BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total - who together represent a fifth of the world's oil and gas production - formed the OGCI following discussions during the 2014 World Economic Forum annual meeting.

"The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large scale that will create a step change to help tackle the climate challenge," the group said in a statement.

"We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs."

The fund will aim to deploy successfully-developed new technologies among member companies and beyond, and identify ways to cut the energy intensity of both transport and industry.

"Working in partnership with like-minded initiatives across all stakeholder groups and sectors, the OGCI CI believes its emission reduction impact can be multiplied across industries," the group said.

The new, additional investment will complement the companies' existing low emissions technology programs and will draw on the collective expertise and resources of the member companies.

The news came just before the Global CCS Institute welcomed the launch of the world's first commercial carbon capture facility on a steel production plant in Abu Dhabi.

The Al Reyadah project, a joint venture between Abu Dhabi National Oil Company and Masdar, the clean technology and renewable energy arm of Abu Dhabi's government, will capture CO2 from Emirates Steel manufacturing, transfer it to the Al Reyadah plant for compression and dehydration, and transport it through a buried pipeline to ADNOC's NEB and Bab oilfields for enhanced oil recovery.

"CCS is the only technology capable of achieving deep cuts in emissions from necessary industrial production processes such as iron and steel, cement, fertilisers, and natural gas processing so the opening of Al Reyadah is a major achievement in reducing emissions for this industry," Global CCS Institute Chief executive officer Brad Page said.

"The project is another step towards meeting national as well as global climate targets, and further demonstrates CCS as a proven technology which can to reduce CO2 emissions at the lowest possible cost.

"This is a key project in the Institute's portfolio of large-scale CCS projects in operation or under construction which, by the end of 2017, is expected to have operational CO2 capture capacity of approximately 40 million tonnes each year."

The Al Reyadah project is expected to capture and store 800,000tpa of CO2 emissions and is the first iron and steel project of its kind in the world.