Oil and Gas Climate Initiative Climate Investments (OGCI-CI) has made an undisclosed investment in flare-reducing company CL-Invest.
Norway-based CL-Invest works with national oil companies (NOCs) and independent oil and gas producers to monetise emission reductions, making the projects economically viable and addressing financial barriers for climate change mitigation.
The company, providing a carbon credit ‘end to end solution’ – covering risk evaluation and project integrity as well as monitoring – is one of the first firms to develop carbon credits for methane abatement and flare reduction for the oil and gas sector in emerging markets. To date, it has successfully monetised multiple methane-linked emissions-reduction projects in both Central Asia and Nigeria.
The Ebendo flare gas recovery project, in the Niger Delta, is at an advanced stage of commissioning, but a substantial volume of gas is still being flared. “There have been technical and financial challenges which have delayed the project completion,” according to a website statement. “Getting to the stage of stable operational conditions is now helped by near-term prospects of carbon co-financing.”
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