Brazil’s troubled state oil firm Petrobras, a major offshore drilling player, is set to join the Oil and Gas Climate Initiative (OGCI).
The company has signed a letter of engagement to become a member of OGCI, which is a voluntary initiative to lead the industry response to climate change.
OGCI was launched in 2014 by 10 big oil companies and it aims to expedite strategies and measures to reduce their greenhouse gas footprint by developing low emissions technologies and exploring new businesses.
Petrobras’ inclusion is pending the company’s board of directors approving the OGCI’s Climate Investment Members Agreement.
When they do, then Petrobras will join current ranks that comprise BP, CNPC, ENI, Pemex, Saudi Aramco, Shell, Statoil, Reliance Industries and Total.
Those existing members account for more than a quarter of global gas production.
Petrobras has been under a huge cloud for three years now, being the fulcrum of a massive bribes-for-inflated-contracts scheme that has seen numerous industry executives and politicians taken down.