Saudi Aramco and fellow OGCI members announce investments in promising low-emission technologies

OGCI-investments

Saudi Aramco President and CEO, Amin H. Nasser, today 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.

Nasser said, “Saudi Aramco is committed to reducing greenhouse gas (GHG) emissions by focusing our research, development and funding on high impact technologies that reduce cost and create significant environmental advantages.”

The investments with Solidia Technologies, Achates Power and the first commercial carbon capture, use and storage (CCUS) gas plant are a testimony to OGCI’s determination in tackling climate change through technology-enabled solutions that align with Saudi Aramco’s key priorities of reducing GHG emissions in the energy sector.

Nasser added, “We are also leveraging our global research and development network to demonstrate more efficient transport solutions, as well as, new technologies to capture CO2 and transform it into high value products, such as the Converge® technology, which produces low GHG footprint polymers.”

In a joint statement, the OGCI member companies said: “Natural gas is a vital part of the transition to a lower carbon future. Our aim is to work towards 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.”

In other achievements over the past year, OGCI is partnering with United Nations Environment to launch the world’s first global methane study focused on filling gaps in identification and quantification of global methane emissions. OGCI is also working with Imperial College London to develop a clearer understanding of total GHG emissions across the natural gas value chain.

Investments announced today by OGCI Climate Investments

  • 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 up to 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 aims to accelerate its engine technology deployment worldwide..
  • A project that aims 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.