If E&P companies can provide evidence to others that they have a viable net zero pathway, or trajectory, that would help gain investors and keep governments and stakeholders onside.
We could segment the oil and gas sustainability challenge into three time scales - long term (field development), medium term (investment in existing operations) and immediate term (how we are operating today). And of these, the immediate term may be the most interesting.
Guyana’s new oil production may generate similar wealth per person as Qatar, Kuwait and Norway. But what should be done with the gas – and is the industry going to be well governed? Topics discussed at our webinar
Where Energy Transition plans exist - and for many oil & gas companies they are flimsy or non-existent - there is much talk of distant Nirvanas, faraway promises that are difficult even for energy professionals to assess, risk, and value.
Oil and gas companies are under pressure to find ways to reduce operational emissions, including flaring, fugitives (leaks), and offshore generation. Achieving this needs a combination of the strengths of people and machines.
Oil and gas companies have the competency to do carbon capture and storage (CCS) but whether they should do, is another question.
Right now, oil and gas companies are reasonably relaxed about their emission reporting. We gather data about our flaring, fuel use and leaks. We talk about projects we are doing to reduce environmental impact. That may be about it.
Joanne Edgeler, Senior Investment Manager with the UK's North Sea Transition Authority (NSTA, formerly known as the Oil and Gas Authority), and chair of its ESG Taskforce, wrote a letter to all UK operators (licensees) on March 31 2022 encouraging better ESG reporting.