Measuring of Carbon Footprint in Offshore Drilling

Abstract

Abstract The Oil, Gas and Energy industry contributes to combined scope 1/2/3 emissions exceeding 42% of the global GHG emissions, with extraction and drilling accounting for 10% of scope 1 emissions (McKinsey & Company, 2020). With the demand for exploration and production predicted to increase by 2035, offshore drilling will not be replaced by renewable energy sources for the next 15 to 20 years (McKinsey & Company, 2019). The commitment of NetZero by 2050 aligns with climate science to limit the temperature rise by 1.5 deg C pre-industrial levels. While low carbon energy sources will significantly reduce scope 1 emission, the transition will take time to introduce. In this time, the oil, gas and energy industry will provide a critical role in the technology and economic innovations to provide a cleaner future. Modelling and carbon footprint of GHG emissions is a significant step in pursuing this goal, giving the vision of decarbonising all offshore drilling operations. The paper aims to solidify the concept of granular carbon footprint, allowing pre-operation decisions with accurate operational trending of CO2 emissions.