Ahead of climate talks, oil CEOs postpone carbon capture efforts

Oil chiefs grappling with the growing demand for climate change action have looked to invest in carbon capture and seizure techniques that some executives, including Occidental Petroleum Corp CEO Vicki Hollub, say may do so. carbon drilling to be neutral.

A group of 13 major oil companies drafted a plan Monday to promote investments in carbon capture, use and storage, ahead of a meeting in New York.

It comes at a time when the oil and gas industry faces growing criticism for its efforts to combat global climate change, especially as fossil fuel development grows in major economies around the world, including the United States, China and Russia.

Carbon sequestration technology works by blocking carbon in caves or porous underground spaces.

“We will double the amount of carbon dioxide currently stored globally by 2030,” said a group known as the Oil and Gas Climate Initiative.

Carbon capture technologies can be expanded to more efficiently block large amounts of carbon released from facilities such as power plants, which can then be used in oil regeneration and, ultimately, stored – so , removing it from the atmosphere – the group said in a statement.

OGCI plans to work with others to implement carbon capture techniques in five countries – the United States, United Kingdom, Norway, the Netherlands and China.

In New York on Monday afternoon, the group will sign a statement of co-operation with stakeholders, including designated energy ministers, to engage in their efforts to expand carbon storage.

The companies, which include Exxon Mobil Corp., Chevron Corp. and BP plc, account for 32% of global oil and gas production. The companies have agreed to cooperate to accelerate the reduction of greenhouse gas emissions.

Last year, companies announced plans to reduce methane intensity, and managed to cut the intensity by 9% in 2018./Investing.com

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