More and more oil and gas companies are issuing ‘Sustainability Reports’. Of course larger companies can dedicate more resources to these reports and some of them are‘audited’.
But there's a big drive to get more comprehensive and consistent reporting, and impose more costs one missions, coming from regulators, banks, insurers, investors and more. So we should be prepared to have to do more.
We could be getting ready to count emissions 'embedded' in the goods and services we buy. Not many companies do this now. It isn't just about data gathering, it is also about asking suppliers to provide the data, and knowing how to validate it, and manage it.We could be finding ways to reduce emissions from our suppliers.
Oil and gas transport emissions(shipping and aircraft ( and their related support services in ports and airports) is another area getting bigger. Shipping is likely to be soon covered under the EU's "Emission Trading Scheme" with costs per CO2 which will probably be paid by the cargo owner. Meanwhile you could ask ships to go slower, which would use less fuel and emit less CO2, but it also increases your daily shipping rate. Airlines are looking for lower intensity GHG fuels.
These are just two examples of where emission reporting is going to get a lot more complicated. Are your digital systems and processes ready, and if not should you be getting them ready?
We can provide consulting to help you analyse your 'posture' with emissions data, to find out more let us know.
Future Energy Partners is a consultancy specialising in oil and gas emissions management, which can help you work out the best way to comply or achieve the required reductions. If you are interested in discussing a methane emissions management / assessment project, please let us know here.
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