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Source:PennEnergy

Paris,France; October 16, 2015 – The chief executive officers of 10 of the world’s largest oil and gas companies- which together provide almost a fifth of all oil and gas productionand supply nearly 10% of the world’s energy - today declared their collective support for an effective climate change agreement to be reached at next month’s21st session of the United Nations (UN) Conference of Parties to the UNFramework on Climate Change (COP21).

In their milestone declaration, the CEOs of the 10 companies that currently make up the Oil and Gas Climate Initiative (OGCI) – BG Group, BP, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total – confirmed that they­ recognise the general ambition to limit global average temperature rise to 2 degrees centigrade and that the existing trend of the world’s netglobal greenhouse gas (GHG) emissions is not consistent with this ambition.

The OGCImember companies have taken significant actions to reduce their GHG footprint,with combined GHG emissions from their operations reducing by around 20% overthe past 10 years.

In their declaration the 10 CEOs said:

“Our shared ambition is for a 2°C future. It is a challenge for the whole ofsociety. We are committed to playing our part. Over the coming years wewill collectively strengthen our actions and investments to contribute toreducing the GHG intensity of the global energy mix. Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts.”

(Helge Lund, BG Group; Bob Dudley, BP; Claudio Descalzi, Eni; Emilio Lozoya,Pemex; Mukesh Ambani, Reliance Industries; Josu Jon Imaz, Repsol; Ben vanBeurden, Royal Dutch Shell; Amin Nasser, Saudi Aramco; Eldar Sætre, Statoil;and Patrick Pouyanné, Total.)

The OGCI alsotoday launched its collaborative report - ‘More energy, loweremissions’ – highlighting practical actions taken by member companiesto improve GHG emissions management and work towards improving climate changeimpacts in the longer term. These actions include significant investments innatural gas, carbon capture and storage, and renewable energy, as well aslow-GHG research and development.

Together the declaration and report set out key areas where the OGCI companies will focustheir collaboration, including:

· Efficiency: optimising efficiency of their own operations;improving the end-use efficiency of their fuels and other products; and workingwith manufacturers and consumers to improve the efficiency of road vehicles.

· Natural gas: contributing to increasing the shareof gas in the global energy mix, ensuring it results in significantly lower life cycle emissions than other fossil fuels for power generation; eliminating‘routine’ flaring and reducing methane emissions from their operations.

· Long-term solutions: investing in R&D andinnovation to reduce GHG emissions; participating in partnerships to progresscarbon capture and storage; contributing to increasing the share of renewablesin the global energy mix.

· Energy access: developing projects to providepeople with access to energy in partnership with local and national authoritiesand other stakeholders.

· Partnerships and multi-stakeholder initiatives:seeking opportunities to accelerate climate change solutions by workingcollectively or individually in industry and other initiatives.

The OGCI is aCEO-led, voluntary, oil and gas industry initiative that aims to catalyze practical action on climate change through best practice sharing and collaboration.

The OGCI was established following discussions held during the January 2014 World Economic Forum Annual Meeting and was officially launched at theSeptember 2014 UN Climate Summit.

For thedeclaration, report and information: www.oilandgasclimateinitiative.com

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