The growing global demand for renewable energy sources is forcing oil and gas companies to adapt and contribute to new energy systems that favour wind, solar, and nuclear power, as well as hydroelectricity, carbon capture, and low-carbon hydrogen.
Key fact: Global carbon emissions are jumping by around 1.5 billion tonnes in 2021
The International Energy Agency (IEA) delineates three considerations that the industry must address in the ongoing energy transition: the rising global energy demand, the need for affordable and sustainable energy sources, and the commitment to achieving net-zero emissions.
New technologies being developed to aid the energy transition include hydroelectric reservoirs, Power-to-X fuels, and thermal energy storage.
Of particular use to oil and gas companies is the Industrial Internet of Things (IIOT), which helps control emissions, reduce energy use, and prevent spillages. Automated equipment like light electric vehicles (LEVs) will also play a crucial role in the industry’s move towards decarbonisation.
Benefits
Contributes to a sustainable future
Protects oil and gas operations
Combats climate crisis
