What do you do if your oil and gas business wants to be sustainable and environmentally conscious?

Baseline assessment is crucial. Sometime benchmarking with other operators worldwide is required. After that, how much reduction in impact into environment shall be studied. Cost benefit analysis for the additional mitigation shall be performed.

Staying action-oriented is paramount for oil and gas companies in order to support the shift to a net-zero greenhouse gas emission future. In this regard, companies should aim to reduce emissions across their operations and engage with customers, both public and private, to provide them with the energy necessary to meet their demand, including solutions to curb or remove emissions. When setting emission reduction goals, companies must bear in mind that due to the diversity of regional regulations and stakeholders, they need to set their own ambitions so that they can be realistically achieved within the context of their unique operating environments.

Application of new technology will definitely speed up the adoption of renewables and sustainable operation, especially in digitalization and automation of work processes which require significant amount of resources and produce significant emissions to the environment.

Advancing energy transition requires concerted effort and focused action, both from oil and gas producers and consumers, besides international collaboration, and fundamental changes across society and the energy sector. In order to accelerate the energy transition and contribute to achieving a net-zero economy, oil and gas companies should invest in the energy system of the future, such as renewables, low carbon fuels, carbon capture and sequestration (CCS), low-emission hydrogen, energy storage, and/or other nascent technologies, including negative emissions technologies such as direct air capture.

The success of the concerted effort toward emissions reduction depend on the implementation from almost all, if not all, private and national oil and gas companies. Developing an organizational setup which fosters cooperation and transparency paves the way for companies to remain committed to regularly publish emissions performance as part of their sustainability report. Thus, companies should aim to measure, monitor, publicly report and independently verify emissions and their performance and progress in reducing emissions, and to support continuous improvement in data quality, all aligned with world-renowned frameworks (e.g. GRI, ISSB, IPIECA).