The measures the Paris Agreement signee governments will take to discourage emissions and ensure the success of net-zero goals will render conventional oil and gas activity less and less viable. As such, ESG oil companies have had to respond quickly.
Recommended Buyer's Guides
In the next decade, wherein hydrocarbon demand will not fall significantly, oil and gas companies should minimise losses to emissions-discouraging measures such as carbon pricing by altering processes across the value chain to reduce emissions.
In subsequent decades, hydrocarbon demand will fall. Technological innovation and consumer action will make sustainable alternatives to hydrocarbon-intensive products more and more attractive.
Leading ESG oil companies in the offshore industry
Oil and gas companies will need effective governance to steer themselves through the existential disruption that the next three or four decades will bring.
The balancing act necessary for companies to meet net-zero objectives while retaining scale demands deft leadership: companies must sustain sufficient cashflows to handle demand volatility, overhaul their asset portfolios, make astute investments, and satisfy sustainability-minded stakeholders, all while providing stable dividends.
Leading adopters of ESG in oil and gas include BP, Equinor, Shell, Eni, ExxonMobil, and Chevron.
Discover the leading ESG oil and gas companies
Using its experience in the sector, Offshore Technology has listed some of the leading companies providing products and services related to environmental, social and governance (ESG).
The information provided in the download document is drafted for oil and gas executives and technology leaders involved in oil and gas ESG solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
Amongst the leading providers of environmentally sustainable solutions are Intertek Group, ERM International, TRC Companies, SENES Consultants and Siemens.
Future of ESG in oil and gas
The oil and gas industry is more exposed to risk from environmental challenges than any other industry. Climate change is the most pressing challenge and reducing greenhouse gas emissions will be the environmental priority for all industry companies.
The oil and gas sector can reduce direct emissions by integrating renewable energy sources for captive power, curbing flaring and venting, improving operational efficiencies, and offsetting through indirect initiatives. There are plenty of opportunities for companies to reduce scope 1 and 2 emissions and achieve environmental sustainability in the oil and gas industry.
For full details (including contact details) on the leading companies within this space, download the free Buyer’s Guide below:
Frequently asked questions
-
What is ESG in the offshore oil and gas industry?
ESG (Environmental, Social, and Governance) refers to the framework that encourages companies to be accountable for their environmental impact, social responsibilities, and corporate governance. In the offshore oil and gas sector, this often involves reducing carbon emissions, enhancing worker safety, and ensuring transparent business practices.
-
How are offshore companies implementing ESG strategies?
Offshore companies implement ESG strategies by integrating renewable energy, reducing greenhouse gas emissions, improving operational efficiency, and engaging with communities. They also invest in sustainable technologies and adhere to stricter environmental standards.
-
Why is ESG important for offshore oil and gas companies?
ESG is crucial as it mitigates risks linked to environmental regulations, enhances operational sustainability, and responds to investor and societal pressure for cleaner and more responsible energy practices. ESG helps companies maintain competitiveness in a changing energy landscape.
-
Which companies lead in offshore ESG initiatives?
Companies like BP, Shell, Equinor, and Eni are considered leaders in ESG within the offshore oil and gas industry. They focus on reducing their environmental footprint, promoting sustainable energy solutions, and ensuring transparent governance.
-
How does ESG impact the future of offshore oil and gas?
The future of the offshore oil and gas sector is increasingly tied to ESG performance. As global regulations tighten and stakeholders demand more sustainable practices, companies that excel in ESG will be better positioned to navigate industry transitions and maintain profitability.