Offshore wind turbines powered almost 40% of all the UK’s homes in 2020. The International Energy Agency says there’s enough potential accessible energy out there to power all of Europe, the US and Japan several times over. But to get at all of it, developers will have to go out into the very deep waters of the open oceans and find a way to make their turbines float safely and securely in all weather conditions. So how on earth are they going to do that? Video Transcripts available at our website http://www.justhaveathink.com Help support this channels independence at http://www.patreon.com/justhaveathink Or with a donation via Paypal by clicking here https://www.paypal.com/cgi-bin/webscr… You can also help keep my brain ticking over during the long hours of research and editing via the nice folks at BuyMeACoffee.com https://www.buymeacoffee.com/justhave… Download the Just Have a Think App from the AppStore or Google Play Interested in mastering and remembering the concepts that I present in my videos? Check out the FREE Dive Deeper mini-courses offered by the Center for Behavior and Climate. These mini-courses teach the main concepts in select JHAT videos and go beyond to help you learn additional scientific or conservation concepts. The courses are great for teachers to use or for individual learning.https://climatechange.behaviordevelop…
An open ecosystem of interoperable AI solutions for the energy industry
The energy industry is on the cusp of a major transformation. Digitally transforming every aspect of energy operation is a top priority for most companies. A McKinsey survey, delivered as part of a 12-week study for BHC3, shows that 75% of potential customers surveyed consider digital transformation as a top strategic priority for their organizations
While there are many technology solutions in the market, they are error-prone, difficult to scale, and incompatible with one another, causing many AI efforts to stall, produce sub-optimal results, or fail completely. At the same time, digital talent with added energy industry domain knowledge is hard to find and retain.
The industry needs a platform for sharing codified subject-expert knowledge to boost efficiency and productivity across upstream, midstream, and downstream oil and gas operations. This is only possible through a collaborative effort to accelerate digital transformation and the adoption of AI solutions.
In early 2021, C3 AI, Shell, Baker Hughes, and Microsoft launched the Open AI Energy Initiative (OAI), the first enterprise-class, open ecosystem of AI-based offerings built for the energy industry. Featuring proven-at-scale solutions from Shell’s operations and Baker Hughes portfolio of reliability solutions, the OAI provides the energy industry an ability to pool its collective AI capabilities and address the challenges of operational efficiency and energy transition.
With an easy-to-understand explanation of the Open AI Energy ecosystem, the benefits of being a contributor and/or a customer, an explanation of the technology underpinnings of the OAI ecosystem, and insights into OAI solutions at work in the field, this solution brief is a valuable resource for any Oil & Gas leader considering accelerating the digital transformation of their operations.
IRVING, Texas – ExxonMobil today announced its ambition to achieve net-zero greenhouse gas emissions for operated assets by 2050, backed by a comprehensive approach to develop detailed emission-reduction roadmaps for major facilities and assets.
ExxonMobil announces ambition for net-zero greenhouse gas emissions by 2050
Comprehensive approach centered on detailed Scope 1 and Scope 2 emission-reduction roadmaps for major operated assets
Ambition supported by 2030 emission-reduction plans, including net-zero plans for Permian Basin operations
Company strategy tested for resiliency against a range of net-zero scenarios, including IPCC and IEA
The net-zero ambition is contained in the company’s Advancing Climate Solutions – 2022 Progress Report, formerly known as the Energy & Carbon Summary. The net-zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions and builds on ExxonMobil’s 2030 emission-reduction plans, which include net-zero emissions for Permian Basin operations and ongoing investments in lower-emission solutions in which it has extensive experience, including carbon capture and storage, hydrogen and biofuels.
“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” said Darren Woods, chairman and chief executive officer. “We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world, and where we are not the operator, we are working with our partners to achieve similar emission-reduction results.”
The report provides details of how ExxonMobil’s business strategy is resilient when tested against a range of Paris-aligned net-zero scenarios, including the United Nations Intergovernmental Panel on Climate Change’s 2018 Special Report and the International Energy Agency’s Net Zero by 2050 scenario.
ExxonMobil’s Outlook for Energy, which is based on current policy and technology trends, continues to be the basis for the company’s business plans and investment decisions. In the Advancing Climate Solutions report, the company outlines how its short- and medium-term business plans are adjustable to developments in policy and technology and how it uses signposts and leading indicators to evaluate the need for any changes in future years.
Sound government policies will accelerate the deployment of key technologies at the pace and scale required to support a net-zero future. ExxonMobil continues to support an explicit price on carbon to establish market incentives and encourage investments in lower-emissions technologies.
ExxonMobil is also committed to helping customers reduce their greenhouse emissions by investing in carbon capture and storage, hydrogen and biofuels. Bio-based feed and plastic waste streams provide further opportunities for lowering greenhouse gas emissions.
“As we invest in these important technologies, we will advocate for well-designed, high-impact policies that can accelerate the deployment of market-based, cost-effective solutions,” said Woods. “We believe our strategy is unique among the industry and enables us to succeed across multiple scenarios. We will create shareholder value by adjusting investments between our existing low-cost portfolio and new lower-emission business opportunities to match the pace of the energy transition.”
To help reach net-zero for operated assets by 2050, the company has identified more than 150 potential steps and modifications that can be applied to assets in its upstream, downstream and chemical operations.
Initial actions already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring. Further high-impact reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power. The company expects to finalize detailed roadmaps that address approximately 90% of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023.
Initial steps to achieve net-zero by 2050 are included in the company’s plans to invest more than $15 billion by 2027 on lower-emission initiatives. Policies further accelerating the development and deployment of lower-emission technologies could provide ExxonMobil with additional investment opportunities.
Advancing Climate Solutions – 2022 Progress Report is available online at exxonmobil.com. The report expands on the company’s 2030 greenhouse gas emission-reduction plans, which are consistent with Paris-aligned pathways, the U.S. and European Union’s Global Methane Pledge and the U.S. Methane Emissions Reduction Action Plan. Compared to emission levels in 2016, the time of the Paris Agreement, the 2030 plans include a 20-30% reduction in corporate-wide greenhouse gas intensity, which includes 40-50% reduction in upstream greenhouse gas intensity, 70-80% reduction in corporate-wide methane intensity, and 60-70% reduction in corporate-wide flaring intensity.
The 2030 emission-reduction plans are expected to achieve World Bank Zero Routine Flaring by 2030 and reduce absolute greenhouse gas emissions by an estimated 30% for the company’s upstream business and 20% for the entire corporation. Similarly, absolute flaring and methane emissions are expected to decrease by 60% and 70%, respectively, by 2030.
ExxonMobil has regularly updated emission-reduction plans as technologies and policies have evolved, and will continue to do so. When final data is collected and analyzed, the company expects to report it achieved its 2025 emission-reduction plans as of year-end 2021, including a 15-20% reduction in greenhouse gas intensity for its upstream operations, compared to 2016 levels.
ExxonMobil’s strategy is outlined in Advancing Climate Solutions and leverages its advantages in scale, integration, technology and people to build globally competitive businesses that lead the industry in earnings and cash flow growth across a broad range of future scenarios.
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com, the Energy Factor and Carbon capture and storage | ExxonMobil.
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By Brent Potts, Senior Director, Global Marketing, Oil, Gas, and Energy, SAP
Climate change and technology are affecting almost every industry on a global scale. None more so than the oil and gas sector. The groundswell of pressure toward sustainability is driving the oil and gas industry toward a major transformation.
In fact, many traditional oil and gas companies are evolving to the point where they now consider themselves energy companies, mobility companies, or even retail companies, as they diversify and expand into new areas with innovative business models.
Sustainability and digitalization have become the laser focus of many energy and utility companies, and these industries are actually leading other sectors when it comes to adopting sustainable practices.
According to a recent survey by SAP and Oxford Economics, energy and utilities executives have made more sustainability-related changes to their operations than those in other industries. More than three-quarters (79%) say sustainability issues are a major concern or top-of-mind at all stages of the manufacturing process, and almost half (47%) have committed to a net zero carbon goal.
Drivers of Sustainable Change in the Oil, Gas, and Energy Sectors
There are several factors influencing sustainability efforts in the oil, gas, and energy industry. Companies are taking various approaches to address growing issues that are permanently impacting the industry. Some of the biggest drivers include:
1. Government regulations, incentives, and subsidies
Increasing government interventions, such as the European Commission’s European Green Deal and the United Nations’ Paris Agreement are pushing oil, gas, and energy companies to look for more circular and sustainable solutions to meet aggressive carbon-neutral targets. These agreements are in addition to various carbon taxes, incentives, and subsidies being offered by different levels of government globally.
Several renewable or alternative energy initiatives currently have government incentives, such as tax credits for the use of solar panels, electric cars, or other alternative-energy options. Some governments may also offer subsidies to businesses or consumers who choose alternative or renewable energy sources. These government incentives and subsidies artificially inflate the demand and lower the cost of these alternatives, but the cost savings may not last.
It will be interesting to see if the demand will remain high once subsidies or incentives are reduced, revealing the true cost of alternative energy sources. As more renewable energy technology is developed and mass-produced, the cost of generating renewable energy goes down, but whether or not it will be enough to offset the government subsidies remains to be seen. Renewable energy costs must go down to the point where people will choose them regardless of subsidies or incentives, because ultimately, the cost will determine if people choose a particular energy source long term.
2. Diversification and changing cost structures
Industry boundaries are blurring as several oil and gas companies extend beyond traditional revenue streams. A barrel of oil is not the central focus of many oil and gas companies anymore.
Now, many are placing a greater focus on customer needs and diversifying to include new revenue streams, such as renewable energy, electrical charging stations, advanced chemicals, biofuels, hydrogen, LNG, autonomous transport-on-demand initiatives, and even expanding retail outlets.
For example, Shell has set an ambitious goal to earn 50% of its revenue from non-fuels by 2025. The company is already the world’s largest mobility retailer, with more retail outlets than McDonald’s, and it sells $6 billion-dollars-worth of convenience retail products every year.
It also plans to ramp up its ‘power-as-a-service’ business model with an entirely new cost structure, which reflects the growing trend toward subscription or use-based business models being adopted by an increasing number of companies worldwide.
Digitalization is what makes diversification possible. Advanced technology is changing he way companies work, creating more opportunities for partner collaboration and opening doors to new options for innovative business models.
For years, the World Economic Forum has said that digitalization is allowing the oil and gas industry to redefine its boundaries. The pandemic has simply accelerated that mandate. For example, companies quickly learned that they needed to be more agile to respond to major disruptions and drastic supply and demand fluctuations when the COVID-19 crisis made demand for oil and gas disappear almost instantly as lockdowns spread across the globe.
Aside from the pandemic, as more business systems and processes move to the cloud, it becomes easier to integrate and streamline operations across entire organizations and beyond. This opens the door for diversification as well as product and service innovation.
The survey shows that energy and utilities companies are more advanced than other respondents in their use of technology, with almost half (49%) using cloud technology versus just 36% for other industries.
4. Changing customer, investor, and employee expectations
Peoples’ shifting expectations are having a huge impact on the oil, gas, and energy industry from multiple angles. Eco-conscious consumers continue to put pressure on companies to focus on sustainable practices and renewable energy sources. There is also mounting pressure from investors for companies to become more sustainable. For example, Harvard University plans to end all investments in fossil fuels and stop funding activities that drive global warming. Oil, gas, and energy companies should take note, as Harvard’s decision will no doubt influence other investors.
In addition to outside pressure from consumers and investors, many companies are also facing growing pressure from within their own workforce. As long-time employees retire, they take their traditional methods and intellectual property with them. They are being replaced with a tech-savvy, eco-conscious generation of employees who question conventional operating methods and may enter heavy-emission industries with the direct goal of promoting sustainability in the industry.
Many employees may focus on making a difference by encouraging and influencing more sustainable and purpose-driven practices within their own organizations. As a result, driving forces for sustainable change are mounting from multiple angles outside of organizations as well as from within the companies themselves.
Take Steps Toward a More Sustainable Future
As decision-makers attempt to move toward more sustainable practices, they should consider not one solution, but many. Here are a few recommendations:
Create a long-term strategy for foundational change that considers sustainability in every process.
Use data to influence decisions on implementing sustainable practices at the design, engineering, and manufacturing stages to track, measure, and reduce emissions at every stage.
Use transport and delivery methods that optimize loads and reduce mileage, emissions, and carbon footprint.
Source materials ethically and in the most sustainable way possible.
Operate assets and equipment in the most energy-efficient manner that is safe for the environment and the workforce.
Oil and Gas Companies Are Diversifying
As oil and gas companies look beyond the barrel and continue to diversify, it creates more complexity within their operations, which presents additional challenges to their sustainability efforts. According to the survey, 50% of energy and utilities executives say increased complexity is an obstacle to meeting their sustainability goals.
Despite this, close to half are still committed to achieving a net zero carbon goal, which is the most of any industry in the survey of 1,000 executives from industries worldwide.
Additionally, thanks to advanced technology, energy and utilities firms have more visibility than other industries into many aspects of manufacturing, including carbon emissions (58% vs. 43%), sustainable sourcing of raw materials (56% vs. 50%), and the complete lifecycle of by-products (49% vs. 42% for other industries).
This level of visibility provides valuable insight for business leaders as they focus on developing and enhancing sustainable practices throughout the oil, gas, and utilities industry today and into the future.
Learn more about balancing the bottom line with the green line in the SAP and Oxford Economics energy and utilities fact sheet, The Sustainable Supply Chain Paradox.
Meeting compliance standards starts with understanding the full roadmap for regulation.
The regulation of refrigerants continues to be a challenge in the commercial refrigeration industry. As global, national and state regulations target the phase-down of HFCs, the industry has seen a shift towards alternative, low GWP refrigerants. Although this constitutes a big shift for many industry operators, the resulting overlap of regional regulation doesn’t have to be confusing.
Get background and context on regulatory agencies and organizations.
Get educated on rollout timelines affecting your region.
Begin answering the questions that help you decide whether to retrofit or upgrade your legacy refrigeration architecture.
Meet the Well Done Foundation
Our mission is to fight climate change by plugging orphaned or abandoned oil and gas wells. The Environmental Protection Agency (EPA) estimates there are approximately 2.15 million unplugged abandoned wells scattered throughout the United States. We work with farmers and landowners, local and state governments, corporations, and not-for-profit organizations to locate abandoned wells, measure and document the CO2 emissions, then plug the wells and restore the surrounding surface area to its original state.
New digital tool delivers emissions and performance data to drillers and operators which optimizes engine utilization and reduces their carbon footprint
Aug. 18, 2021 – RigCLOUD®, the oil and gas industry’s next-generation, open, cloud-based rig instrumentation, analytics, and digital operations platform, today announced the release of its Drilling Emissions Reports, which are designed to help users optimize engine utilization and reduce their carbon footprint while drilling.
The newly released RigCLOUD emissions reporting is available to both drillers and operators.
As the energy industry collectively moves to reduce its carbon footprint, the lack of accurate emissions data continues to be an obstacle. Often, greenhouse gas emissions from the wellsite are estimated based on the amount of fuel purchased. But how much of the fuel was used? Where is the biggest opportunity for emissions optimization?
This tool provides accurate and reliable data on fuel consumption, greenhouse gas emissions, CO2 per foot drilled, average engine load and average number of engines online during each drilling activity, all accessible with the click of a button. To optimize emissions output, drilling contractors and operators have visibility into the minimum engine requirements throughout the well construction process. This capability enables customers to reduce their environmental impact without compromising operational performance.
Carlos Rolong, Senior Director of Operations at RigCLOUD, said: “Digitalization and automation have significantly contributed to improved efficiency and drilling performance. Now, RigCLOUD is using these advances to improve environmental performance. By deploying emissions analytics and advanced engine management, we are empowering anyone who is contracting or operating a rig to make progress on their sustainability commitments.”
Though reporting is an important first step, it is just the beginning. Engine optimization and management solutions will soon be available to customers. This innovative system will provide activity-based estimations of peak power demand using artificial intelligence (AI) based predictions. Similar to modern cars with auto-stop features, rig engines will cycle on or off as required during certain drilling activities to optimize greenhouse gas emissions.
Subodh Saxena, SVP of Nabors Drilling Solutions, said: “This is an exciting time in the industry as we embrace sustainability with the same collective sense of urgency that enabled us to deliver both substantial operational efficiency gains and overcome safety challenges. We are using RigCLOUD’s technology across Nabors’ fleet to improve our carbon footprint in the oilfield and I expect that this type of technology will be embraced across the industry.”
For more information: https://www.rigcloud.com/node/71