Oil and gas majors invest $1 billion in low-emission tech

Ten global oil and gas companies on Friday announced they will invest £1 billion (900 million euros) in low-carbon-emission technologies to help combat climate change. BG Group, BP, Eni, Pemex, Repsol, Saudi Aramco, Reliance Industries, Royal Dutch Shell, Statoil and Total - who account for almost a fifth of the world's oil production - will fund the project through the Oil and Gas Climate Initiative (OGCI), they said in a statement. "We are on the look-out for potentially game-changing technologies that could have a long-term impact on greenhouse gas reduction," said the group.