Oil & Gas Transition

Oil and gas operations are a major source of carbon emissions and as a result the world is transitioning to cleaner sources of energy. But oil and gas will still play an important role in the energy transition to meet our current energy needs. Furthermore, the sector’s knowledge, experience and assets will be repurposed to support the transition.

OIL AND GAS OPERATIONS

Oil and gas operations involve a wide range of assets, from offshore fixed and floating platforms to onshore production facilities and terminals, and pipelines. These assets must continue to operate safely and reliably to meet today’s energy demands and allow time for new clean energy technologies to scale-up to achieve our net zero aspirations. Managing the associated safety, environmental and asset integrity risks is crucial during their operational phase, as well as during any life extension or decommissioning activities.

DECARBONISATION

While society continues to use oil and gas to meet its energy needs, there is a major focus on decarbonising its production and use. Offshore oil and gas facilities can be decarbonised by supplying the energy they need from nearby offshore wind farms. Carbon capture, utilisation and storage (CCUS) – the process of capturing carbon dioxide emissions from power plant and other industrial facilities and storing them underground – can be used to decarbonise the use of fossil fuels. All these activities require careful consideration to ensure risks to people, plant and the planet are managed effectively, and regulatory requirements met.

REPURPOSING

The infrastructure built over decades to support the oil and gas industry can be repurposed to enable the energy transition, presenting significant cost savings. Offshore oil and gas production platforms and pipelines can be reversed to support CCUS. Onshore gas pipelines can be repurposed to supply hydrogen. Furthermore, repurposing is not limited to infrastructure. The wealth of experience that exists within the oil and gas industry in designing complex assets and supporting safe, reliable and secure operations will be hugely helpful in delivering the energy transition.