In U-turn, Exxon, Chevron to join rivals in climate initiative: sources

[September 20, 2018]    By Ron Bousso

LONDON (Reuters) - Exxon Mobil <XOM.N>, Chevron <CVX.N> and Occidental Petroleum <OXY.N> are joining a group of international oil and gas giants in an initiative aimed at curbing carbon emissions in the sector, two sources familiar with the matter said on Thursday.

The logo of Chevron is seen at the company's office in Caracas, Venezuela April 25, 2018. REUTERS/Marco Bello

The move marks a U-turn for the top two U.S. oil and gas producers which had resisted joining the Oil and Gas Climate Initiative (OGCI) after its launch in 2016.

The OGCI currently comprises 10 firms including BP, Royal Dutch Shell, France's Total as well as national oil companies of China, Mexico, Brazil and Saudi Arabia, which together count for around 20 percent of global oil and gas production.

The initiative last year created a $1 billion fund to develop technologies to reduce emissions of greenhouse gasses in the sector as the world aims to shift toward a low-carbon economy.

Exxon came under fire and has faced a number of lawsuits in recent years over its disclosures related to climate change.

Exxon, Chevron and Occidental could not be immediately reached for comment.

The news of the U.S. firms' joining was first reported by Axios.

(Reporting by Ron Bousso; Editing by Mark Potter)

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