249:, where vast amounts of natural gas are burned off as a waste "by-product" during the extraction of crude oil. Oil extraction companies focus on drilling and pumping oil which is highly lucrative, but the less-valuable gas accompanying the oil is more difficult to transport to consumers. Production growth has "far outpaced pipeline construction" during the boom in the Permian and Bakken oil fields.
190:, which was held in New York. The day before the UN "climate action summit"—which included "orld leaders, academics, government representatives and environmentalists" came together for The UN "climate action summit"—OGCI oil and gas executives held their own "closed high-level discussion" with key stakeholders. According to
280:
The OGCI Climate
Investments fund will not invest in renewables. It will focus on action that will reduce "methane emissions from gas production" and on "technologies to capture and either use or store carbon emissions. At their New York September 2019 forum, OGCI said that they had " 15 investments
227:
At their
September 2019 forum, OGCI said that they were "working on a carbon intensity target to reduce by 2025 the collective average carbon intensity of member companies' aggregated upstream oil and gas operations." Among the actions to meet their targets of reducing carbon intensity, the OGCI
309:
In
September 2019, OGCI Climate Investments and Equinor Technology Ventures provided funding for SeekOps, which is a "technology spinoff NASA's Jet Propulsion Laboratory". SeekOps uses "integrated drone-based systems" capable of detect, localiz, and "quanify natural gas emissions.
162:
As part of their initiative to "improve their environmental reputation" the OGCI announced at an event held in London, that they would be investing $ 1bn over the next decade in "innovative low emissions technologies". The announcement, which was planned to "coincide" with the
264:
and release potent greenhouse gases into the atmosphere. Regulation of the amount of each type of waste varies from one jurisdiction to another. Instances also occur where companies have access to transport capacity, but are allowed to flare rather than pay pipeline costs.
78:
Their mandate says that they will "seek actions" to "accelerate and participate in the energy transition." On
November 4, 2016 OGCI announced the creation of the OGCI Climate Investments fund which will invest $ 1 billion over 10 years in companies or projects that reduce
281:
in its portfolio," which includes Kelvin, SeekOps, Boston Metal, 75F, Norsepower, and XL. OGCI Climate
Investments focus on "innovative companies that are ready to be commercialized" in collaboration with "global co-investors and industrials to achieve speed and scale."
622:
236:
Member companies pledged to "support policies that attribute an explicit or implicit value to carbon" as "one of the most cost-efficient ways to achieve the low carbon transition as early as possible" at their
September 2019 forum.
373:
106:
The industry-led Oil and Gas
Climate Initiative (OGCI) was created in 2014 by CEOs of the world's largest energy companies to "seek action" to support the Paris Agreement. The member companies which include
70:
represent over "30% of global operated oil and gas production." It was established in 2014 and has a mandate to work together to "accelerate the reduction of greenhouse gas emissions" in full support of the
219:
In 2018, OGCI set a methane intensity target. In 2018, member companies had "reduced collective methane intensity by 9%" and was "on track to meet the 2025 target of below 0.25%."
98:
is the chair of the OGCI CEO steering committee and Bjørn Otto
Sverdrup is the chair of the OGCI executive committee. Pratima Rangarajan is the CEO of OGCI Climate Investments.
186:
On
September 22, 2019, the OGCI hosted an "invitation-only forum" on the "sidelines" of the September 23, climate action summit organized by the UN secretary general,
175:" for the announcement which some environmentalists saying that "the 'big oil' business model is fundamentally incompatible with avoiding dangerous climate change."
491:
623:"The largest US carbon capture and sequestration project to be developed by Wabash Valley Resources with funding support from OGCI Climate Investments"
297:
that will "capture and sequester 1.5-1.75 million tons of CO2 annually from Wabash Valley
Resources co-located ammonia plant" making it "the largest
415:
583:
374:"Oil and Gas Climate Initiative announces progress towards methane target and new CCUS initiative to scale up actions towards climate goals"
557:
318:
In September 2019, OGCI announced a KickStarter campaign to increase the "carbon capture, use and storage (CCUS)" globally to "achieve
458:
228:
listed "improving energy efficiency, minimizing flaring, upgrading facilities and co-generating electricity and useful heat."
211:
In 2017, OGCI members developed a baseline of "aggregated upstream oil and gas operations emissions" of 24 kg CO2e/boe.
495:
22:(OGCI), is an international industry-led organization which includes 12 member companies from the oil and gas industry:
83:
from gas production", on projects or "technologies to capture and either use or store carbon emissions", as well as on
679:
245:
By October 2019, the fossil-fuel executives said that until recently they had been making progress in cutting back on
272:, an industry consortium that aims to reduce methane emissions—including from flaring—from the energy supply chain.
269:
200:
524:
294:
261:
196:, critics said that the OGCI was "attempt to influence negotiations in favour of fossil fuel companies."
94:
of the oil and gas industry and other emitting sectors, rather than in renewable energy. Former BP CEO
630:
298:
290:
132:
84:
47:
187:
112:
27:
532:
466:
423:
319:
152:
80:
558:"Natural Gas Flaring and Venting: State and Federal Regulatory Overview, Trends, and Impacts"
91:
652:
607:
246:
164:
72:
520:
525:"Despite Their Promises, Giant Energy Companies Burn Away Vast Amounts of Natural Gas"
673:
67:
192:
172:
148:
59:
459:"'Greenwashing': fossil fuel execs to hold invite-only forum at UN climate summit"
257:
180:
156:
128:
95:
43:
536:
470:
427:
253:
171:
had predicted that the OGCI could face "fierce scrutiny and accusations of "
140:
63:
51:
653:"SeekOps Secures Venture Funding To Scale Drone-Based Emissions Systems"
124:
39:
144:
55:
416:"Oil chiefs try to boost green credentials with new investment fund"
159:, represent over "32% of global operated oil and gas production."
136:
116:
31:
452:
450:
448:
446:
444:
120:
35:
584:"Emissions Soar As Permian Flaring Frenzy Breaks New Records"
289:
On May 20, 2019 OGCI announced their funding support of the
409:
407:
405:
403:
401:
399:
397:
395:
108:
23:
268:
As part of its flaring efforts, OGCI is also a member of
199:
On September 23, the OGCI held their formal forum at the
608:
https://methaneguidingprinciples.org/about/our-members/
515:
513:
617:
615:
492:"Paris Climate Agreement Becomes International Law"
331:
368:
366:
364:
362:
360:
358:
356:
354:
352:
350:
348:
346:
8:
563:. U.S. Department of Energy. June 1, 2019
167:which came into effect on the same day.
342:
457:Laville, Sandra (September 18, 2019).
582:Nick Cunningham (December 14, 2019).
7:
414:Gosden, Emily (November 2, 2016).
183:makes more than 1 billion a year.
14:
90:The fund invests in reducing the
179:said that OGCI chair and BP CEO
301:project in the United States".
20:Oil and Gas Climate Initiative
1:
696:
494:. ABC News. Archived from
270:Methane Guiding Principles
201:Morgan Library and Museum
295:Wabash Valley Resources
285:Wabash Valley Resources
262:primary energy resource
655:. September 10, 2019
631:Terre Haute, Indiana
523:(October 16, 2019).
380:. September 23, 2019
299:carbon sequestration
291:Terre Haute, Indiana
680:Petroleum industry
529:The New York Times
498:on 4 November 2016
215:Methane intensity
85:energy efficiency
81:methane emissions
687:
665:
664:
662:
660:
649:
643:
642:
640:
638:
619:
610:
605:
599:
598:
596:
594:
579:
573:
572:
570:
568:
562:
554:
548:
547:
545:
543:
517:
508:
507:
505:
503:
488:
482:
481:
479:
477:
454:
439:
438:
436:
434:
411:
390:
389:
387:
385:
370:
332:https://ogci.com
223:Carbon intensity
188:AntĂłnio Guterres
92:carbon footprint
695:
694:
690:
689:
688:
686:
685:
684:
670:
669:
668:
658:
656:
651:
650:
646:
636:
634:
621:
620:
613:
606:
602:
592:
590:
581:
580:
576:
566:
564:
560:
556:
555:
551:
541:
539:
521:Tabuchi, Hiroko
519:
518:
511:
501:
499:
490:
489:
485:
475:
473:
456:
455:
442:
432:
430:
413:
412:
393:
383:
381:
372:
371:
344:
340:
328:
316:
307:
287:
278:
247:routine flaring
243:
234:
225:
217:
209:
165:Paris agreement
104:
75:and its aims."
73:Paris Agreement
12:
11:
5:
693:
691:
683:
682:
672:
671:
667:
666:
644:
633:. May 20, 2019
611:
600:
574:
549:
509:
483:
440:
391:
341:
339:
336:
335:
334:
327:
326:External links
324:
315:
312:
306:
303:
286:
283:
277:
274:
242:
241:Reduce flaring
239:
233:
232:Carbon pricing
230:
224:
221:
216:
213:
208:
205:
103:
100:
13:
10:
9:
6:
4:
3:
2:
692:
681:
678:
677:
675:
654:
648:
645:
632:
628:
624:
618:
616:
612:
609:
604:
601:
589:
585:
578:
575:
559:
553:
550:
538:
534:
530:
526:
522:
516:
514:
510:
497:
493:
487:
484:
472:
468:
464:
460:
453:
451:
449:
447:
445:
441:
429:
425:
421:
420:The Telegraph
417:
410:
408:
406:
404:
402:
400:
398:
396:
392:
379:
375:
369:
367:
365:
363:
361:
359:
357:
355:
353:
351:
349:
347:
343:
337:
333:
330:
329:
325:
323:
321:
313:
311:
304:
302:
300:
296:
292:
284:
282:
275:
273:
271:
266:
263:
259:
255:
250:
248:
240:
238:
231:
229:
222:
220:
214:
212:
206:
204:
202:
197:
195:
194:
189:
184:
182:
178:
177:The Telegraph
174:
170:
169:The Telegraph
166:
160:
158:
154:
150:
146:
142:
138:
134:
130:
126:
122:
118:
114:
110:
101:
99:
97:
93:
88:
86:
82:
76:
74:
69:
68:TotalEnergies
65:
61:
57:
53:
49:
45:
41:
37:
33:
29:
25:
21:
16:
657:. Retrieved
647:
635:. Retrieved
626:
603:
593:December 31,
591:. Retrieved
588:Oilprice.com
587:
577:
567:December 31,
565:. Retrieved
552:
540:. Retrieved
528:
500:. Retrieved
496:the original
486:
474:. Retrieved
463:The Guardian
462:
431:. Retrieved
419:
382:. Retrieved
377:
322:emissions."
317:
308:
288:
279:
267:
251:
244:
235:
226:
218:
210:
203:, New York.
198:
193:The Guardian
191:
185:
176:
173:greenwashing
168:
161:
149:Saudi Aramco
105:
89:
77:
60:Saudi Aramco
19:
17:
15:
659:October 17,
637:October 17,
542:October 17,
476:October 17,
433:October 17,
384:October 17,
314:Initiatives
276:Investments
258:gas venting
254:gas flaring
627:PRNewswire
502:4 November
338:References
181:Bob Dudley
133:Occidental
129:ExxonMobil
102:Background
96:Bob Dudley
48:Occidental
44:ExxonMobil
537:0362-4331
471:0261-3077
428:0307-1235
141:Petrobras
52:Petrobras
674:Category
320:net zero
260:waste a
305:SeekOps
293:-based
207:Targets
125:Equinor
113:Chevron
40:Equinor
28:Chevron
535:
469:
426:
145:Repsol
56:Repsol
561:(PDF)
252:Both
157:Total
153:Shell
137:Pemex
64:Shell
661:2019
639:2019
595:2019
569:2019
544:2019
533:ISSN
504:2016
478:2019
467:ISSN
435:2019
424:ISSN
386:2019
378:OGCI
256:and
155:and
117:CNPC
66:and
32:CNPC
18:The
121:Eni
36:Eni
676::
629:.
625:.
614:^
586:.
531:.
527:.
512:^
465:.
461:.
443:^
422:.
418:.
394:^
376:.
345:^
151:,
147:,
143:,
139:,
135:,
131:,
127:,
123:,
119:,
115:,
111:,
109:BP
87:.
62:,
58:,
54:,
50:,
46:,
42:,
38:,
34:,
30:,
26:,
24:BP
663:.
641:.
597:.
571:.
546:.
506:.
480:.
437:.
388:.
79:"
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.