Strategies for Decarbonizing the Oil and Gas Industries

Abstract

Abstract The objective of the study is to investigate the strategies for the decarbonization of the oil and gas industry. Strategies are general programmes of action with an implied commitment of emphasis and resources to achieve a basic mission. The greatest problem facing humanity is to transit from fuel-based energy system to a sustainable and decarbonized system. There is no industry with the greatest sustainability challenges than the oil and gas industry because they are known to be among the most polluting industries in the world. The research methodology involved the use of literature review and case study of some companies, data was collected and thematically analyzed. The study findings revealed that oil and gas company can decarbonize the industry by various strategies such as changing power sources, implementing improved technologies and adopting energy efficiency in their operations, flaring through improved additional gas processing and infrastructure, reducing routine flaring through improved reliability of equipment, rebalancing portfolio, the use of renewables, electrifying operations, increasing the use of carbon capture and storage. transformation of carbon dioxide into useful product for example, the use of Carbon dioxide for enhanced oil recovery. In summary it is recommended that the oil and gas industry should diversify by incorporating other forms of energy and technologies with less polluting carbon dioxide and other green gas emission to decarbonize the system. Capacity building and training of personnel is very necessary to cope with these transition strategies in order to meet the Paris climate change target.