Oil industry sustainability is a major goal for companies like Chevron and Shell. These industry leaders are wielding their resources to create a more eco-friendly future in the ever-evolving energy space.
Shell CEO Wael Sawan has outlined the strategy for the industry: “The energy and cost of living crises have highlighted the need for a balanced energy transition: one in which the world achieves net-zero emissions, while still providing a secure and affordable supply of energy.”
Read on to learn more about the strategies these world leaders in the oil and gas industry use to create a greener world.
1. Investing in Low-Carbon Technologies
Oil and gas companies are increasing their focus on clean energy avenues by investing directly in low-carbon fuels and technologies. Their investment helps fuel the next wave of clean, environmentally friendly tech and provides a means to shift their business towards a more sustainable model.
For example, according to Forbes, ExxonMobil has begun construction of a lithium production operation. As lithium is a crucial component in the production of electric vehicles, this move positions Exxon to take advantage of, rather than fear, an increasingly electric future.
Other oil and gas companies like Shell and TotalEnergies have made large investments in companies working in solar power technology. Chevron’s Future Energy Fund of $900 million for investing in breakthrough technologies is another example of oil industry sustainability through investment.
2. Reducing Methane Emissions
Methane is the second most emitted greenhouse gas, after carbon dioxide. While it only accounts for around 11 percent of US emissions, its impact is significant. The EPA says, “Pound for pound, the comparative impact of CH4 is 28 times greater than CO2 over 100 years.”
The Oil and Gas Climate Initiative (OGCI) is taking strides to limit the industry’s contribution to this problem. They have had great success, cutting methane emissions in half since 2017 and beating their methane intensity target four years early.
Methods like addressing leaks and using satellites to monitor emissions have helped OCGI member companies such as Chevron, Shell, BP, and ExxonMobil achieve these goals.
“The energy and cost of living crises have highlighted the need for a balanced energy transition: one in which the world achieves net-zero emissions, while still providing a secure and affordable supply of energy.” — Wael Sawan, CEO of Shell
3. Cutting Routine Flaring
Oil and gas companies routinely burn excess gas in a process called flaring. This is done partly for safety reasons, to manage well pressure, and partly for economic reasons, as the excess gas that is burned is not considered profitable to transport and sell.
But this practice has a significant negative effect on the atmosphere, releasing large amounts of methane and carbon dioxide. It is one of many waste disposal techniques that can benefit from improved waste management.
Since 2017, the OGCI has reduced routine flaring among member companies by 53 percent. There are also innovative flare optimization solutions that improve the efficiency of flares and result in less harmful emissions.
4. Carbon Capture, Utilization, and Storage
Using technology involved in carbon capture, utilization, and storage (CCUS) is another way oil and gas companies are working to offset their environmental impact.
After capturing released carbon, it is transported to and stored in places like oil and gas reservoirs or saline aquifers where the carbon will not be released into the atmosphere and affect the global temperature.
According to the International Energy Agency, about 90 percent of the CCUS capacity in the world is associated with the oil and gas industry, making it one of the sustainability strategies that they are most involved with.
How Signal Fluid Solutions Supports Oil Industry Sustainability
Signal Fluid Solutions is proud to partner with companies like Chevron who ensure the sustainability of their company and of our environment for future generations.
Our efforts include:
- Water Conservation — no water use in our processes
- Near-Zero Air Pollution — specializing in low-volatility oils that don’t evaporate easily
- Atmospheric CO2 Reduction — transportation efficiencies drive down emissions
- Product Reuse, Recycling, and Re-refinement — all oil we bring into our facilities is either sold or recycled/re-refined
These practices are part of our commitment to being a “zero-waste supplier.”
To learn more about how Signal Fluid Solutions can help you achieve your supply chain sustainability goals, contact us today.
