Sustainable Challenges Facing the Oil and Gas IndustryWednesday, October 16, 2013 by: Greener Ideal
The oil and gas industry is at the very heart of the global energy market and these two industries supply energy used by the majority of society. As populations grow and living standards increase across the globe so does the demand for energy. Due to the position the oil and gas industry finds itself in the global energy supply chain it faces significant sustainable challenges.
Three key areas have been cited as of being of particular importance. Better cooperation with policymakers and those who regulate the industry is required to develop national energy plans. There needs to be a drive to increase operational energy efficiency and finally more investigation into new renewable fuels and energy generation.
The current position of the industry
The oil and gas industry is an a position where it can evaluate – over long periods of time – the investments and development activities within the industry and to use its expertise to help assist governments in developing new or improving existing energy plans. The industry can become an important partner and help national government work towards creating more effective energy strategies.
Facing the challenge
A strong commitment to developing new technologies to meet with energy demand and the challenges of sustainability must be at the forefront of the industry. Heavy research and development of technologies designed to improve the effectiveness of operations and advancing renewable technologies must be a priority if the industry is to meet the challenge of sustainability.
Future improvement and innovation
While the industry is making measures to face the sustainable challenge there’s more that can be done to improve the way the industry operates.
More renewable energy sources should be used and there should be more of a focus on energy efficiency throughout the entire supply chain. Those in the gas industry should work to reduce the flaring of gas from operations and to identify ways to reuse captured gas on site or to supply the local community with energy. Reducing waste is one particular area where improvements need to be made together with creating a better process with more optimised efficiency and logistics across the supply chain.
If the oil and gas industry is to meet the challenge of being more sustainable then it must become leaders and take on the role of innovators who create solutions and drive investment in sustainable energy. With the correct levels of coordination and action the industry can improve the energy efficiency of business operations, increase the use of renewable energy, and develop more sustainable products and services.