We live in an increasingly environmentally-conscious society. Due to their reputation, gas and oil companies are finding it harder to remain relevant and maintain production and output, especially with all the renewable sources that are stealing all the attention of leading governments all over the world. And when we consider the fact that the oil and gas industry is not only shaped by socio-economics but also geopolitical trends, it’s easy to see that the industry needs to rethink the way they do business. However, the biggest issue oil and gas companies face is their environmental impact.
The green revolution is at its peak and oil and gas companies will need to turn towards a mindset that focuses on sustainability and a new kind of growth. Let’s take a look at some of the solutions that can make the oil and gas industry less harmful to the environment.
Better data and analytics
Having the right information at all times can make a lot of difference for an industry that’s rapidly changing, so big investors and industry leaders need to focus on AI forecasting and big data analytics. Recently, this technology advanced so we have AI-powered data that allows companies to make accurate and fast predictions and better long-term decisions. The same technology can be used to make eco-conscious decisions and come up with ways to profit from the green revolution.
Using big data also allows offshore platforms, rigs and oilfield machinery to run as efficiently as possible (instead of working at their regular 60 or 70% capacity). If they get better data, companies can understand the process of production much better, scale their resources, optimize their performance and minimize their waste and downtime.
Investment in tech
While we’re on the subject of technology, it’s important to mention the effect of artificial intelligence and automation on the improvement of efficiency and long-term savings on all fronts. The key is to use technology to automate as many processes as possible to reduce the workload and minimize the risk of oil spills due to human error. Also, technological innovations can create a viable recycling business strategy for companies willing to be proactive.
Also, the concept of using modern tech improved the ability to recycle oil. By opening micro-refineries, companies can transform waste oil into diesel fuel that can be used for many things. This allows a reduction in waste and extra fuel to satisfy the market.
Modern tools and machinery
Adopting innovative technologies is very important to oil and gas companies that want to grow and increase efficiency. Utilizing a good oilfield equipment can improve all fields of operation from boosting efficiency and reducing downtime to improving output. This innovative equipment can be acquired in easy ways, through the eCommerce marketplace, so more and more companies are choosing to upgrade their equipment, tools and machines. By being able to buy the quality equipment from all parts of the world, oil and gas companies are improving their long-term efficiency by employing those tools and machines. Here’s an example: new drill collars allow single oil platforms to reach several wells without additional drilling and resource waste. That’s both green and good for business.
Preventing oil and methane leaks
Methane is one of the biggest contributors to climate change and pollution. The oil and gas industry knows that, so they are trying to minimize the emission of this gas into the atmosphere. By using modern technology and all the best machinery and equipment, oil companies can maximize their potential and minimize spills, breakdowns and methane leaks.
Boosting water savings and recycling
Even though they are very secretive about their production processes, one is known in the world of oil and gas production—all processes need a lot of water. For instance, two of the biggest water consumers are fracking and element separation (water is used to separate oil from elements in sands). Recently, though, industry leaders are working on improving their freshwater recycling processes and they managed to raise them to an enviable degree (recycling between 80 and 95%).
However, innovation leaders are still not satisfied and they want to reduce freshwater usage even more. The focus today is on reusing water by boosting filtration and eliminating contamination with eco-friendly water treatment solutions like UV.
Increased social responsibility
If it wants to survive the green revolution, the oil and gas industry has to take over the control of the narrative and boost its social presence by creating solutions and achieving honesty and transparency. Most of the skepticism and dissatisfaction among the public comes from the years of bad press and misinformation. While some of the bad press was well deserved, it’s important to allow these companies to use social responsibility and transparency to fix their reputation, connect to the public and find various green organizations to help with creating a better picture.
Our new reality focuses on the environmental impact, so oil and gas companies need to find new methods to provide the public with cleaner energy. By adopting changes in data collection, equipment and waste management, both oil and gas companies and the consumers will reap the benefits.