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In U-turn, Exxon, Chevron to join rivals in climate initiative -sources

Thu, 20th Sep 2018 11:26

By Ron Bousso

LONDON, Sept 20 (Reuters) - Exxon Mobil, Chevronand Occidental Petroleum are joining a group ofinternational oil and gas giants in an initiative aimed atcurbing carbon emissions in the sector, two sources familiarwith the matter said on Thursday.

The move marks a U-turn for the top two U.S. oil and gasproducers which had resisted joining the Oil and Gas ClimateInitiative (OGCI) after its launch in 2016.

The OGCI currently comprises 10 firms including BP, RoyalDutch Shell, France's Total as well as national oil companies ofChina, Mexico, Brazil and Saudi Arabia, which together count foraround 20 percent of global oil and gas production.

The initiative last year created a $1 billion fund todevelop technologies to reduce emissions of greenhouse gasses inthe sector as the world aims to shift towards a low-carboneconomy.

Exxon came under fire and has faced a number of lawsuits inrecent years over its disclosures related to climate change.

Exxon, Chevron and Occidental could not be immediatelyreached for comment.

The news of the U.S. firms' joining was first reported byAxios.(Reporting by Ron Bousso; Editing by Mark Potter)

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