OGCI celebrates 10 years at CERAWeek with the participation of Petrobras

On Tuesday (3/19), CERAWeek held a debate with the CEOs of major global energy companies. In addition to the president of Petrobras, Jean Paul Prates, the CEOs of Exxon, Chevron, BP, Total, Equinor, Eni and Occidental took part. The round table aimed to take stock of 10 years of the Oil and Gas Climate Initiative (OGCI), a group formed by 12 companies from the oil and gas sector, to take action in response to climate change. The debate was moderated by Daniel Yergin, vice president of S&P Global and founder of CERA, and Bob Dudley, chairman of the OGCI CEO committee.

Dudley highlighted Petrobras as the world leader in CO2 capture, use, and geological storage (CCUS), an essential technology for achieving global emissions neutrality. The company has the world's largest CO2 reinjection program in the pre-salt fields, having reinjected more than 53 million tons of CO2 by 2023.

Prates stressed the OGCI’s relevance for the industry to decarbonize its operations: "This is the first time in history that 12 oil and gas companies have joined forces in favor of measures to combat climate change. The initiative has allowed for greater collaboration, joint investment, and the acceleration of technological applications," commented Prates.

The president also commented that the results already achieved are significant. Since 2017, the companies that make up OGCI have together reduced methane emissions by 50% and greenhouse gas emissions by around 25%.

Prates reiterated Petrobras' commitment to OGCI and the industry's collaboration towards decarbonization, highlighting the company's emissions reduction trajectory. In 2023, Petrobras delivered a reduction of 1.7 million tons of CO2e in absolute emissions compared to 2022.  Compared to 2015, when the Paris Agreement was signed, the reduction is already over 40%.