Decarbonization: Act Now
Despite ambitions to halve Green House Gas emissions by 2030 and achieve net zero emissions by 2050, the world’s demand for energy supply security means hydrocarbons will remain an integral part of the energy mix for the foreseeable future.
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However, as CO2 emissions continue to accumulate and without an immediate infrastructure of renewable power sources to replace non-renewable power generation, traditional hydrocarbon assets and oil & gas operators are looking at carbon reduction processes which will enable society to meet energy transition challenges.
Though scope 3 emissions, which are emissions primarily from the combustion of the sold product, are the predominant contributor to carbon emissions, energy transition outlooks agree that since the immediate elimination of fossil fuel is not viable, the extraction and processing of fossil fuel have to be completed in a more emissions efficient manner.
This paper solely looks at the direct emission (Scope 1) impact of offshore oil & gas production and presents a unique pathway to oil & gas operators which may be used as a basis to assist in decarbonization of existing and future assets.
While there are numerous publications related to decarbonization pathways, many of them focus on expensive and novel technology, some of which remain unproven in service, or at large scale. By describing a pathway which allows operators to incorporate cost-effective means of carbon savings, it is hoped this paper will encourage more operators to take up the mantle and actively participate in the energy transition. Additionally, where incorporation of novel technology is not possible, actions are described which all oil & gas operators can investigate now, highlighting that technological advancement is not required to engage in this process today.