Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy


Top energy companies prepare to launch new $1 bln clean tech fund


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate
HOUSTON, March 10 (Reuters) – A group of the world’s top oil and gas companies are preparing to launch a new fund of over $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 (XOM.N), BP and Saudi Aramco (2222.SE), 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.

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.

GLJ
GLJ

The OGCI Climate Investment’s first fund, into which each members paid $100 million, has invested in 25 companies.



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE