2/19/2023 0 Comments Suha ahmed radi![]() Reviewing the progress of the past 20 years shows that the current rate of progress is falling short of what is required to achieve climate goals. CCS/CCUS is also the only technology that can remove industrial quantities of CO2 from the atmosphere when combined with power generation from sustainable biomass combustion (so-called BECCS) creating room within carbon budgets for sectors more difficult to decarbonise, such as aviation. These sectors include power generation, industry, transport, and heating. One of the key advantages of CCS/CCUS is that it can be applied across all the main carbon emitting sectors and therefore ideally suited to industry-wide decarbonisation efforts. In this panel “upstream innovation to drive cost and value”, our distinguished guests will shed a light on topics such as: major trends in upstream innovation in view of rapid business disruption and volatility (what’s next?), identifying the desired “value creation” for various stakeholders, ways of confronting major barriers in upstream innovation, and investment outlook in upstream innovation in connection to the decarbonisation era.Ĭarbon Capture, Utilisation and/or Storage (CCS/CCUS) is recognised to play a key role in the journey to net zero, meeting climate change targets, delivering low carbon energy, decarbonising industry, and the ability to remove CO2 from the atmosphere. A portfolio of digitalisation and broader technology-related solutions is increasingly available to pave the way for companies to achieve such challenging targets. In short, with modest commodity prices and raising climate-change concerns, industry players must find ways to lower their costing models even further while substantially reducing the carbon footprints of their assets. Therefore, managing these multiple demands, requires innovative approaches to developing and operating oil and gas assets. It’s important to notice more attention is rising nowadays on lowering greenhouse gas (GHG) emissions from oil and gas operations. ![]() Furthermore, there are little margins left to squeeze from an already stressed supply chain and commodity market. Now capital constraints are more firmly in place than before. As reported between 20, the industry collectively reduced unit costs in such costly markets such as unconventionals and deepwaters by an impressive 35% to 40% (IHS Markit). This statement might be interpreted differently from the most recent 2014–2016 downturn when the industry faced a similar set of challenges. Having said that upstream sector is under increasing pressure to reduce costs and increase efficiencies so it can remain competitive to meet global energy demand with better resilience. It’s highly anticipated that oil and gas companies will continue investing in innovation and will continue fostering a culture of innovation inside their corporations while lowering down their operational costs to meet the industry’s challenges better in the future with optimum economic value. Emirates Palace - Official Hotel Partner.Bin Ham Travel - Official Travel Partner.Download Forum for Diversity, Equity and Inclusion Brochure.Forum for Diversity, Equity and Inclusion Speakers.Forum for Diversity, Equity and Inclusion Programme.Forum for Diversity, Equity and Inclusion.Smart Manufacturing Technical Conference. ![]() Smart Manufacturing Strategic Conference.Download Offshore and Marine Conference Brochure.Offshore and Marine Conference Programme. ![]() ![]()
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