What would you do to reshape the global energy system towards a more sustainable future?
Salah Madani
PhD Student, Tyumen Industrial University, Russia
To move towards a more stable energy future, the solution is clear: energy systems must be based on renewable sources. To reach this goal, a realistic plan based on energy consumption and production statistics is required. According to today's data, the most realistic scenarios include the creation of a transition phase that relies on natural gas, which is an abundant energy source in many regions of the world. By using more natural gas, the world is projected to decrease its use of oil for heating and fuel. While renewables may replace natural gas consumption over time, transportation demand is expected to take longer to become independent from hydrocarbons. While gas and biofuels can play a role in the transition, technologies and artificial intelligence could further reduce overall energy consumption through more efficient smart cities.
How would you harness the opportunities presented by the pandemic to improve the sustainability of the oil and gas industry?
Marta Foyedo Lahoz
Digital Communication, Repsol, WPC Spain Member, Spain
While the decline in oil demand brought prices down, especially during months of confinement, the need to transform the petroleum industry only rose. In my opinion, the pandemic created a great opportunity to reinvent the oil and gas business with a clear objective to offer products in the most sustainable way possible. Achieving this goal will need to be supported by technology and digitalization programs. The analysis of data and the prediction of asset behavior will enable us to reduce risks and be more efficient. Reducing economic expenditures in some areas while investing in operational intelligence will allow oil and gas companies to improve their sustainability.
What key aspects of the energy industry would you focus on that are not sufficiently addressed at present?
Oscar Grijalva-Meza
OCTG Test Engineer/Researcher, Technische Universitaet Clausthal, Germany/Mexico
One of the biggest challenges that the oil and gas industry must deal with is related to the already ongoing “Big Shift”. Our industry has to reshape its public image by depicting its role in a sustainable future and as a sound contributor to social development and energy independence. With this rebranding, future generations may become more interested in STEM (science, technology, engineering and mathematics) educations, while simultaneously seeing the oil and gas industry as an attractive career option that can empower them to bring sustainable power and social development to the world.
What policies and regulations do you think petroleum producing and consuming nations should adopt to avert climate change impacts?
Srinivas Moturi
Senior Manager, ONGC, Mangalore Refinery and Petrochemicals Limited, India
Having one aim, with one set of transparent metrics for our sector can save our one and only planet. Oil and gas companies should be consistently benchmarked across global climate action. Climate considerations should be required by national governments, in line with international conventions regulated by a governing council. Environmental costs should be calculated and considered on financial balance sheets, associating monetary values to emissions and other impacts to biodiversity, water bodies, communities and human rights. These aggregated metrics can also be prerequisites for companies seeking to obtain regulatory approvals for new projects and expansions. Finally, mandatory sustainability reports will need to be released publicly to show climate action metrics would be in line with Global Reporting Initiative standards and verified by third parties.
