The Oil and Gas Climate Initiative (OGCI), the ten-company oil and gas industry initiative whose members represent more than 20% of the world’s oil and gas production, has appointed Dr. Pratima Rangarajan as the chief executive officer of its newly-formed investment company, OGCI Climate Investments.
Jointly funded by OGCI member companies, OGCI Climate Investments intends to invest $1 billion over the next ten years to develop and demonstrate innovative technologies that have the potential to significantly reduce greenhouse gas emissions. The member companies also plan to enhance the impact of the investments via strategic partnerships with others working to limit climate change by the development and deployment of low emissions technologies.
Before joining OGCI Climate Investments, Dr. Rangarajan was the General Manager for GE’s Onshore Wind Product Line and the General Manager for GE’s Energy Storage startup. She had previously held the role of Deputy Chief Technology Officer and Senior Vice President, Emerging Technology and Research at Vestas Wind Systems. Pratima’s early career included technology and research development roles in both GE and ExxonMobil. Pratima has a PhD in chemical engineering from Princeton University and a BS in chemical engineering from MIT. She will be based in London.
Bob Dudley, chair of the OGCI’s CEO Steering Committee and group chief executive of BP said: “Pratima has a proven track record in developing and growing innovative energy technologies and businesses and we look forward to working with her as we move this important initiative forward. Through carefully focused joint investment and multiplying its impact by working with others, we expect OGCI Climate Investments will accelerate development and deployment of technologies that have the potential to reduce carbon emissions on a significant scale.”
OGCI Climate Investments has identified four areas of initial focus: carbon capture, use and storage; methane detection and management; improving industrial energy efficiency and improving transport efficiency.
OGCI Climate Investments is based in London at Imperial College’s White City campus.
- The Oil and Gas Climate Initiative is a CEO-led initiative which aims to show sector leadership in the response to climate change. OGCI is made up of ten oil and gas companies that collaborate on action to reduce greenhouse gas emissions.
- Formed in 2014, the OGCI has ten member companies: BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total. Together the companies represent over one fifth of the world’s oil and gas production.
- The intention to form OGCI Climate Investments and invest $1 billion over ten years was announced at the OGCI meeting in London in November 2016.
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