The oil and gas industry has been innovating since the day it began, always looking for new ways to be more efficient, sustainable and cost effective. One key area that has driven more responsible and efficient energy production has been through innovations in operations. The use of cutting-edge science and data analysis to drive efficiencies as well as Enhanced Oil Recovery (EOR) technology to maximize sustainable production have revolutionized our industry’s exploration, extraction, refining and delivery methods.
Perhaps an even more exciting topic, however, is in all the new solutions our industry is bringing to market. Through investing billions each year in research and development and advanced technology innovation, oil and gas companies are driving the solutions that will make a transition to a lower carbon economy possible. From developing fuels made from discarded food and algae to harnessing the power of the sun to capturing CO2 before it is even released into the environment, our industry is leaving no stone unturned for potential sustainable energy solutions.
These innovations will have a true global impact, not just through valuable emissions-reductions but also through their ability to scale and be implemented around the world. Carbon Capture, Utilization and Storage (CCUS) facilities around the world today for example already have the capacity to capture more than 40 metric tons of carbon dioxide each year, and will only grow from there. Additionally, advanced technologies from biofuels to renewables are helping power more sustainable energy consumption all across the globe.
Learn more about some of these technologies in this Low Carbon Energy Solutions Infographic, and see just a few of the innovations WSPA member companies are advancing and implementing to create a sustainable energy future that works for all of us.