative brings together 10 major oil and gas companies from across the globe. In total they represent over 25% of the world's oil and gas production.

A catalyst for change

According to the website, "OGCI is a voluntary, CEO-led initiative which aims to lead the industry response to climate change." The project was launched in 2014 and exists to pool knowledge and coordinate actions in a bid to minimise global greenhouse gas emissions and support low emissions technologies. Ultimately, all members are committed to spearheading the industry’s response to climate change.

The initiative markets itself as a catalyst for change and is underpinned by the directions set out by the Paris Agreement. It practices what it preaches with a billion–dollar project known as Climate Investments. Currently, cash is being channelled into four key areas, including carbon capture, utilisation and storage.

Branching out into South America

Now, Petrobras has joined the club. The Brazilian multinational corporation joins the likes of BP, CNPC, Eni, Pemex, Repsol, Saudi Aramco, Shell, Statoil and Total. With a production output of over two million barrels per day and a presence in 19 countries, joining the initiative is an environmental milestone for both Petrobras and the OGCI.

Bob Dudley, chair of the OGCI’s CEO steering committee extended a warm welcome to Petrobras, asserting that “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." He adds that "Petrobras’s participation will increase the critical mass and momentum of our work and extends our coverage into an important new geography – South America.”

Working towards a low carbon world

Petrobras CEO Pedro Parente was quick to agree, assuring the OGCI that it's committed to reducing emissions, championing a more efficient energy matrix and ultimately, working towards a low carbon world.

"We are excited to join other OGCI member companies in their efforts to deliver the organization’s ambitious goals,” he says.

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