Driving Sustainability in the Oil and Gas Industry
- mhauser994
- Jun 4, 2024
- 2 min read
As published in the SV June 2024 Newsletter
Even though oil & gas extraction has increased in recent years, GHG emissions have actually fallen according to a recent analysis highlighted in Canary Media; however, fully transitioning to renewable energy remains an elusive goal. Because we rely on crude oil for fuel, heating, and essentials like plastics and medicines, it is imperative for companies to devise transparent and proactive sustainability strategies, including:
Optimizing Operations. Efficient operations reduce waste and enhance sustainability. Utilizing advanced analytics and technologies like 3D imaging helps identify bottlenecks, minimize waste, and improve safety.
Expanding Used Oil Recycling. Many oil and gas companies are adopting small-scale waste-oil systems to refine used oil into diesel fuel. This not only provides fuel for operations but also offers an eco-friendly alternative to conventional disposal methods.
Mitigating Methane Emissions. Addressing equipment issues, using better components, and committing to Net Zero Emissions by 2050 can significantly reduce methane leaks, which are a major contributor to global warming.
Embracing Renewable Energy. Companies are diversifying into renewable energy sources to lower emissions. Exxon Mobil aims to produce 10,000 barrels of biofuel per day by 2025, while BP is making substantial investments in clean energy.
Enhancing Freshwater Management. Water plays a crucial role in oil production, especially in fracking. While hundreds of millions of barrels of freshwater are used daily, companies are striving to recycle up to 95% of it and explore alternatives to reduce usage and increase non-potable water use.
AKOS Energy is making a significant contribution to these efforts. AKOS developed the first independent advanced technology platform for Well Intervention Services that dramatically increases well intervention efficiency and sustainability while significantly reducing environmental impact.
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