Equinor, a leading petroleum refining company, has explored oil and gas at a wildcat well on the Rhombi prospect with their partners near the legacy fram field in the North Sea. It is expected at between 13 and 28 million barrels of oil equivalent along with more than half being gas according to exploration.
In the face of global climatic concerns and emerging public pressure, the companies in the oil and gas industry are in the phase to integrate eco-friendly practises into their operations. The firms were once comprehensively associated with fossil fuels whereas now they are exploring green alternatives to make sure that they have existence, lessen carbon footprint and be a part of transformation to renewable energy.
In a significant move towards sustainable practices, oil and gas companies invest in CCUS Technology to lower carbon emissions. With the adoption of this technology, they benefit by capturing carbon emissions mainly from industrial sources in the form of power plants and refineries and accumulating them in products such as fuels and building equipment. Moreover, the technology also enables firms to use fossil fuels while alleviating ecological impact. More importantly, CCUS is vital for accomplishing global climate objectives, predominantly for decarbonizing sectors. Companies are growing their CCUS infrastructure, which helps decrease their carbon footprints and leads to the transformation towards a zero-carbon economy.
For example, Aramco has adopted to CCUS which helped to address the global emission challenges and their innovative low-carbon and technologies already aligned as the one of the less carbon emitters in the industry.
"Digital transformation is driving profound changes in the oil and gas sector, enabling companies to operate more efficiently, safely, and sustainably" - Rahul Tandon, Head- Industrial & Commercial Business, Bharat Petroleum Corporation
In this contemporary business environment, companies seek green energy sources with the help of sustainable ties with potential investors. They find the sustainable journey smoother by entering into partnerships with tech-related organizations and renewable energy providers, and they also help in the transformation to cleaner sources. Besides, the partnerships also help the companies focus on developing CCUS technologies and sustainable biofuels. The companies are even aligning with their climate goals and accessing sustainable energy incentives by partnering with the government, allowing them to deal with investment and sharing expertise while promoting creativity in energy solutions. Consequently, all these partnerships help the transition way more accessible for the companies shifting towards sustainable initiatives, adding value to a zero-carbon economy.
On account of sustainable initiatives, TotalEnergies partnered with several potential investors which includes organizations and government to accelerate ecofriendly projects and lessen emissions.
Darshan Prakash Jobanputra, Founder, S Square Geo Services says "Despite the rise of renewable energy, oil and gas remain crucial to the country’s energy infrastructure as India aims to scale up its oil-refining capacity from 252 million metric tonnes per annum to 400 million metric tonnes per annum"
The oil and gas sector firms play a critical role by integrating their business operations into renewable energy mainly to lessen their reliance on fossil fuels. They make considerable funding to which is being allocated to solar and wind power projects, finding these as the apt options for generating clean energy. So, by shifting to renewables from the existing core activity, the organization can contribute to carbon reduction goals and meet the users demands for cleaner energy. At the same time, offshore wind energy is gaining popularity, making use of the company's expertise in offshore activities to integrate wind turbine which has the capability to generate considerable amount of renewable electricity.
Shell has expanded its renewable energy initiatives, which include investing in solar projects, electric vehicles, and charging networks across the globe. Its aim is to lessen its carbon footprint by broadening its energy offerings to add biofuels.
In a nutshell, as the world progresses towards sustainable goals, it is imperative for oil and companies to incorporate more sustainable alternatives. Fossil fuels played a vital role back in the past; still, they may be useful in certain business operations. In the current business scenario, for the oil and gas firms, exploring greener alternatives may not be optional but important for their survival. By shifting to the latest carbon technologies and renewable energy, the firms can redefine their positions in the energy ecosystem.
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