If one analyses the current scenario, the future of oil and gas industry seems tough. For instance, countries like India, France, Britain, and China are all set to phase out vehicles running on petrol and diesel, whereas cost of grid-scale solar power is affordable as compare to the fossil-fuelled electricity.
It’s certainly high time for the oil and gas Companies to give some serious thought about their next step. It seems that making huge investments in natural gas across the globeon the basis that gas will lead to clean energy future, may be a total loss asthere is immense development of renewables very fast.
The oil and gas companies should start planning for a low carbon future. It should diversify their products and start accepting the renewable energy. These are few strategies identified by CSIRO. There are approximately 40% of companies that are into exploration and production of petroleum. They are likely to change their path with some alternatives like solar photovoltaic and energy storage.
In order to minimize the price as well as the intensity of carbon during operations, renewables can be integrated. In the near future, all these developments will assist energy companies in the creation of some nature friendly offerings. To the developing nations, hybrid solar and gas micro grids could be sold. Hence, they would be able to skip expensive and centralised electricity with clean, cheap distributed energy for all.
There is also expectation for increase in the global demand for liquefied natural gas (LNG) for transport by fourfold to 100 million tonnes a year by 2030. Moreover, conversion of natural gas to many refined products will be highly profitable.
For Australian companies, Hydrogen fuel is another great option as it can be created from gas. In the upcoming future, solar power can be used for the manufacturing of hydrogen fuel.
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