OGCI to Start Second Investment Fund

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The Oil and Gas Climate Initiative (OGCI) started in 2016 with an initial fund of $1 billion that has invested in several start-ups, including technologies to reduce emissions of methane, a potent greenhouse gas that escapes oil and gas infrastructure.

OGCI is currently made up of 12 industry heavyweights: 

  • Saudi Aramco

  • China National Petroleum Corporation

  • Petrobras

  • BP

  • TotalEnergies

  • Shell

  • Equinor

  • Eni

  • Repsol

  • ExxonMobil

  • Occidental

  • Chevon

OGCI Climate Investments funding is currently focused on companies with technologies in three fields: reducing methane emissions; reducing carbon dioxide emissions; and recycling CO2 through carbon capture, utilization, and storage.

The group is preparing to launch a second fund, which is expected to be larger than the first.  Funding is expected to come from member companies as well as other independent investors.

“The energy transition will happen… but it’s not going to be a straight line,” said OGCI chairman Bob Dudley. We couldn’t agree more.