In 2015 representatives of 196 countries agreed to reduce greenhouse gas emissions and reach net zero by 2050. It is expected that by then we would have the most innovative technologies that would change the climate crisis. However, according to the IEA, all technologies needed to achieve a low-carbon future are already here. Read on for more!
The Part our Industry Plays
The oil and gas industry’s operations are responsible for 9 percent of all human-made greenhouse gas emissions. In addition, it produces fuels that create another 33 percent of global emissions. With such a significant environmental impact on its record, the oil & gas industry can contribute to the international net zero goal on an equally large scale.
The Top 5 innovative Technologies to Implement
According to IEA, renewable energy sources and more efficient field operations are the keys to reaching net zero. The oil and gas industry needs additional technologies to make that smooth transition to net zero and stick to these recommendations. The following are expected to have the most impact:
- IoT to monitor field assets remotely – Connecting smart sensors to field assets is the major step oil and gas companies take on their way to digital transformation. It unlocks a new level of operation as there’s no more need for regular physical visits. Asset data becomes available 24/7 leading to better awareness and giving a huge power to reach net zero. Here are the primary IoT use cases that directly correlate with environmental goals: Wise energy management, less leakage-resulting incidents, and supply chain optimization.
- AI to optimize processes – This technology is like a wise counselor that has an even better view of the oil & gas field than we do and knows how to manage it more carefully. Not to mention that the predictive capabilities of AI can’t be compared to those we have. To make it more specific, let’s see where we can use AI: prediction of potential carbon emissions, predicting the oil-producing potential of already existing fields, and CO₂ storage optimization.
- Automation to replace manpower – The spread of remote monitoring solutions enables automating some maintenance-related activities. As more and more sites can be operated remotely, field workers do not need to visit them every three or four days. This saves driving time, therefore reducing transport emissions. Second, unmanned sites need less energy as there’s no need to maintain light and air conditions suitable for humans. As a result, such sites consume less energy and generally decrease the level of emissions released while producing it. Altogether, investing in oil assets automation allows cutting operational costs in the long run and reaching net zero emissions faster.
- Alternative power technologies – Any optimization won’t make that much difference if oil & gas companies continue running equipment on gas and diesel. Electrification is the universal way to cut emissions. Moreover, the energy used in field operations can be produced from renewable sources. Once renewables are implemented, usage is going to decrease throughout the whole value chain.
The oil & gas industry will benefit once we start taking net zero commitments not as restrictions but as opportunities to build more efficient processes. With the help of IoT, AI, automation, digital twin, and other innovative technologies, it becomes easier to make timely business decisions that can instantly transform the way our field operates. As a result, we can only win by contributing to a better ecological future.
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