Due to its economic feasibility and relatively expensive unconventional energy sources, panelists agreed that the Oil & Gas is not going anywhere in next three decades, so need of the hour is to make our industry cleaner. Production of Oil and Gas with increased efficiency is more critical than it ever was. We brought our second thought-provoking panel session which focused on initiatives taken by key stakeholders in UAE to increase the efficiency of existing energy systems and decarbonization of our industry. At the same time, the panelists shared their experience about technological innovations that are driving energy transition in the oil and gas industry. This includes and not limited to the role of CCUS, geothermal energy, hydrogen technologies, and other renewables to make our industry cleaner.
Energy Transition follows the four driving forces called the “four Ds” by the energy industry: Decarbonization, Decentralization, Digitalization, and Deregulation (or Democratization).
An important oil & gas trilemma is associated with:
- Increased productivity
- Decarbonization projects, and
- Geopolitical situation i.e., oil prices
High oil prices can be positive or negative for the energy transition. High free cash flow in 2021 is giving opportunities to invest in oil & gas & energy transition, but it could create chaos in the global economy.
Keywords in this energy transition are reinvention, efficiency, & collaboration
UAE is indeed a leader in this transition following its ambition, relevant point to consider are affordability, climate change, impact on earth pollution, and access to energy
We should create a “competition” between oil & gas and renewables (e.g., Solar in PDO and EOR).
SPE can create the proper space and connect minds, we have the experience and voice to support our next generation.
The event ended with a vote of thanks from SPE Northern Emirates Section Chairperson, Oumer Tahir to all the panel speakers and delegates.