Oil CEOs push carbon-capture efforts ahead of climate talks
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[September 23, 2019] By
Jessica Resnick-Ault
NEW YORK (Reuters) - A group of 13 major
oil companies charted out a plan on Monday to promote investments in
carbon capture, use and storage (CCUS), ahead of a gathering in New
York.
Oil chiefs grappling with growing demand for climate change action have
looked to invest in carbon-capture and sequestration techniques that
some executives, including Occidental Petroleum Corp <OXY.N> CEO Vicki
Hollub, say could make drilling carbon neutral.
Carbon sequestration technology works by trapping carbon in caverns or
porous spaces underground.
It comes at a time when the oil and gas industry faces growing criticism
of its efforts to combat global climate change, particularly as fossil
fuel development grows in large economies worldwide, including the
United States, China and Russia.
The group, known as the Oil and Gas Climate Initiative (OGCI), said it
aims to double the amount of carbon dioxide that is currently stored
globally by 2030.
Carbon-capture technologies could be expanded to more efficiently trap
large amounts of carbon released by facilities such as power plants,
which could then be used in oil recovery and, ultimately stored - thus,
removing it from the atmosphere - the group said in a statement.
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A flare stack emitting fire is silhouetted against the sun at an oil
refinery in Melbourne June 24, 2009. REUTERS/Mick Tsikas/File Photo
The OGCI plans to work with others to put carbon-capture techniques into
operation in five places - the United States, United Kingdom, Norway, the
Netherlands, and China.
On Monday afternoon in New York, the group will sign a declaration of
collaboration with stakeholders, including certain energy ministers, to commit
to their efforts to expand carbon storage.
The companies, which include Exxon Mobil Corp <XOM.N>, Chevron Corp <CVX.N> and
BP plc <BP.L>, account for 32% of global oil and gas production. The companies
have all agreed to cooperate to accelerate the reduction of greenhouse gas
emissions.
Last year, the companies announced plans to reduce methane intensity, and
managed to trim the intensity by 9% in 2018.
(Reporting By Jessica Resnick-Ault, Editing by Sherry Jacob-Phillips)
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