CURRENT INVESTMENTS OF O&G COMPANIES TO GO GREEN
The environment, and our impact on it, has been steadily gaining more attention as the effects of climate change become more evident. In addition, with growing emphasis on climate change, the Oil and Gas sector is facing increasing pressure from stakeholders to address their impact on the environment. Company leaders around the world are looking into options to go green, and O&G operators in different regions have opted for different approaches to become net-zero businesses. European companies are focusing more on diversification of their energy portfolios (renewable energy production), while Asian and American Oil companies are more focused on technologies such as Carbon Capture, Usage and Storage (CCUS), to “balance out” their carbon emissions.
Over the past five years, total investment in renewables, storage, advanced transport, digital technologies, hydrogen, and CCS by O&G companies has been almost $60 billion, with wind, solar, and battery storage making up the majority . Oil and Gas companies have taken steps towards becoming greener, and this trend will have to continue if they wish to survive in an increasingly climate-conscious market.
ENVIRONMENTAL MANAGEMENT SYSTEMS
To combat climate change effects and mitigate our impacts, it is vital to understand the current condition, the direction that needs to be taken to improve the environmental condition and how far sectors are from that goal. This is done using environmental indicators, which provide a numerical value that helps provide insight into environmental performance. To be effective, it is vital to identify the right environmental indicators. Some of the characteristics of a good indicator include something that is physical, clear in value and content, relevant to policy/local legislation, feasible, timely and appropriate in scale .
Some of the indicators in the Oil and Gas industry fall into the following categories :
- Gaseous emissions
- Energy consumption
- Produced water discharges
- Non-aqueous drilling fluids retained on cuttings discharged to sea
- Oil and chemical spills
- Fresh water withdrawn for use
Examples of indicators include :
- Atmospheric emissions per thousand tonnes of hydrocarbon production
- Energy consumed per unit of hydrocarbon production
- Hydrocarbon flared per unit of hydrocarbon production
- Volume of oil discharged in produced water in parts per million (ppm)
To manage the data collected for the various environmental indicators, an Environmental Management System is an effective tool. An Environmental Management System (EMS) is a framework that helps an organisation achieve its environmental goals through consistent review, evaluation, and improvement of its environmental performance . The International Standard ISO 14001 defines the criteria required to build an Environmental Management System. If implemented and maintained effectively, an EMS can provide an organisation with reassurance that the environmental risk is being managed and improved continuously.
AIE, as an ISO 14001 certified company provides a range of sustainability services that can be implemented at varying stages of industrial asset’s life cycle to manage risks, reduce environmental impacts, and maximise business value.
Our proprietary software, Veracity EMS, is built around the framework set by the internationally recognised standard. It provides an interactive platform to collect, organise, display, and report environmental data. VeracityEMS serves as an analysis tool to drive critical environmental business decisions. It is a web-based tool, thereby allowing access from anywhere, anytime.
In addition, the software is completely customisable to meet organisational requirements and include all environmental indicators that are to be measured. It can even be integrated with a client’s existing Computerised Maintenance Management System (CMMS) to drive their environmental monitoring program.
AIE further aims to educate the market that we serve through our training courses. Our “Sustainability in Industry” training course explores how businesses, particularly in the energy industry, can turn their sustainability goals into practical and meaningful actions. The course consists of eight modules that cover both theoretical and practical aspects of sustainability. Each module is followed by a case study for which delegates are required to collaborate and propose solutions.
It would take collaborative action to have a meaningful and positive impact on the environment, and we aim to do our part to help the energy sector take the steps required to become greener businesses. Through various environmental reporting options, which can be tailored to meet client needs, different reports can be generated for the intended audience and provide a means for assessment of environmental parameters while providing opportunities for continuous improvement.
To learn more about our sustainability services, click here.
To request a free demo of our Veracity EMS software, click here.
To learn more about our training courses, click here.