Renewables, Energy Transition, and the Future of Conventional and Unconventional Oil & Gas in California

Abstract

Abstract Historically, renewable energy technologies have been seen as a source of competition by the oil and gas industry. However, the oil and gas industry is now one of the primary sources of investments in renewable energy technologies. The oil and gas industry in California, in particular, has been making significant investments in renewables and leveraging the latest renewable energy technologies to reduce the carbon footprint of oilfield applications. This study analyzes the latest advances in renewable energy solutions, their impact on energy transition efforts in the state, and the potential of further developing conventional and unconventional oil and gas resources in California. This paper has focused on conducting a thorough review of literature related to the latest advances in renewable energy technologies and energy transition efforts in California and the applications of these technologies in reducing the carbon footprint of oilfield activities, along with examples of renewables as a complementary resource to oil and gas. Furthermore, the availability of conventional and unconventional oil and gas resources in the state has been summarized. The potential of developing these resources in the future is analyzed in detail. The literature includes a comprehensive set of references ranging from peer-reviewed journal publications and proceedings to data from market studies and other non-technical publications and market predictions by renowned experts. The position of renewable energy resources either as a competing or complementary source to oil and natural gas in California and the impact of these resources in energy transition efforts in the state are discussed. Examples of the use of renewable energy technologies to improve various processes within oil and gas production operations are provided, and the prospect of further developing conventional and unconventional oil and gas resources in the state has been investigated to conclude the impact of both these energy sources to the regional energy supply and demand dynamics. In addition, the benefits, drawbacks and challenges in scaling up the use of these energy sources are discussed in detail. This study provides a comprehensive overview of the current status of renewable energy resources, energy transition efforts, and the future of conventional and unconventional oil and gas resources in California. It serves as a single source of reference to the oil and gas industry in laying out relevant data and information related to renewable energy resources from the point of view of oil and gas market dynamics and closes the gap in highlighting the latest advances and the future of the energy industry in California.