5 Ways the Oil and Gas Industry Is Going Green
WORDS: Peter Minkoff PHOTOGRAPHY Supplied
The climate crisis is rapidly becoming an issue every country is addressing one way or another. Companies in the energy sector are actively trying to find ways to become more energy-efficient themselves, while they’re also searching for optimal solutions to reduce their emissions and offer alternatives to the existing models of fossil fuel use and processing. This is where the oil and gas giants step into play. The world is still reliant on oil and gas across a range of different sectors, so naturally, businesses in oil and gas are trying to meet the latest environmental standards in business procedures and energy efficiency.
With the help of emerging technologies, e-commerce, smarter business and resource management, all the way to ongoing training and learning, oil and gas companies are stepping up to the green challenge. Recognizing the ways in which they are changing will also help governments introduce smarter regulations and rules for efficiently reducing our global carbon footprint and negative environmental impact. Let’s see how oil and gas companies are contributing to the effort.
Implementing AI and data analytics
Efficiency is the go-to buzzword so many business leaders hold onto when discussing their goals for the future of sustainability. To achieve any kind of efficiency, businesses need smarter data collection and analytics, and artificial intelligence provides just that.
In the world of oil and gas, companies can now use these smart systems to collate crucial industry data and even more specifically, pinpoint system faults and potential risks within their processes. AI is unbiased, fast, and it eliminates human error, making it a reliable way for oil and gas companies to find ways to be more efficient, eliminate waste, and make smarter decisions in the process.
Investing in top-of-the-line equipment to prevent spills
The intricate procedures of oil and gas extraction and processing demand the use of durable equipment that ensures safety as well as proper business performance at every stage. Prevention in the oil and gas industry is precisely one of the core segments where sustainability is best achieved – preventing oil spills and damage to the local and global ecosystems, not to mention the water waste and other issues that arise from these accidents.
To do so, companies carefully choose every piece of equipment with extreme care, down to every last brass gate valve made to last long and prevent accidents. For that very reason, the manufacturers in the oil and gas industry are now doing their best to create the kind of equipment that will ensure safe operations and prevent environmental damage.
Reducing freshwater waste and usage
Separating oil from the soil and other components, fracking, and many other processes in oilfield management require the use of freshwater. Up until now, many companies have been using potable water, while today, almost everyone is trying to switch to non-potable water as an alternative.
What’s more, they are doing their best to recycle water as well as oil, and to reduce the use of freshwater for all their procedures. Once again, that does require modern and lasting equipment, which is where manufactures are making this possible.
In addition to AI and data analytics, online marketplaces for oilfield equipment, and manufacturing, technology has also become instrumental in all the phases of oil and gas handling and processing. Some of the latest generation tools for soil assessment and 3D visualization are enabling companies to make smarter extraction decisions, reducing waste at every turn.
Elevating on-site safety is another tech-driven process for companies in the industry, allowing them to prevent accidents on this front, too.
Reliance on renewable energy from within
As renewable energy sources like sun, wind, and hydro become more available commercially, and more affordable than their conventional counterparts, it’s no wonder oil and gas companies are turning to the use of these energy-efficient alternatives.
More companies are now relying on solar panels for their own processes, while they have also been investing in renewable energy research and production.
Although the world will likely continue to rely on fossil fuels for a good long while into the future, the companies managing these resources are quickly changing their operations and business models to make room for sustainability. With these solutions at hand and governmental policies raising the stakes, oil and gas giants will seek new and more effective ways to make a difference in the future, too.