A group of 13 major oil companies charted out a plan on Monday to promote invest...
NEW YORK - A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage , ahead of a gathering in New York.
Oil chiefs grappling with growing demand for climate change action have looked to invest in carbon-capture and sequestration techniques that some executives, including Occidental Petroleum Corp CEO Vicki Hollub, say could make drilling carbon neutral.It comes at a time when the oil and gas industry faces growing criticism of its efforts to combat global climate change, particularly as fossil fuel development grows in large economies worldwide, including the United States, China and Russia.
Carbon-capture technologies could be expanded to more efficiently trap large amounts of carbon released by facilities such as power plants, which could then be used in oil recovery and, ultimately stored - thus, removing it from the atmosphere - the group said in a statement.
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