Petrobras, further to the Press Release disclosed on 1/25/2018, reports that its Board of Directors has approved, at a meeting held today, the company’s participation in the Oil and Gas Climate Initiative (OGCI). This is one of the main initiatives of the oil and gas sector to reduce and capture greenhouse gas emissions.
The initiative gathers ten of the world’s largest oil and gas companies, which together represent more than 25% of the global production. The main objective of the OGCI, a group led by the CEOs of BP, Petrobras, CNPC, Eni, Pemex, Repsol, Saudi Aramco, Shell, Statoil and Total, is leading the industry response to climate change.
The commitment provided by OGCI Climate Investments, the initiative’s investment arm, to support the development, deployment and expansion of low-emission technologies is US$ 1 billion over the next ten years, with the disbursement distributed equally among all OGCI members during this period.
The participation in OGCI is aligned to Petrobras’ strategy to prepare the company for a future based on a low carbon economy, as disclosed in its 2018-2022 Business and Management Plan, and reinforces the company's commitment to reduce emissions and to a more efficient energy matrix.