We see more evidence this month that oil companies are increasing sustainability commitments to adapt to the changing energy landscape. Oil and gas companies worldwide are setting goals to lower carbon emissions, increase renewables and improve their energy mix.
We are seeing more oil & gas companies testing and achieving success using a wider range of technologies and solutions that allow them to be more sustainable, lower costs, and ultimately reduce carbon emissions. With many OPEC countries in the Middle East pushing their economic diversification plans, this is causing even more companies to look into sustainability.
- Better Data Usage
They found that offshore platforms produce only 77% of their full production potential on average. Correctly implemented data analysis systems and tools can overcome O&G operations’ complexity. This can lead to rapid returns of 30-50x original investment and reduce environmental impact by reducing wastage, accidents, and bottlenecks.
- We Are Seeing a Decrease in Freshwater Usage
Water is an integral part of all oil production processes. Every day, hundreds upon millions of barrels of water are consumed. The global O&G market recycles between 80-95% of this water. Companies are now rethinking how they extract fresh water.
- Water Recycling Is Improved
O&G firms are seeking more effective methods of recycling and reusing freshwater to reduce water consumption. Companies strive to reduce their water use to 100% by using more non-potable sources.
- Mitigating Methane Leakage
Methane leakage reduction is an economically viable opportunity for the industry. The International Energy Agency recently revealed that it is possible to reduce oil and natural gas methane through current and future technologies.
- Recycle Old Oil
Many companies use small-scale waste-oil micro refineries units to transform used oil and make diesel fuel. This is a more cost-effective option than traditional oil disposal techniques. It also produces diesel fuel that can be used for daily operations.
- Streamlining/Improving Processes
Even innovations that aren’t designed to make oil or gas processing more environmentally friendly and cleaner can still be a benefit to the industry by making it more cost-efficient. A new technology that uses ultrasound to create 3D images inside oil wells allows companies to make more informed and economically-sound production decisions. Similar technologies, such as IIOT and analytics, automation and reserve replacement and enhancement capability, and emerging artificial Intelligence programmes, can all be used by companies to help eliminate operational inefficiencies.
O&G firms can increase the efficiency of ongoing operations by a small percentage, allowing them to produce the same amount but at a lower cost and with lower energy expenditures, which results in a lower carbon footprint.
- Creating digital oilfields
Beyond small operational improvements, digitalization in O&G has led to the rise of the digital oilfield’. This process is becoming more prominent. The digital oilfield enables all operational data to become available in real time through the use of cloud technology and big data. This allows for safer and more sustainable decisions to be made.
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