Saudi Aramco, OGCI announce investments in low-emission technologies
London — Saudi Aramco president and CEO Amin Nasser joined fellow oil and gas CEOs and key energy and climate leaders for the third annual meeting of the Oil and Gas Climate Initiative (OGCI), where they announced investments in promising low-emission technologies to be implemented by OGCI Climate Investments (OGCI CI), the investment arm of OGCI.
“Saudi Aramco is committed to reducing greenhouse gas emissions by focusing our research, development, and funding on high-impact technologies that reduce cost and create significant environmental advantages,” said Nasser.
Announced by OGCI Cl head Pratima Rangarajan, the investments with Solidia Technologies, Achates Power, and the first commercial carbon capture, utilization, and storage (CCUS) gas plant, were highlighted as indicators of OGCI’s determination in tackling climate change through technology- enabled solutions — aligning with Saudi Aramco’s priority of reducing greenhouse gas emissions.
“We are also leveraging our global research and development network to demonstrate more efficient transport solutions, as well as new technologies to capture carbon dioxide (CO2) and transform it into high-value products, such as the ConvergeTM technology, which produces low greenhouse gas footprint polymers,” Nasser added.
In a joint statement, the OGCI member companies said: “Natural gas is a vital part of the transition to a lower carbon future. Our goal is to work toward near-zero methane emissions from the gas value chain. We are also committed to ensure that natural gas continues to deliver its clear climate and clean air benefit compared to coal.”
OGCI also took the occasion to release its third annual report, “A Catalyst for Change” (available online at oilandgasclimateinitiative.com), which shows the progress made towards tackling some of the industry’s biggest challenges, and shares new partnership agreements that support its ambitions.
In other achievements over the past year, OGCI partnered with the United Nations Environment to launch the world’s first global methane study focused on filling gaps in the identification and quantification of global methane emissions. It has also begun working with Imperial College London to develop a clearer understanding of total greenhouse gas emissions across the natural gas value chain.
Launched in 2014, OGCI is currently composed of 10 oil and gas companies, while its billion dollar investment arm, OGCI Cl, has been established to support the development, deployment, and scale up of low-emission technologies such as those announced on Friday.
Among the investments announced on the annual meeting included:
• Solidia Technologies, a cement and concrete production company whose patented technology allows for the production of cement with fewer emissions by using CO2 to cure the concrete instead of water. Solidia’s technology has the potential to lower CO2 emissions in concrete production by up to 70% and water consumption by as much as 80%.
• Achates Power, a company developing innovative high-efficiency opposed-piston engines with the potential to substantially reduce the greenhouse gas emissions produced by vehicles. With investment from OGCI CI, as part of a broader consortium alongside engine makers, Achates Power looks to accelerate its engine technology deployment worldwide.
• A project that looks to design the first commercial scale gas power plant with carbon capture and storage capability. OGCI CI will work with the project team on a commercially viable concept and basic engineering design that can receive government support and attract private sector investors.
Photo caption: Nasser joined fellow oil and gas CEOs and key energy and climate leaders for the third annual meeting of the OGCI on October 27. In addition to continued discussions on topics such as natural gas, carbon capture, use and storage, and other key climate issues, the group announced investments in promising low-emission technologies to be implemented by its investment arm, OGCI Climate Investments.