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 photo voltaic and energy storage.
In order to
minimize the price as well as the intensity of carbon during operations, renewable
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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