Carbon emission reduction scope in O&G sector !

Carbon emission reduction scope in O&G sector !!

The oil and gas sector is the largest contributor of global carbon emissions. All three emission scopes are equally inhabited in O&G sector including fugitive emissions (mainly relates to Methane emissions). With the advancement of technology and best practices, the scope for reducing carbon emissions in this sector is substantial now. Some of the key strategies can be employed to mitigate these emissions:

Technological Innovation: O&G sector is now investing in research and development for cleaner technologies, such as carbon capture and storage (CCS), methane detection and capture, and improved energy efficiency in extraction, refining, and transportation processes. Enhanced oil recovery is one of the key effective methods.

Transition to Renewable Energy: RE technology has an well access across the world. In last half a decade, the price of RE tech has also fallen. Almost all the companies in O&G sector moved forward to adopt and invest RE technologies such as solar, wind, or bioenergy to power operations.

Reducing Flaring and Venting: Minimizing the flaring and venting of natural gas during oil production is a great opportunity for reducing carbon emissions. It also includes capturing and utilizing the gas, also use of technologies to reduce these practices.

Energy Efficiency: energy efficiency is a key solution. In fact across any industry this is factor in operations which can have multiple positive impact starting from resources conservation, financial savings and emission reduction by default. This includes practices such as using advanced equipment, optimizing processes, reducing fugitive emissions in pipeline and distribution network etc.

Additionally, implementing robust monitoring systems plays an important role in O&G sector. It will also help in accurate measurements, good reporting practices. This involves identifying sources of emissions, including leaks, venting, and flaring, and quantifying the carbon footprints etc.

There are global initiatives also to tackle emissions in O&G sector. “The Global Methane Initiative (GMI)”,launched in 2004, is a voluntary, multilateral partnership that aims to reduce global methane emissions and to advance the abatement, recovery and use of methane as a valuable clean energy source.

Thus, there is significant potential for carbon emission reduction in the oil and gas sector, but equally challenges also exist. Some known challenges are high initial costs of implementing new technologies, regulatory barriers, technological limitations, and the sector's overall dependency on fossil fuels. Also, transitioning to cleaner technologies and low carbon practices can stimulate innovation, create job opportunities and economic growth in renewable energy and low-carbon industries.

References:

https://www.globalmethane.org/documents/oil-gas_fs_eng.pdf

https://www.opec.org/opec_web/static_files_project/media/downloads/press_room/Abiodun_Ibikunle_-_Presentation.pdf

Courtesy: google images.