Outlook for the oil and gas industry 2020
3: Decarbonization takes centre stage
The oil and gas industry is moving through an inflection point on the transition to sufficient, sustainable, affordable and emission-free energy.
The percentage of respondents reporting that their organizations are actively adapting to a less carbon-intensive energy mix has jumped from 51% to 60% in one year. The proportion expecting to increase or maintain investment in decarbonization has leapt to 71% for 2020, compared to the 54% expected for 2019.
The industry appeared to step up the priority of decarbonization in 2019. This is evidenced in steps ranging from reducing emissions from traditional oil and gas operations, to investing in renewable energy and supplementing natural gas supplies with greener gasses such as hydrogen and biomethane.
This shows greater recognition of the urgency of the world’s climate problem, and also of the fact that a transition away from unabated use of fossil fuels will involve a combination of various sources and measures.