A group of the world’s top oil and gas companies are preparing to launch a new fund of over US$1 billion to invest in new technologies focused on reducing greenhouse gas emissions from energy use, sources said on Thursday.
The Oil and Gas Climate Initiative (OGCI), which includes 12 of the world’s largest oil and gas company including Exxon Mobil Corp, BP and Saudi Aramco, started in 2016 with an initial fund of US$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.
The group, which accounts for around 30% of the world’s oil and gas production, is preparing to launch a second fund which is expected to be larger than the first one, the sources said.
An announcement is expected in coming weeks, the sources said. The funding is expected to come from member companies as well as other independent investors, the sources said.
The OGCI Climate Investment’s first fund, into which each members paid US$100 million, has invested in 25 companies.
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