Statoil and nine other major oil companies are investing 820 million NOK each for cutting CO2 emissions.
Statoil, together with nine other of the world’s largest oil companies invest 8.2 billion NOK over a decade to accelerate the development and use of low carbon technologies, wrote newspaper VG.
Statoil chief Eldar Sætre says billions will be principally used in two fields.
– Capture and storage of CO2 and reducing methane emissions from production to maximize climate benefits of natural gas, says Sætre.
The cooperation of The Oil and Gas Climate Initiative (OGCI) was established in London on Friday.
Shell, Total, Saudi Aramco, BP, Eni and several other international oil companies participating in the initiative.
Source: NTB scanpix / Norway Today