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Oil Industry Balancing Growth, Carbon Footprint Cuts

Oil companies are responding to widespread calls to cut their carbon footprint, even as demand expands from 100 million b/d (barrels per day) to 110 million b/d in the mid-2030s. In reality, it is oil and gas, which will facilitate global GDP growth and lift people in the developing world out of poverty. However, to retain a social licence to operate, the industry must make serious inroads into its emissions. Here, we outline some of the industry’s strategies to cut its carbon footprint from drilling for oil and gas to downstream operations.

Cleaner Oil and Natural Gas Production

Under the auspices of the American Petroleum Institute (API) and its Environmental Partnership [i] initiative, oil companies in the U.S. have signed voluntary agreements to cut greenhouse gas methane leaks from wells, pipelines and other onshore production assets. In practice this means companies will focus on detection of leaks, installation of controllers to mitigate releases as well as direct efforts to cut emissions from natural gas wells generating liquids.

Read more https://www.rigzone.com/news/oil_industry_balancing_growth_carbon_footprint_cuts-05-nov-2019-160237-article/

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